buy or sell?

[citalady]

Hi I have the opportunity to buy some land off my neighbour and together with my own piece of land use it as a site to build a house but this would take most of my savings. Alternatively I could sell my piece of land and add it to my savings. I already have my own house but wish to help my daughter out so she can have her own place. This would however stretch me financially as I will have to raise the money by way of mortgage to build the house. She is only a student in college and has no means of her own. What do you think??

 

[ShaneMc]

Hi I have the opportunity to buy some land off my neighbour and together with my own piece of land use it as a site to build a house but this would take most of my savings. Alternatively I could sell my piece of land and add it to my savings. I already have my own house but wish to help my daughter out so she can have her own place. This would however stretch me financially as I will have to raise the money by way of mortgage to build the house. She is only a student in college and has no means of her own. What do you think??

if she has no means of her own why should she have a house yet? If you can afford it then fine but if not, which I think you are implying why not wait until she has a better income?

 

[Giggsey]

Citalady,
Obviously can only give basic advice without all the specific details.....
But can you buy land with out putting any stretch to yourself financially?

Is there need to build straight away?
Perhaps when your daughter has qualified and ready top build her own home she will finance this herself - with you providing the fantastic start of a site?

 

[FredBloggs]

What makes you so sure she'd want to live there? She might have a vague wish now but since she's at college things could change. She could decide to travel or meet someone and settle elsewhere or a job could take her to a different part of the country or indeed a different country.

Are you hoping that by building the house for her it will tie her to the place?

For what its worth I wouldn't advise stretching yourself financially.