This image sums up what my builder probably thinks of my decision making.
Yet I am having trouble making up my mind. Such is the case when you have less money than you planned on having, so are having to revise your plans. What do you do when you can't do what you want to do? Well turns out there are lots of possibilities!
Right now my most desired plan is to actually ... gasp... take out a construction loan.
That will allow me to build a duplex, which means I can live in one 1 BR unit while renting out the other for more than the mortgage payment. I can then build a regular 3 BR house (easiest for resale value) in a few years when crypto starts delivering on financial hopes and dreams. LOL
If that never happens, still, I'll have lots of options once I have income from one rental until that covers more than the costs for the entire property, given what I've already investing in the property.
I may actually wind up living in an RV half this year, while the build proceeds. That way I won't have to pay rent while also paying interest on the construction loan. Rental income will count with my regular income when calculating what loan I can afford once post construction, but in the construction phase my passive income from my previous business has to qualify me for the interest only payments and my current housing expenses. Definitely won't be staying in my current $1,500/m place! But I intended to move out of there anyway.
I'm also going back and forth on all solar vs. grid tie in with solar fed back into the system. The latter costs much less and I do have power lines running right out in front of my property. I've been waiting for the electric coop to call me back with an estimate for the cost of running the lines to the part of the property I'd want the duplex/cottage on. Then I can compare the prices and see what makes the most sense. I'm not as committed to being off grid entirely for the unit that's being rented out, since unlimited power for people there a short time may be advisable. I can't control them all and would tire of teaching each one how to treat power when off grid.
Well that's what's up on my homestead development front. Basically still fleshing out ideas, but also still hoping to break ground May 1.
America seems like an expensive place to live in.
This is definitely one of the most expensive countries. That’s why I didn’t want to build here originally. But I seem to keep being guided in that direction.
"when crypto starts delivering on financial hopes and dreams. LOL"
LOL this hit me right in the feels!!
Curious how long will the construction period be in the US? In Australia it is around 6 months.
It depends on how many people are on the project. It costs more per square foot the more people are on the project, but could be done in 6 months. They usually plan on a year in that area, especially using natural building methods and materials.
Ahhh I see, quite similar it seems. Thanks!
Great ideas! I think as you filter down the decision you will be able to find a great solution. My family has thought about getting an RV to get on the road during the Summer and I have also begun to think about this things quite interestingly enough as well!
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Just realize it takes a big truck to haul a large enough rv for a family. I’m having to scale back my idea of what I can get more than I’d wish. I just have an suv, but I’m only needing space for one.
Building the duplex and renting out the one unit, seems like a great idea. Going off grid completely is obviously the ideal, but very expensive as you rightly state. I am from South Africa and off the grid is also my ideal, but here it is very expensive, I am thinking to take it in steps, and start with the main bedroom first and then increase over time.
Interesting idea. To do it room by room.
Yes, it will just need some wiring to separate the rooms on solar, from the main supply, but it sould not be very difficult.
Well, in life we must face moments like this and make the best decisions.
I know you will do the right thing and when "crypto meets dreams" then you will make yours, as I hope to fulfill mine.
Blessings!
Yes, all of us fretting now will be celebrating together then!
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