Hi all! I know this is not completely relevant to the kind of forum this is but nevertheless its always good to get advice from wherever one can.
I have recently purchased a 1 kanal plot in prism with a view to build a house 5 years down the line. I currently own and live in a 12 marla house in Askari 8. The plan is to sell this house (Askari) and use the money for construction when prism is ready.
My question is: what is the best way to finance the construction. Should I
a) sell Askari first, and live on rent for a year until construction is complete:
b) use Askari house as collateral to take out a loan from a bank for construction
Or are there any other options?
I know im planning wayyy ahead of time but i just want to be mentally prepared for the decision.
Thanks
Fantastic Idea replied on Wednesday, February 3, 2016 05:07 PM
Sell your house and buy some more plots in prism. On possession in prism you can sell one of those additional plots to meet constructional requirement on one kanal plot. Till then you can stay in rental house. |
Hassan replied on Thursday, February 4, 2016 09:03 AM
Rent aap bhar dijiye ga bhai please. |
MUZZAMIL replied on Thursday, February 4, 2016 10:10 PM
i,d suggest u to sell the house few months before starting construction.get a house on rent near to ur new construction (the nearer the better)
avoid bank loan IMO |
sam replied on Friday, February 5, 2016 06:50 AM
AOA,Bro sell your apartment before construction to carry out construction of new house. Avoid going on rent now if u dont have a healthy and permanent alternate source of earning.If good and permanent source of earning available till u start construction then invest in 2 small/med size plots to dispose off sccessively before / during construction.Regards |
