Build or Buy

Hi Guys and Girls

I was wondering if someone would be able to help me at all.

I am 25 years and currently living at home (Monaghan) with my parents, I work in Dundalk and travel back and forth every day, My Gross Income is €38,997 with yearly Increments. I am currently putting away the max amount towards the SSIA, and have €10,000 set away of an inheritance. I have a car loan repayments are €365 a month.
The question I want to ask is this - should I buy or build, based on my earnings my max mortagage amount I can get is €195,000 even though Permanent TSB said all I could get was €120,000. These days I won't get much for €195,000 apart from if I build. I don't particularly need a house for investment, I am quite happy tipping over with my current earnings. Just need somewhere to live, so the question is should I buy?, where should I buy? (I do like going out in Dublin). I have the option to obtain a site relatively cheap in Monaghan, only problem is it is nearly a bit too close to home for comfort, about 6mins walk. Any advice is greatly appreciated as I am weary of rising house prices. Thanks in advace!

Build away I say , it would cost you around 350K-400K for anywhere decent in Dublin,

You'd qualify for €200,000 without the car loan but only €150,000 with it. Why don't you use your savings to repay the car loan? I'd go with the build option as well - you'll get far more house for your money.

Sarah

www.rea.ie

I am always going to have a car loan I feel, because if I build in monaghan i will a good decent car to get to dundalk which is approx. and hour away, AIB has approved a mortgage of a house value you of 195,000 and I think I can buy and build a house for that amount no problem, but I can't help think I'll be missing out on life in Dublin, even though Dublin isn't far. But as I don't work there there is no added advantage to live there apart from the social life...