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A Fin24 user seeks advice on how to build his dream home. He writes:
Can you please help me? I am 35 years old and have a dream to turn my home into a double storey house. I have already bought a plan and want to start building my dream home in five years' time.
I want to start buying material in January next year, which means I have the full five years to buy materials.
Currently I am earning R6 000 after deductions.
Please help me with a plan on how I could do it better.
Property analyst and CEO of Rode & Associates Erwin Rode responds.
The way you want to go about creating your own home is laudable. If only more South Africans were prepared to go the route of taking the long view and save up first - because this is what your proposed approach amounts to.
However, I cannot help wondering whether it is such a good idea to buy building materials over such a long period, because of the very real danger of theft.
Maybe you have a very secure place to stack the building materials, but, if not, I would suggest saving the equivalent amount every month for five years, and then to buy the building materials.
Also speak to your bank manager.
- Fin24
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Disclaimer: Fin24 cannot be held liable for any investment decisions made based on the advice given by independent financial service providers.
Under the ECT Act and to the fullest extent possible under the applicable law, Fin24 disclaims all responsibility or liability for any damages whatsoever resulting from the use of this site in any manner.
Can you please help me? I am 35 years old and have a dream to turn my home into a double storey house. I have already bought a plan and want to start building my dream home in five years' time.
I want to start buying material in January next year, which means I have the full five years to buy materials.
Currently I am earning R6 000 after deductions.
Please help me with a plan on how I could do it better.
Property analyst and CEO of Rode & Associates Erwin Rode responds.
The way you want to go about creating your own home is laudable. If only more South Africans were prepared to go the route of taking the long view and save up first - because this is what your proposed approach amounts to.
However, I cannot help wondering whether it is such a good idea to buy building materials over such a long period, because of the very real danger of theft.
Maybe you have a very secure place to stack the building materials, but, if not, I would suggest saving the equivalent amount every month for five years, and then to buy the building materials.
Also speak to your bank manager.
- Fin24
Do you have a pressing financial question? Post it on our Money Clinic section and we will get an expert to answer your query.
Disclaimer: Fin24 cannot be held liable for any investment decisions made based on the advice given by independent financial service providers.
Under the ECT Act and to the fullest extent possible under the applicable law, Fin24 disclaims all responsibility or liability for any damages whatsoever resulting from the use of this site in any manner.