Costs involved when building a house?

[ICEQUEEN20]

My Brother wants to build a 3 bed detached house on some land our Mother owns (about an acre). It used to be green belt land, but I think they have relaxed the planning on this now. I dont think he realises the amount of costs involved, I said he is looking at about £150k plus to build.....there is bound to be other thousands of £ worth of hidden costs too? Also, it will be left to us jointly (me and him) if anything happens to mum. What happens if he has built a house on it?? Where do I stand.....

[ICEQUEEN20]

What including half the house he wants to build?

[chrissa1]

Are you expected to help him out with the cost of building it?

[ubasses]

How about getting a valuer out to value as a building plot with planning permission and then if he goes ahead get him to buy your half off you at the going rate.

[ICEQUEEN20]

Well I was wondering. Why would he spend thousands on a house for him and his wife when I will inherit half of it........I feel uneasy asking him outright. I own my own home, but he lives in rented. What is the cost of building it though?

[tamborine]

Your mum could re-write her Will to suit you both ?

[Old_Geezer]

I'd try not to feel uneasy about it if I were you. Seems to me you have a right to know now before anything starts so it can be agreed to; rather than wait until the fateful day when your mother has gone and you find there is a disagreement and potential family break-up.

Tell him you need to know how the land lies, so to speak. And that it is in both your interests.

[Barmaid]

1) I know nothing about costs of building a house - I am sure you can find a website that will give you an approximate cost per square footage.

2) This is fraught with legal difficulties. I advise in the VERY STRONGEST terms for your mother (possibly with you and your brother) to seek legal advice. There are all sorts of Trust issues here - constructive trusts, resulting trusts, proprietary estoppel. It's got "litigation" written ALL over it.

[scotman]

Is it the intention that the proposed house will have all the land? 1 acre is a lot for one house.
You need to get the division sorted before any of this starts.

[Old_Geezer]

It could be that he intends getting a number of evaluations, when the day comes, and ofering to buy you out with the average quote ? Or your mother could add something to her will to ensure fair play.

[TonyV]

normal cost / profit is split into thirds - one1/3 for land - 2nd for build and 3rd for profit - but you have a large plot - get it valued by a couple of local estate agents

[ICEQUEEN20]

I think he is expecting me to say. Oh well I have my own house so you have it.......difficult !

[ICEQUEEN20]

The land is valued at about £250K

[ICEQUEEN20]

I dont think my Brother can afford a mortgage to build a house. He is 48 years old.

[Old_Geezer]

It would be awkward later, it is relatively easy now if you don't wimp out and just let it roll on. Take a deep breath and tackle the issue.

[Old_Geezer]

I have no idea of your brother's income but I was that age, give or take next to nothing, when I took out my last mortgage.

[ICEQUEEN20]

he earns under £20k a year. I dont think he will want his girlfriend to jointly own the property either, they dont seem a committed couple - She is on about the same wage.