August 20, 20188 yr By username and nature! I've reached a point in my life at 50yrs old that its time to build a house. Apologies in advance for having more questions than answers ☺️
August 20, 20188 yr Welcome to the forum - "more questions than answers", that's where we all started...
August 20, 20188 yr Well good luck! Gird your loins and hang on in there, 3 months in and our third house, wondering what ever possessed us to do it again, just said to hubby tonight, we were younger than our two kids are now when we did the first one, don’t know how we ever thought as total novices we’d do it but we did, then another and we’ve learned a lot but not everything, it’s a long learning curve, worth it in the long run but right at this moment tonight I could see it far enough!
August 20, 20188 yr Most of us have more questions than answers - and asking is good. The problems for many of us start when we not only don't know the answers ... or even the questions - we don't even realise there is a question to be asked - until we do!! Or we ask the question and don't realise we don't understand the answer - well that's true for me sometimes anyway
August 20, 20188 yr Author Thanks for the welcome guys. I worked for 10yrs in property renovation 2000-2010 so I have some skills and understanding. I also know tradesmen who I would trust to sub work out to and I also have a friend who has built houses for 40yrs now as a developer so he understands the game pretty well. Sadly he is based in the Midlands and Im in Northumberland so although he knows the game in general he doesn't know the specifics of my area. My motives are a little mercenary in the sense Im trying to make some money from this. I have a 10yr plan to build and sell maybe 2-3 houses in this time. Hopefully a profit from each will help to secure my retirement. I dont think this is a case of making easy money, Im aware of the work and risks and maybe Im being a little naive but I know people not half as sharp as me who have done it successfully. Time will tell...
August 20, 20188 yr Welcome to the forum. I wanted to build my own house when I was 25, but the financial institutions had other ideas so I bought a 1 bedroom rabbit hutch starter home instead. I had to wait until I was 40 before I got that chance, and now I am doing it for the second time.
August 21, 20188 yr 11 hours ago, Curious said: I've reached a point in my life at 50yrs old that its time to build a house. Where have I heard this before ?- going on an adventure at 50. Ah, yes ... Quote The chance never arrived, until Bilbo Baggins was grown up, being about fifty years old or so, and living in the beautiful hobbit-hole built by his father, which I have just described for you, until he had in fact apparently settled down immovably. ... "Very pretty!" said Gandalf. "But I have no time to blow smoke-rings this morning. I am looking for someone to share in an adventure that I am arranging, and it's very difficult to find anyone." Welcome to the forum. You need to choose your mindset developer vs self-builder, or a blended version. There are differences throughout. I try (as a LL renovating) to work from the mindset of imagining it is not my house to strip what I need back to the core, then add necessities and enhancements that are strictly required. Ferdinand
August 21, 20188 yr Quote My motives are a little mercenary in the sense Im trying to make some money from this. I have a 10yr plan to build and sell maybe 2-3 houses in this time. Hopefully a profit from each will help to secure my retirement. I dont think this is a case of making easy money, Im aware of the work and risks and maybe Im being a little naive but I know people not half as sharp as me who have done it successfully. No no that's all wrong :-) I'm sure what you meant to say was that it's your lifelong ambition To build your dream house to live in even if it takes you A few goes to get it just right and you have to move a few times in the process. You're sure it will be eXtremely hard building and keeping your day job at the same time but you think you will manage. Edited August 21, 20188 yr by Temp
August 21, 20188 yr 11 minutes ago, Temp said: No no that's all wrong :-) I'm sure what you meant to say was that it's your lifelong ambition To build your dream house to live in even if it takes you A few goes to get it just right and you have to move a few times in the process. You're sure it will be eXtremely hard building and keeping your day job at the same time but you think you will manage. Valid Advice hopefully Taken onboard ...
August 21, 20188 yr Author 3 hours ago, Temp said: No no that's all wrong ? I'm sure what you meant to say was that it's your lifelong ambition To build your dream house to live in even if it takes you A few goes to get it just right and you have to move a few times in the process. You're sure it will be eXtremely hard building and keeping your day job at the same time but you think you will manage. Exactly
August 21, 20188 yr Author 2 hours ago, newhome said: Valid Advice hopefully Taken onboard ... Very much so
August 22, 20188 yr I guess the message has got home already but the tax man can be pretty cunning... If they went and asked your bank about the loan you took out to build one of the houses you want the bank to say it's a self build mortgage not a business loan or anything like that. Be careful what you put on social media etc. Edited August 22, 20188 yr by Temp
August 22, 20188 yr Your issue will be CIL exemption as most councils need 3 years in the property before you can sell it or you are paying CIL retrospectively even if you got the self build exemption. And I think building 3 houses over ten years to get mortgage free is a great idea ... and living in them will let you work out what to do to make the next one even better ....!
August 22, 20188 yr Author Its like James Bond stuff all this ? Thanks for the heads up though guys. Edited August 22, 20188 yr by Curious
Create an account or sign in to comment