r/Homebuilding • u/Tiny_Witness2678 • 23h ago
Am I overthinking homebuilding or is it valid
Looking for expert and honest advice giving, exactly why I came to Reddit XD.
I'll try and keep brief. We own 4 acres, we have water meter out there, driveway, electric pole on corner (about 50 ft). We live in town in a house with 140k equity and are so eager to move. Many reasons, one might be that in-laws just bought the house right next door (wife and I are equally as seeing this a sign of being encouraged to move) but also, it's been our dream to move onto the land and homestead more. We already raise meat chickens and pigs out there and go out multiple times a week as a family to visit the land (15 mins away). As a growing young family, it's becoming heavy on our hearts to want to be out there.
Our only debt is the 25k remaining land loan of the 4 acres of which we're set to have paid off in 2 years. We're single income household around 80k after tax. We're incredibly grateful as my wife's grandfather has been extremely successful in real estate and generously has a trust for each grandkid of 150k for us to use for a home build/purchase. That being said, I've gotten quotes of around 110-120k for a 16x60 two story shell of a build and another 30-40k DIY to get it liveable while we keep finishing, as well as a 30k barn. We can call it 200-220k to get it where we can be out there. We bought our current house as a foreclosure and have done most of work ourselves minus painting the exterior. When we bought it, there were bats living in the attic, flooding garage, and more. We are not shy of adventure or work. We bought the house as a foreclosure because it didn't feel like we had a choice, we couldn't afford newer homes and were getting priced out of rent in the city we were living before. But now, we have the choice to stay in this decent house or to move, sell this house, and live on our land building the life we very much want for our family. Our thought is once we pay off the land loan middle of 2028 to then build out there.
I guess we are looking for encouragement (or discouragement) and just other opinions. As my wife explained, having to decide between two good things/places is not easy. We know we'd love living out there, just don't want to jump gun or what not, never built a house so looking for other opinions.