Hubby and I are going to try to build our dream home and to finance as little as possible. How?
- We’re going to scrape and save
- We’re going to pay cash for land in a depressed market
- We’re going to finance the actual house build, but we’ll put a *minimum* of 20% down for a 15 year note. The house will be bare-bones with nothing fancy.
- We’re going to pay cash to put in all the extras - one room at a time - over the first two years after the structure is built. (This includes electronics and furniture)
It’ll take us four or five more years to save enough to get started, one year to build the house and two to finish it. When it’s all said and done, in eight years we’ll have a show-case retirement house and a very tiny mortgage.
In the mean-time, we’ve got an investment property. I’m hoping that, after things turn around, we’ll have enough equity to pay off the new house’s mortgage just a couple of years after getting it.
I don’t want to be paying on a mortgage when we’re in retirement. That’s insane.
"Hubby and I are going to try to build our dream home and to finance as little as possible...
Those things you listed are identical to our plans (except the finance part for we have enough loot saved to buy outright) - the only key component we changed is that the "dream home" won't be built in the former united States but in a friendlier country.
This one is likely to be on fire in the next few years.