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Hi I have a dilema.I have a building plot in the garden with approval to build a 2/3 bed detached bungalow.I have a mortgage which currently I have set up as interest only.My plan was to use the money saved to build the bungalow,sell the bungalow and then use the money generated to settle my existing mortgage.My problem is, should I put these plans on ice or should I build now and sell in the summer?Does anybody have any advice on this matter?Many thanks
James
If you build it now you should be able to make some savings on certain items and possibly labour.
If you let the property out it should pay for itself in rent. When the market is at a level you are happy with, you can sell on. People I think are often wary of individual new builds, so selling when it's not brand new might actually help. Either way, the house will be standing and ready to sell when you are
Everything that is supposed to be in heaven is already here on earth.
Everything that is supposed to be in heaven is already here on earth.
