Thursday, July 8, 2010

Buying land & building while trying to start a family?

Hi, I can someone please advise. We just purchased land, by borrowing the money from the bank of course, we want to start to build a 30sqm home in about 12 months, & we want to have a baby (Wer'e hoping to fall pregnant soon, been trying for 2 years & have an IVF appointment next month) Will we be able to afford it once I have a baby & be on maternity leave as we will only get the one wage, but we will also have our house we live in now rented out which will help a bit. Please be honest.

This is mostly a financial issue that we can't really advise you on. You should realize that most house projects are substantially delayed and/or more expensive than you expect when you start. You need to factor that into your contingency planning.

Kind of hard to answer since we dont have a clue how much money you will have, But I will say that it might be hard to do both at the same time. Since you will have your house rented you may be able to do both but will have to be on a very tight budget. Buy baby things ahead of time, diapers, formula etc keep well.

Building a house if very stessfull lots of meetings and deadlines and countless inspections. Think to yourself do you want to be waddling around a construction site while pregant or carring around a small infant. I would build the house and get settled then get pregant.

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