W2R
Moderator Emeritus
Building a basement first, moving in, and then building the rest of the house on top while living there, is something I had never heard of. How interesting!
I wonder, but my first thoughts are that it has the potential to be a great tactic for those who want to avoid a mortgage and who are still working. You could use what would have been the 20% down payment for the mortgage, just to build the basement. Then move in, so that you can save the rent money. You could save as much as possible during the year, and use whatever you saved to build that much more onto your home when the weather is nice. After a few years you would have a home that is paid for, with no interest charges or rent having been paid.
It would have to be done in a location with no building codes, HOA's, and so on.
I wonder, but my first thoughts are that it has the potential to be a great tactic for those who want to avoid a mortgage and who are still working. You could use what would have been the 20% down payment for the mortgage, just to build the basement. Then move in, so that you can save the rent money. You could save as much as possible during the year, and use whatever you saved to build that much more onto your home when the weather is nice. After a few years you would have a home that is paid for, with no interest charges or rent having been paid.
It would have to be done in a location with no building codes, HOA's, and so on.
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