Built a home, feeling tethered and do not know what to do

[lordmetroid]

I built a very nice 100 square meters home for myself. With the help of my dad and my brother we did pretty much everything ourselves. The price tag landed on 2 million SEK, could probably had made it cheaper but I choose to have fancy surfaces and features that normal flat-pack homes does not come with. Even so, I probably saved about 1 million SEK by building the house on my own and it was a hell of a lot of fun building it. Gaining a lot of experience in property development, carpentry, plumbing and electrical wiring from my dad and brother.

I do consider this house to be a very very beneficial living arrangement and it is located in a very beautiful high class woodland area in between two of the biggest cities in the county(15 minute commute by car to either one of these cities). With the current interest rate of 1,52% the mortgage payments are comparably low, I only pay 3000 SEK a month. Comparatively, if I were to buy or rent a  25 square meter, 1 room apartment in the city. I would most probably be paying the same 3000 SEK in fees as I am paying for my mortgage. However, I have seen a couple of apartments on the markets that only cost 1000 SEK per month.

The house was just finished and I moved in the this January. If I wanted to, I could sell my house and probably get 1 million SEK in profits. Get rid of my car and purchase one of those 1 room apartment in the city with 1000 SEK in monthly fee. Cutting the monthly expenditures from my current 11000 SEK to 4000 SEK and FIRE at the mere age of 32. However, despite having dreams of retiring as early as possible and living as simple and minimalistic as possible. Because I built the house myself. I feel a very strong bond to this house. I can't imagine selling it or even renting it out to irresponsible tenants. This house is built according to my dreams and wishes.

Don't really know what to do?

[happy]

Your choice, you can have anything, you just can't have everything.

[Rosbif]

how long until you're FIRE if you stay put? If the million SEK is twenty years worth of savings, that's a big chunk of time to keep on working. If it's only five extra years at work, a house could be worth it. Depends how much you enjoy work!

[Roots&Wings]

Money isn't everything. It sounds like the house you built adds to your quality of life. If not, and you'd be happier living in the city carless, then go for it!

[Alchemilla]

I like my house because my children were born in it. It's not going to stop me selling it if I can see a better life though.

[lordmetroid]

how long until you're FIRE if you stay put? If the million SEK is twenty years worth of savings, that's a big chunk of time to keep on working. If it's only five extra years at work, a house could be worth it. Depends how much you enjoy work!

At my current income I would have to work for another 10 years in order to FIRE. I do not particularly enjoy jobing. I gaze at my financial spreadsheets almost everyday and try to start micro businesses to supplement my income in order to achieve financial independence as soon as possible.

[Rezdent]

I sympathize with the attachment of a just-right home that you've worked so hard to make.
While we all have to live somewhere, there is a difference between owning and renting.
 I often joke that my home is a "dependent".  It needs attention, it ties me to a particular location, and I have emotional attachment.
Consider that you've only been there a short time, and many people go through a kind of malaise after life-altering events.

You're framing this as a single permanent decision, and it might be.   But what if you make a shorter term decision?
Could you decide that you will stay one (or two) years, and then reassess on whether the trade off is still worth it?

[lordmetroid]

I sympathize with the attachment of a just-right home that you've worked so hard to make.
While we all have to live somewhere, there is a difference between owning and renting.
 I often joke that my home is a "dependent".  It needs attention, it ties me to a particular location, and I have emotional attachment.
Consider that you've only been there a short time, and many people go through a kind of malaise after life-altering events.

You're framing this as a single permanent decision, and it might be.   But what if you make a shorter term decision?
Could you decide that you will stay one (or two) years, and then reassess on whether the trade off is still worth it?

Yes, probaby better to not make any hasty decisions. I do love my home, it is really awesome so perhaps I will be very satisfied with retiring in 10 years.

[Financial.Velociraptor]

I think Rezdent has the most sensible approach.  Give it a go as is and re-evaluate yearly.  After a couple years of homeownership, the thrill might fade.

Can you take on a boarder to lift part of the burden?

