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I'd love to do that. It's a great idea. In fact that's kinda my retirement plan. I'm learning as many of the trades as I can so I will be able to supervise the work I cannot or will not do, in addition to doing much myself or with friends. I work in new home deficiency repair, so you are 100 percent right about rubbish work. But not everyone works poorly, and over my career i have met a few like minded people and we plan on buildingng our retirement homes in a rural area, ourselves
But that needs 200k. I wont have that until I sell my current home, which I needed to borrow some money to have. The alternative for me was continuing to rent, while my nest egg grew at a far lower rate than inflation, or even the growth of property values in my area.
[–]AverageBear340 points
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1 point
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(edited ago)
Check out home equity line of credit. You can take out up to 80% of the value of your current home without having to sell it to finance the build. After you are done building, sell the old home and pay it off.
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[–] Creggieb 0 points 2 points 2 points (+2|-0) ago
I'd love to do that. It's a great idea. In fact that's kinda my retirement plan. I'm learning as many of the trades as I can so I will be able to supervise the work I cannot or will not do, in addition to doing much myself or with friends. I work in new home deficiency repair, so you are 100 percent right about rubbish work. But not everyone works poorly, and over my career i have met a few like minded people and we plan on buildingng our retirement homes in a rural area, ourselves
But that needs 200k. I wont have that until I sell my current home, which I needed to borrow some money to have. The alternative for me was continuing to rent, while my nest egg grew at a far lower rate than inflation, or even the growth of property values in my area.
[–] AverageBear34 0 points 1 point 1 point (+1|-0) ago (edited ago)
Check out home equity line of credit. You can take out up to 80% of the value of your current home without having to sell it to finance the build. After you are done building, sell the old home and pay it off.
[–] Creggieb ago
That is another excellent idea. Thanks.