Browse Forums Home Finance 1 Feb 08, 2011 8:29 pm DH and I bought a 5 acre block last may with the goal of selling our house to enable us to build our dream home. We havent felt the time is right to sell and would like to hang out a bit longer but have decided even if the market doesnt pick up it will go on the market around spring time. We're sick of waiting and I have enquired with the bank about getting a loan to build and we fall just short on borrowing what we need to service all loans but a relocation construction loan was suggested in which they said we can easily get. I was wondering what others think of this in regards to the fact that, for us, the cost of renting once we sell would be 1/3 more than what our mortgage repayments are and that we can afford to continue to pay what we currently pay for the loan for the block and our house plus just under the full amount of the money we want to borrow for the house which we will pay into the loan starting from the time we sign up with the builder (ie paying that amount off the loan prior to any progress payments being made). I think I understand it and from that understanding it could very well work for us but Im not 100% sure if Ive got it right. I was wondering what other people's experiences were in similar situation as ours and also wondering what happens if the house doenst sell in the timeframe the bank gives us, keeping in mind at the end of the year we will try and sell no matter what as we arent getting any younger and want to live our dream Thanks ! The biggest challenge will be if you take out a loan and then run out of money - you'll have an incomplete security and lenders do not like this so you can get stuck.… 2 18896 1 13046 Use a product like Equisol's Vitalise to clean the deck then coat with a penetrating timber oil. It will look 10 years younger and add value to your home. Visit for… 1 15763 |