We are in a bit of a dilemma... We wanted to buy the place we are currently renting but at the same time it has a lot of issues. We also have a plot of land which we could build, againt there are several issues.
Buy the house we are currently renting. It's a large 5 double beds, 2 bathrooms house. Not energy efficient as the gas/elec cost of running the house is high.
Pro:
360 degree view, 180 of the sea/beach view and the other is 180 of mountain view
4 acres of flat land on the hill
The house is already there so there's no time wasted to build.
Con:
Roof needs to be replaced
Plumbing needs to be replaced
Heating system needs to be replaced
Rewiring
Windows need to be replaced
The quality of the house was poorly built
NB:
All the Con points can be addressed within the next 5 years
Build a 3 bed, 2 bath house.
Pro:
It will be built to our spec
It will be energy efficient
The house will be smaller
The plot of land belongs to us so its free
Cost of running the house will hopefully be less than our current place
Con:
There is only about 1.5 acre of land
It will be built onto a hill so will need to cut into the mountain as its on a slope
There's only 180 degree view of mountain and a little bit of the sea as we are further away
It will take a year or 2 to build
The road leading up to it is a private road so will need to pave the road every 5 years which will cost us money (there are no other houses there so can't share the cost).
We will be less reluctant to sell if we wanted to in the future as it is on family land
We have a very young toddler and a baby, so its not a project we can waste time or money. The cost to purchase the 4 acres land house will cost almost the same as to build the 1.5 acre land house.
What would should we do?
In an ideal world and if we can afford, we would prefer buying the house with the 4 acres of land, knock down the house to the ground and build from scratch. But we don't have the money to do that AND if we did, the house/land won't be worth what we would have invested in if we were to sell it in the future.
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