melrose7
09-18-2017, 03:59 PM
So of course we moved to our house last year in May. It was the best house we saw in our budget and we wanted out of our apartment. After this summer I don't think this house will fit our family needs in 5 years. So I am already thinking I want to build. But have no clue where to start.
We moved to a tri-level home with 3 bedrooms and use part of the lower level as bedroom #4 and playroom. We have a basement under that for laundry and storage. Since I run an in home daycare it was tough this summer because kids are almost always napping (2 babies plus toddlers in the house) and my kids plus neighborhood kids didn't have a place to hang out. I don't want to have the house that my kids can't have friends over because he have to be quiet or don't have a room to really use (besides the family room).
And I see my continuing doing the in home daycare for at least another 15-20years.
The other thing that crosses my mind is if we are going to stay in this town after the kids are done with school. We moved here for the special needs school DD1 is attending. She can stay there until she is 21 so that is 9 more years. But DS will be a junior in HS then so we would wait for him to graduate then too. But not sure what are plans are once we don't have to live in this area. It is not where either of us wanted to live but it's the best place for us now. I don't want build a house in 5 years and then move 6 years later. I know I shouldn't think about what's going to happen 10+ down the road but just trying to think things through.
How does the financing work when you build? Between the land and the construction? Sorry, I have no clue how it works.
Financially we have some cc bills to pay off first but then I'm thinking we find land in a couple years and then start building after we start paying off the land. Does that make sense?
How does it work getting a mortgage when you are building and currently own a home? We actually own 2 homes but are renting our townhome out in a nearby city.
What do I need to know about building a home? TIA
We moved to a tri-level home with 3 bedrooms and use part of the lower level as bedroom #4 and playroom. We have a basement under that for laundry and storage. Since I run an in home daycare it was tough this summer because kids are almost always napping (2 babies plus toddlers in the house) and my kids plus neighborhood kids didn't have a place to hang out. I don't want to have the house that my kids can't have friends over because he have to be quiet or don't have a room to really use (besides the family room).
And I see my continuing doing the in home daycare for at least another 15-20years.
The other thing that crosses my mind is if we are going to stay in this town after the kids are done with school. We moved here for the special needs school DD1 is attending. She can stay there until she is 21 so that is 9 more years. But DS will be a junior in HS then so we would wait for him to graduate then too. But not sure what are plans are once we don't have to live in this area. It is not where either of us wanted to live but it's the best place for us now. I don't want build a house in 5 years and then move 6 years later. I know I shouldn't think about what's going to happen 10+ down the road but just trying to think things through.
How does the financing work when you build? Between the land and the construction? Sorry, I have no clue how it works.
Financially we have some cc bills to pay off first but then I'm thinking we find land in a couple years and then start building after we start paying off the land. Does that make sense?
How does it work getting a mortgage when you are building and currently own a home? We actually own 2 homes but are renting our townhome out in a nearby city.
What do I need to know about building a home? TIA