Ask Paul: Is now the best time for us to build a new house?

Dear Paul,

My partner and I find ourselves in a financially secure position, with each of us owning our own homes.

We live in mine, a three-bedroom, two-bathroom townhouse (now getting too small), and my partner rents his out, as it's not somewhere that would be suitable for me to live.

Our goal is to do a knockdown and rebuild on his property so we can make our forever home purpose-built to cover my slightly impaired mobility.

But with everything going on, is now the best time to commit to a build?

I'm champing at the bit to move on from here, but we can't be oblivious to the obvious! - Lauren

Good question, Lauren. You know, there is always a reason to stand still.

Over many decades, I have had people asking me "when is the best time to buy shares, property or other assets?"

My answer has been the same for 40 years. The best time to buy shares or property is when you have some money. The best time to sell is when you need the money. Some people I know have been so paralysed by inaction due to fear of the future they have never made a decision and financially, of course, are huge losers.

Life is highly uncertain. In fact, the only certainty, apart from paying taxes, is death. I can guarantee you one thing. You and your partner, like all of us, will die. Every day needs to be well used.

You are "champing at the bit" and with two properties are well-placed to build your dream home. The only reason to not get moving is if a build would place you under undue financial stress.

My advice is simple. Stop worrying and get on with the build! We could be struck by a new variant of COVID, run over by a bus, develop cancer, be overtaken by aliens or hit by an asteroid. Or we could just drop dead.

I have absolutely no idea what will happen next. But as I look at some 9000 documented years of human history, it seems to me that we blunder along from one crisis to the other and I reckon that is what we will keep doing.

The build will go by quickly and I hope you and your partner have much joy and happiness in your new home.

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