Biddy

Your opinions would be grateful.
Our Dilemma - we bought ourself a cracking piece of land (nearly 3 acres) - views of the sea, beach , Kapiti island, brilliant for the kids etc etc. If we build the house we want it will leave us mortgaged to the hilt with (probably 45% of income) - we wouldn't starve but we certainly wouldn't have anything left each month - BUT we'd have a gorgeus house in a brilliant Location etc.
OR do we sell the land and buy ourselves a perfectly acceptable house in town with OK views and a reasonable garden and have a teeny weeny mortgage and a reasonable pile of cash left over each month.




Vote now!

Pinkie Pie

What about a compromise Biddy...could you not keep the land and build but maybe cut some of the costs on the build?? Instead of having a gorgeous house have a great house instead...might be worth it for the views etc but without hocking yourselves up to the eyeballs...

Biddy

We've certainly considered this - however turning a great house into a gorgeous one doesn't actually cost that much and wouldn't really make a lot of difference to the overall monthly bills. We can't really compromise too much on space but can certainly cut down on some of the detail.

uk+kiwi

If the position is as good as it sounds (& rare), keep the land and either rent or buy somewhere else now that is cheaper until you can more comfortably afford to build the house of your dreams in your fabulous location.

OR build the house and sell it for a profit and find another property to live in be it rent/build/buy.

OR if you're confident that your income may improve significantly within say the next 3-5 years, build the house as you want it, hoping that it will become more comfortable to live in financially within a couple of years. Bizarre how that 'we can only just afford it' situation changes quite quickly for whatever reason. You could always sell it or rent it out if this doesn't happen.

Also, do you think you could sell the land for a profit now? Ideally with some architect plans and planning permission to build.

Just appear to be posing more questions into your dilemna now so I'll go away - Carmen.

livewire

Keep the land, move a relocatable/kit house onto it and live there for next to nothing whilst you save up enough money to be able to build your dream home.

Then, when you've built it, sell the smaller house and have it removed OR rent it out as a source of income to help pay the mortgage

P18PPS

If you fell in love with the plot - you'll always regret letting it go!!! It's that great "What if ...? " question!

I'd be inclined to go to one of the housing depots and buy a used house, get it transported - at least for a few years until you may be a bit more financially set to build your own dream.

I think they're relatively inexpensive - I would have thought cheaper than building from scratch anyway??

Biddy

Big Problem with this as there is a covenant thingy preventing the placement of moveable houses - otherwise we would be buying one of these:

and putting it on the back of a truck.

livewire

Oh, that's a shame. We have something similar on our land preventing a house below a minimum size and no relocatable dwellings but nothing specific about temporary dwellings that are lived in during house contruction.

Is there any chance that the person who placed the covenant would allow you to erect a temporary dwelling on the proviso that it was removed when the permanent one was completed?

I guess the only other option is to have something small built on site that could be removed at a later stage, but if your covenants are anything like ours that may also be a problem.

Whatever you decide to do hang onto the land - as has been said many times before "they aren't making it any more" & it sounds so lovely that if you sell it you are bound to regret it.

livewire

P.S.

Any chance that you could erect a "barn" and have a portion of it converted into living accommodation to use whilst building? Happens quite a lot around here and there are some pretty big "barns" around.

mike&chrissy

Build the house, keep the land and be relatively poor.
You could part build the house and make certain areas liveable. Then do the rest of the house as an ongoing project. Do bits and pieces to it until it is finished. That way you don't stretch your resourses.
Alternatively, buy a big mobile home (caravan type that you would normally holiday in), live in that and build the house in your own time. In a few years time the mortgage repayments won't seem so bad and you will be in a wonderful house and glad you did it.
We have bought a couple of "fixer uppers" in the past and have lovingly knocked hell out of them and then turned them into lovely homes. Our first one took a couple of years to do and we lived in it too!! But it was a labour of love. I'd rather be skint and live in a lovely home that is totally my own doing. There are plenty of things you can do that don't require money. Like enjoying the great out doors. Or even the great indoors with your family. Have decorating parties for family and friends. If anyone is handy with a trowel or with wood then promise them great food and drink in return for a bit of work....and so on.....you'll have great fun
I so wish I was in your position.
We are at the moment doing some renovations to our current house. Just built a downstairs loo. In a few weeks time the bathroom is being ripped out and completely revamped. And we are doing it ourselves....It helps that I work for B & Q and get the 20% staff discount
Follow your heart on this one

Chrissy

bookemjano

Could you let any of the land out, say for pasture or paddock or something? So it makes you some money towards the mortgage for now, but remains yours. Or have a bed and breakfast 'wing' on the house. Not an option I'd like, I like my privacy too much, but there seems to be little regulation on it, we know quite a few people down here doing that.

Alternatively, you could sell the lot and sponsor a family of four in the South Island .....

Biddy

Very good Jan!

Thanks for all the replies - don't forget to vote those that haven't yet.

Good suggestions all - really appreciate them. I'm all for keeping the land and being poor, but Sarah will take a bit more convincing.

I think I'd always regret it if we gave up the land and didn't build. We've already got a 'granny flat' incorporated into the plan as my Mum & Dad are chucking in a chunk of £ so they have somewhere to stay when they come for their extended visits! (So B&B is a very real possibility!)

Joshlin

tough one biddy
only you can know just how tight things will be if you go for it, but could you really walk away from that dream home / site?
and just think of the value once it's all done!
I suppose the other thing, is how happy are you where you are - could you stay put, build anyway and then rent it out to cover the cost of the mortgage, keeping the option to move in / sell it as things settle down?
good luck
Vicki

Nice Guy

Personally I would build the biggest ‘king house I could afford with a pool facing the right direction and then flog it……………bet you make a profit!

planty

Hi Biddy, think of a long term plan:

First year become a pig farmer on the land, whilst you are fattening up your stock start building a small factory unit ready for the launch of 'Biddies Barbie Bangers' the best bangers in the Southern Hemisphere in the second year you could start keeping sheep for the launch of a different variety and Mrs Biddy could be processing all that wool.
In 5 years when 'Biddies Barbie Bangers' is so successful you could relocate to larger premises thus freeing up the land to build the house of your multi millionaire living style dreams.

Good luck with your choice Biddy, you wouldn't have bought the land if you hadn't fallen in love with it, make the most of it.