aelllc Posted February 3, 2014 Share Posted February 3, 2014 Okay, Here is what my husband and I have been debating. I would like others opinions. Basically we have an option for a home with no debt, but much work or a home with debt, but little work. What would you choose and why?!!! What am I missing about each. Option A: We build on our land out of pocket and have no debt. Pros: No debt on our land or home. exactly the home we want, with high quality options (hardwood, etc.. as we will put them in as we can afford them), Saves a substantial amount off of paying a builder. Cons: All consuming project for next few years, will live in a plumbed nice garage on the property as we build house and do much of the work ourselves, subcontracting what we cannot or do not want to tackle. Option B: We have a quality builder build us a home on our land. Pros: Little work for us, quickly get into home, it will be good quality, don't have to live in a garage for a few years. Cons: Mortgage debt tying up our land now for possibly 30 years (hopefully less if we could make extra payments.) We are paying someone a lot of money for something we could do ourselves. The no debt is really tempting as we have been mortgage free before and it is ideal, yet Ihaving someone else do all the work is also very tempting. I guess I want my to have my cake and eat it too. What is your opinion! Thanks! Laura Quote Link to comment Share on other sites More sharing options...
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