ExFlyBoy5
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Good Sunday Morning Everyone!!!
Well, as the title implies, I am looking for thoughts on budgeting for a house build. Long story short, DW and I am moving out to "fly over" country in a few short days. Selling our Atlanta house and getting ready to move has been a whirlwind, as you can imagine. We are *very* fortunate (in more ways than one!) that the house we have sold is being sold for quite a bit more than we paid for it in 2012...we most certainly "bought at the low end, sell at the high end" and am very happy/lucky with this.
Anyway, we are moving to a house that SIL recently moved from and is converting to a rental. We are getting a fantastic "friends and family rate" and will not be tied to a lease. We have been house hunting over the last several months and just cannot find anything that will tickle our fancy, so it looks like we will be building a home. My DW has built a custom home before (as has my SIL), so we are very aware of the fact that "budgeting" for a build is really a fallacy and so I am not looking for that kind of budget. Specifically, what was the maximum you were comfortable with as a percentage of your total NW? As some of you already know, I am retired military and my COLA protected pension covers all normal expenses (health care, too) and then some. We also have a sizable nest egg that has appreciated a significant amount in that it would provide enough income to live as we do now if that pension went away. Yes, I feel very, VERY fortunate.
At any rate, we have been discussing how much $$$ we would like to set aside for a possible build (cash, no mortgage). As it stands, we are looking at a MAXIMUM of about 22% of the total NW, which seems reasonable. I have looked online for similar numbers but most of the stuff find is the "maximum monthly payment" kind of opinion pieces that really doesn't answer the question.
So, if you are still reading my rambling (SORRY!!!), if you purchased/built a home and paid CASH for it, what total % of your NW were you comfortable budgeting for? Did that work out OK for you and would you do it again?
Well, as the title implies, I am looking for thoughts on budgeting for a house build. Long story short, DW and I am moving out to "fly over" country in a few short days. Selling our Atlanta house and getting ready to move has been a whirlwind, as you can imagine. We are *very* fortunate (in more ways than one!) that the house we have sold is being sold for quite a bit more than we paid for it in 2012...we most certainly "bought at the low end, sell at the high end" and am very happy/lucky with this.
Anyway, we are moving to a house that SIL recently moved from and is converting to a rental. We are getting a fantastic "friends and family rate" and will not be tied to a lease. We have been house hunting over the last several months and just cannot find anything that will tickle our fancy, so it looks like we will be building a home. My DW has built a custom home before (as has my SIL), so we are very aware of the fact that "budgeting" for a build is really a fallacy and so I am not looking for that kind of budget. Specifically, what was the maximum you were comfortable with as a percentage of your total NW? As some of you already know, I am retired military and my COLA protected pension covers all normal expenses (health care, too) and then some. We also have a sizable nest egg that has appreciated a significant amount in that it would provide enough income to live as we do now if that pension went away. Yes, I feel very, VERY fortunate.
At any rate, we have been discussing how much $$$ we would like to set aside for a possible build (cash, no mortgage). As it stands, we are looking at a MAXIMUM of about 22% of the total NW, which seems reasonable. I have looked online for similar numbers but most of the stuff find is the "maximum monthly payment" kind of opinion pieces that really doesn't answer the question.
So, if you are still reading my rambling (SORRY!!!), if you purchased/built a home and paid CASH for it, what total % of your NW were you comfortable budgeting for? Did that work out OK for you and would you do it again?