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Building a barn and barndominium
L
Louise
November 11th
We are planning to build on our homestead property (owing about 20k). The cost of the barn with barndominium will be between 100-120k. We are still both working and living in city with a house payment. With the sale of our house (equity 70-80k low range) and savings for the future property we will be able to pay the barn. However we will first have to sell our house .... and barn not built yet. My question is should we take out a building loan or some other kind of loan to pay for the building and then pay it off once our house is sold.... or do the building in stages as we have cash available. Our cash available not is about 70k but it does include our emergency fund (which i don’t really want to touch). If you suggest a loan what kind of loan do you recommend and any info on it for us. A side note we do want to move as soon as possible but also waiting if my husband gets a voluntary retrenchment package offer we grabbing it. !!!
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Comments
L
Louise
November 14th
Hi Rob and Steve, Thanks for taking this question on the radio. Had to laugh at you not knowing Barndominium. It is a barn structure and part of the barn is converted into a living space. It seems to be very popular in Texas. Thanks for the advise. Will do this in stages and do it cash. Just nice to get someone with more financial experience than us and tell us what we know in our hearts to be true. Thanks again
L
Louise
November 14th
Hi Rob and Steve, Thanks for taking this question on the radio. Had to laugh at you not knowing Barndominium. It is a barn structure and part of the barn is converted into a living space. It seems to be very popular in Texas. Thanks for the advise. Will do this in stages and do it cash. Just nice to get someone with more financial experience than us and tell us what we know in our hearts to be true. Thanks again
T
tlh2020
November 14th
LOL we have barndominiums in Florida too!!
T
tlh2020
November 14th
LOL we have barndominiums in Florida too!!
R
RobWest
November 16th
Hi Louise. So glad you heard us tackle this one on the air. Yes... barndominium was a new one for me. 😀
R
RobWest
November 16th
Hi Louise. So glad you heard us tackle this one on the air. Yes... barndominium was a new one for me. 😀
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