*Please help!* Advice for Newbie: Building Condo vs. Buying

[Salena Poussard]

Hello,

Complete newbie here hoping for some advice.

Situation: My husband and I have 18 acres of land and are wondering if it is worth building our own condo since the market is hot here in Maine (probably elsewhere too). My father is a contractor and could potentially help lower costs. Is it ever smart to build your own or should we wait for the market to hopefully cool down? It seems like most investors prefer to buy existing rentals unless building on a larger scale.

Financials: Our home is paid off and we have some non-retirement investments in stock we could sell if necessary, but with the low-interest rates perhaps its better to take out a loan? From a convenience, tax and cost perspective, would it make more sense to take out a loan on our existing home, or a new construction loan?

Thank you in advance!!