Has anyone done any breakdowns of the how to build in affordable phases, and what exactly the phases should be.
loans are out of the question






Zelma wrote:As I mentioned in another post, we have been buying fixer uppers, fixing them up, and living in them a few years, and reselling them to save enough money to build the shell. Then we are hoping to get a refinance, equity loan, or something in order to finish the interior. It's important to live in it at least two years so you can claim it as a primary property and avoid the 15% capital gains tax.
We are almost there, just one more fixer upper to go.

Zelma wrote:Like Cloud Hidden mentioned, depends on location.
As BWarden pointed out, time is money; materials and labor go up in price.
If you are building in city limits, I doubt they will allow you to live in a structure that hasn't passed the CO inspection (certification of occupancy). Our city's CO requires that everything on the blueprints be complete in order to pass. We can mark a section unfinished space, if we want to finish it later. We are allowed to live in a trailer on site for up to 6 months while building. Technically, we have to pay for another permit with engineered plans just to finish a closet. Talk to the city where you are thinking of building.
If you are building where no one cares if your house is a hazard, and if you get yourself killed, and you earn yourself a Darwin award, then it may work out. If permits are only $100.00 or so, and you are doing the building yourself, then time and labor is not as important.
As I mentioned in another post, we have been buying fixer uppers, fixing them up, and living in them a few years, and reselling them to save enough money to build the shell. Then we are hoping to get a refinance, equity loan, or something in order to finish the interior. It's important to live in it at least two years so you can claim it as a primary property and avoid the 15% capital gains tax.
We are almost there, just one more fixer upper to go.

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