I need help on deciding what is the best course of action in obtaining my first home.
What we have: 1.5 acres of undeveloped land with road access. $1300.00 max allowance for loan payments. Skills and resources in construction.
What we want: House with basic necessities The ability to have 2 (possibly 3 but not likely) bedrooms. Area for a small to medium sized shop/work area, minimum size of a standard two car garage.
Reasonable rent in our area would be about 600-800 a month for what we want (excluding a shop). That is until we have kids, which we plan on attempting in about a year or so.
Our current game plan is to take out a personal loan, hopefully secured, and build a starter home in a metal building. We would pay someone to build the actual building and do the slab work, but do the interior building ourselves. I'm not concerned with any aspect of self construction other than the cost. I expect $80,000 -$100,000 total cost after looking at a few quotes from different options, but that is a very rough estimate.
Other options that we are trying to avoid are renting, buying a home on another property, or buying a mobile home.
I'm trying to get an understanding on how achievable my game plan is, and decide on whether or not it is a better idea than the other options. Any advice and opinions are welcome, but I would love to hear from someone that has been through a similar situation. Feel free to provide more realistic numbers for costs or better loan options as well.
Submitted November 27, 2018 at 02:04PM by Scruffy492 https://ift.tt/2PZVapc
