Can anyone offer their advice or experience on the situation?
Basically, we're paying off a townhouse currently. 4 bedrooms, I work from home, we have two small kids (8 months old, 2 years old).
We're considering buying land and building a new home, that will reduce our mortgage (not by much, but at least we have our own freestanding 'forever' house, not on strata, i'll have my own office finally plus other things).
Husband won't move in with my parents (I understand!) so I think the only other options will be to
1. Sell our townhouse, use the money to buy the land, start a new loan for the build, rent while building, then move into the new home.
2. Sign up for a bridging loan (not keen), buy land, build, move.
Has anyone done something similiar to this? How did it work out?
I'm not keen on a bridging/relocation loan because of the unknown time limit we'll be paying the growing interest - but it would be good to stay put for the kids sake and won't have to move around so much.
Renting will probably be cheaper(? less than our current mortgage + interest) but it'd probably be cramped quarters for a while
The only other option is to wait until we can find a ready built house to move into, rather than build. I don't really want to give up the dream of building our home even though it will be a year or so of crazy.
Any comments would be appreciated - it's such a big jump for everyone!
Thanks! Sorry if this is in the wrong section - it applies to financing, so I posted it here