Ah, always these stories fragmented across multiple threads – building a house is more of a holistic project!
Hello, we are a young couple relatively new to searching for land. Every now and then something interesting comes up on Ebay Classifieds.
My partner and I would like to build a house. The starting point is that we both currently live alone in a small house each (we met only afterwards). Now we want to move in together into a self-built, larger house, as children are planned.
One house is paid off, the other is not…
You want, as a young couple with plans for children, to first burden your household finances by selling two existing developed plots (one of which is paid off) and buying a third plot. Paying capital gains tax twice and property transfer tax once sounds not very smart at first glance. Then perhaps you have to develop the new plot or clear old buildings – in a carnival session’s applause, this would be called the next rocket stage. What do you think about putting the project altogether in a third thread (with links to the two "old" ones) so it could be discussed holistically?
Buying a new plot would perhaps not be your "last resort" in your situation, but at best "Plan B." I would first examine both current plots and houses regarding the following questions:
1. How young are the existing buildings in terms of the quality of their construction?
2. Do the plots offer sufficient building area for an extension or larger new build?
Maybe the not yet paid off one of your two current houses is more suitable for enlargement, and you only owe more – that would still be a more efficient approach than the complicated way!
Show – as said, best in a consolidation thread, with the questionnaire partially "doubly" filled out for the two properties (let’s call them X and Y) – your two current domiciles!