Nov
26
I need sensible advice?
By
Im married but currently live on my own through choice I’ve just arrived from spending a month in Jamaica yesterday. I bought land at a bargin price as the owner needed a quick sale and I want to build a house on it which is less than fifteen minutes drive from a beach. The problem is that I dont want to live with my wife who has the cash to a build house on it. She will need to return to Jamaica for couple of years to sort some things out and she doesn’t wish to stay with her family out there , also there may be a problem down the line as she has put all the money In for the build if we were to split. The bottom line is I dont want to use her money or to have anyone having a hold over me. I could raise money from my property but my repayments are now fixed for the next three years also it would be double the repayment cost If I raised the cash that way which could cause me a problem if the interest rate raises In three years.
What can I do ??
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4 Comments
April 10th, 2010 at 6:59 am
Stop wasting money on months in Jamaica and you should have more than enough money to build a house.
April 11th, 2010 at 8:13 pm
If you own the land outright, you may be able to place a mortgage on it to secure a construction loan. When the house is built, the construction loan is replaced by permanent financing. Talk to your banker.
April 12th, 2010 at 3:09 pm
sounds like you have a rubbish marriage for a start, very little trust and companionship there.
anyway, why would you buy land to build on if you dont have any money to build on it, that is dumb!!!!
anyway, serious advice, i am the assistant to a well established architect in belfast, my advice to you would actually be put your land to auction and sell it to the highest bidder, there are so many real developers out there looking for land that this would be a great spot for them, and would love to build on it.
it is guaranteed to get a lot of attention, then you can just buy an already built house!!!!
dont try to get in with the big boys when you dont have the money, you only end up looking like a fool when you cant afford to do anything!
April 13th, 2010 at 3:45 pm
Borrow the money from the bank or mortgage company. Build a house with an apartment attached or a duplex. That way you can rent it out and pay for the mortgage, or at least part of it. Borrowing money to build is not a bad idea if you are in an area where housing prices will be going up. You can always sell later and make a profit. Why use your own money when you can use the bank’s?