Does this sound like a good plan?

14 years ago

I hope that I do not make this post too long for anyone, I will try to get to the point easily. I want to know opinions of our "plan" and I would greatly appreciate any advice or encouragement, even criticisms.

2 years ago, my husband and I had a home built in a new subdivision. We own some land in our town also. Well here is the plan: Sell our house....build a SMALL apartment on the land (think, "guesthouse"), that will cost less than half of our current house costs....take out a 15 year mortgage for the apartment, pay it off in 4-5 years. Live in the apartment for those years. Then, build our forever home at the same property and we would have this apartment to use a rental property if we ever decided to (or needed to).

This is a big leap for me, big big leap. Big change going from our new house to a smaller place ya know. But I would like some others input on this whole idea.

The apartment has a 2 car garage and the bathroom/bedroom is the same size as our current house. It's just that it doesn't have the extra bath, 2 extra bedrooms....also it has a walk in closet.

We had the plans for the apartment done a few weeks ago. So we put our house on the market, thinking it would take some time to keep spinning ideas and such. Well, our house sold for asking price in 3 weeks, so I'm feeling overwhelmed lol. Also, no kids in the picture, so that is not a factor. We are both in our late 20s and are not able to have children. (Just added that info because people seem to "worry" about what would happen if we got pregnant, but it just can't happen)

ANY advice is loved :)

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Comments (4)

bellandromeda
13 years ago
Yes your post is long but I think the whole idea it nice.
User
13 years ago
If I'm reading you right, your gut instinct is telling you that this is the right plan. You know yourself better than us, so maybe be sure of some answers to questions such as "will we end up abandoning this project, leaving you with a tough piece of land with guesthouse to sell" - you have to be committed and locked into this dream and "will we be committed to saving money and paying off our loans or will we be tempted to travel or pursue other activities with the extra money that you will have now. If you trust that you will be on the same page regarding timelines and saving goals than I think this is an exceptionally smart and well thought out pla Not many people are given an opportunity like you have and if you don't move on it, you might always wonder what could have been. The dwelling absolutely sounds livable and even romantic, like a pied a terre. This sounds like the start of a lovely story and I'd be interested to hear how things have turned out!
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Patti
13 years ago
sounds like a good plan! we bought a "cottage" for that idea also, but my mother in law had to come up by us to live, so that is where she is at:) ...we are building a house right now on that property and hopefully ours will sell b4 the new one is completed. Then we will have a new house and the "cottage" on five acres...wooded
PRO
Brickwood Builders, Inc.
13 years ago
I know many people who have purchased property with an older home on it that was not what they wanted long term but lived there until they could build on the property. Not a single one of them would say it was a bad decision.