We need to move out of my in-laws place soon and into our own home.
So, we're in the 'gathering' information stage. Do we build or do we buy?
We've got 1.1 acre in the same subdivision of my in-laws and we own it free and clear.
The problem with construction is the cost of a driveway across a pretty big ditch and the probable over-runs of the bids of the sub-contractors. Plus the headache of dealing with the mortgage company on the construction loan and their requirements, then rolling it over into a permanent home loan.
The pro to construction is, we get a new home, built to our specs, in a great location to the girls babysitter and eventual school, Doreen's school, our church and my work.
The con with buying is the price range we have to look for requires us to look at kind of older homes. The two we looked at lately need quite a bit of work to bring it up to our standards etc. We're having a bit of trouble finding one in a good location to schools, church, and work.
The pro is it keeps life much more simple. Once we find one, the move will be pretty quick. And hopefully we can find one in a good location.
What to do, what to do!!!
Well - we'll gather info, look at homes, get bids on all the work and then decide I guess! :)
Pray for us!
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PS. We just went to look at a house this afternoon - it's kinda small, but we made an offer. Now we will see what happens! :) Exciting, yet stressful.
Personally it would be to your benefit to build. You own the land free & clear, you should have quite a bit of equity when you're done. If you have other debts - consolidate with the final loan. I know alot of people say not to do that because your paying on your debts for 30 years, but the up side of that is you get to deduct the interest on your taxes, which makes up for it. You know it's 50/50 thing. But if I had it to do again, I would TRY to wait it out & build our own place. Although I do love my house.
There is nothing as cool as designing and building your own place. The feeling of accomplishment it wonderful. Plus, you know exactly what went into it and you aren't buying someone elses fixer-upper. We hope to build again in the next few years... we'll see what happens... Good luck deciding!
Yeah - good thoughts, however we've got a couple of other 'pressing' issues I'll blog about later - if and when they start happening - that really are leading us to buy now and build later. But that info will come, well, later! :)
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