[patrickza]

My wife feels that way about her apartment. She loves it to bits. I'm not a fan of it as I think it's far too big and far too expensive for the two of us. She came up with a great solution where she rents it out on airBNB. This turns it from an expensive liability into an income generating asset.

We're now doing up the offsite laundry room to turn it into a micro apartment (http://forum.mrmoneymustache.com/ask-a-mustachian/could-you-live-in-a-room-this-size), and will stay in that whenever the apartment is rented out.

You could do the same, still own the house you built, and also fire at 32.

[tct]

I've experienced the same situation you described. It's been 8 years since I completed building, the feeling of attachment fades with time.

[lordmetroid]

Perhaps one should sell this 100 square meter house and build a new small home of 25 square meters instead.

[lordmetroid]

This kind of house seems very appealing: http://www.attefalls.se/?page_id=455

[former player]

If you put your dream house up for sale or rent 6 months after it was completed, I would suspect that the father and brother who helped you to build it would be righteously pissed.

[lordmetroid]

If you put your dream house up for sale or rent 6 months after it was completed, I would suspect that the father and brother who helped you to build it would be righteously pissed.

Righteously so!
I am not going to put it for sale, I like my current house and its location. I am simply dreaming of a life free from the daily grind of work but the freedom can be attained by other means although it will take quite a lot of effort and somewhat more time.

I could for example get a micro business up and running in order to earn money and pay off the mortgage faster.

[MoonShadow]

Simple question...

If you were shopping for a home today, would you buy that house today for what you have in it?  If not, perhaps you've already gained what you really wanted to from building it, and it's time move onto another adventure.

However, if you would buy your own house for what you have in it, stay where you are.

[Bearded Man]

I paid cash for my first home but moved out and use it as a rental. I had tried to sell it before that but decided not to due to low ball offers from investors (I was selling FSBO on CL).

I just signed a lease with a new tenant who plans to be there a long time. Super glad I kept it. Two more years, it will have not only paid for itself, but gone up 3 or so more times in price paid.

I don't think I'll ever sell it. The area is gentrifying and it's a mustachian house, NO HOA! Close to everything. Some insulation and it's good to move back in as a fall back position any time in my life. Or I go live in the woods and live off the rental income. I don't like the idea of selling property, it has VALUE because you can use it for shelter, and since it is paid off, it helps with a super low cost of living.

[MKinVA]

Can you get a roommate to speed up the pay off? One thing about those tiny homes that I always notice....they are in beautiful spots in the mountains or by a lake so you think, I'll spend so much time outside I won't notice that I'm living in the trunk of a car! Those scenic spots on this planet, that meet our version of affordable, are long gone. Sorry, just off on a rant. Get the roommate.

[lordmetroid]

Simple question...

If you were shopping for a home today, would you buy that house today for what you have in it?  If not, perhaps you've already gained what you really wanted to from building it, and it's time move onto another adventure.

However, if you would buy your own house for what you have in it, stay where you are.

It is very possible I would buy this house again if I was in the market shopping for a new house. I love the location, the surrounding nature, the cultural heritage of the village, the upper class neighborhood and the size of 100 square meters( a very big house in my opinion for a single person ). The quality of the interior is really fresh and a little above standard and the monthly mortgage payments aren't really that suffocating though the less I pay the happier I am.

That being said, I could very well consider buying a small 1950s 1 room 25 square meter apartment in the city. I would still have to pay the building-fees which would be about half of what I pay in mortgage payments. I am not very picky when it comes to shelter. However I do not like apartments because of noisy neighbors and dusty inner cities with very little nature to enjoy.

Can you get a roommate to speed up the pay off? One thing about those tiny homes that I always notice....they are in beautiful spots in the mountains or by a lake so you think, I'll spend so much time outside I won't notice that I'm living in the trunk of a car! Those scenic spots on this planet, that meet our version of affordable, are long gone. Sorry, just off on a rant. Get the roommate.

Getting a room mate is not an option I find appealing. I like my privacy.


I am very satisfied with the current living solution and my life got much better after I bought a big ass TV.