Three teenagers, one husband, one dog, one cat and myself living in close quarters, crammed into an old two bedroom house, where we have been for just over 12 months. Luckily we all get along. We queue patiently outside that one old bathroom. There have been really fun times but now we need some space. We have really had enough. It’s time to knock down and rebuild. Soon.
We are not the only family in this predicament. In this economic climate of uncertainty, how can we make this new house happen fast and negate the financial risk? We followed these very important steps, which will be of use to you:
1. Firstly, work out the ‘worst case senario’ before you make your plans to build e.g. say that you can’t meet the banks repayments and need to sell the house on completion. Never allow the banks to take the power over your financial decisions. So, consider what you paid for the block of ground, or in our case, the old house. Work out what a well designed and constructed new home on that block would sell for in the current market and try to predict what the market will be doing in 12 months time (at building completion). You need the comfort of this planned exit strategy before you begin.
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