clintron replied to the topic Building a House on Property Owned By Parents in the forum Help Needed! 11 years, 10 months ago
Sorry I think I was a bit unclear, I have the ability to borrow funds to build. However as my parents own the land I'm not sure if banks would consider lending to me for the build.
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clintron replied to the topic Building a House on Property Owned By Parents in the forum Help Needed! 11 years, 10 months ago
They have the funds to complete the subdivision but not to complete the build. We have the funds to build and not having to buy the land would be a bonus. The idea is that we could do this as a joint project between us and them and but as I said I'm not sure of the way(s) to go about it.
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clintron replied to the topic Building a House on Property Owned By Parents in the forum Help Needed! 11 years, 10 months ago
More or less. The reasoning being that there is more profit in the sale if there is a house rather than them just selling the land as a vacant block.
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clintron started the topic Building a House on Property Owned By Parents in the forum Help Needed! 11 years, 10 months ago
Basic set up:
My parent are in the process of subdividing their back yard to create a new block which they planned to sell.
My wife and I are looking at buying or building our first property.
We have been in discussion with my parents about the idea of us building on their block and then selling and splitting the profits. However I'm not sure…[Read more]
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