Live While You Build – Location
When you are getting your new house built do you carry on living in your existing house or move into a rented house.?
We have only ever built new houses when we have relocated for work, so its always been sell where we live and move into rental accommodation close to work and the new house location.
Here are some advantages in selling up and renting near the site of your new house:
- Selling your existing house can release some cash which will help reduce the mortgages on the land and construction.
- Selling early is better than having trouble selling when the house is finished and being faced with having to get a bridging loan for the old house as well as a mortgage for the new house.
- The kids can start going to the same school or childcare earlier.
- Its easier to check on the new home build often.
Obviously if you are still living with your parents, or can move back in with them, that can be the cheapest solution.
Have you found it better to avoid having a rental property?
For more posts about decisions like this see Starting Off