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I delayed the Stronghold/Meadhall or Market/Thing decision until later when I decided if I was going to go for 100 prosperity or 100 power. Afaict, you don't lose anything by waiting on Stronghold/Meadhall, but the nice thing about building a Market is that once you get to a certain prosperity level, you'll have a bunch of traders selling every resource with extremely charitable prices.
That being said, it therefore means you can prioritise on the stuff that your Homestead can provide, that you need most. From the top of my head, you can get a boost in Valuables, Herbs, Rations, Salvage and/or Hides, although some of them are mutually exclusive.
As a useful tip: it pays of to straggle, both in the introduction campaign in Denmark as well as the main campaign in Britain. The safest way is to complete the quests you can do, until you get to the point where you can finish either campaign. Then straggle by wandering around the map and visiting camp sites. Use scouts to discover resources nearby, which is often Wood - and you need Wood aplenty to build up your Homestead. Also, while you're "wasting time" this way, you can have stuff built up in your Homestead (which also means it's counterproductive to rush either campaign).
In the two playthroughs I completed so far, I've been able to fully build up my Homestead before I had to finish it.
When to start building? When you start the game. During the feast for your father's funeral you can slot one building for 3 days without any using thralls and construction will be over by the time the campaign properly starts.
Got it; thanks. I guess I am already a day late. Any suggestions as to which building first? ;)