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2 homes for the Divorced Mom and the Retired Parents - one project

Keri Heffernan
5 years ago

I am at the very beginning stages of a project. I am not sure where to begin. I am a 40 year old divorced mom of a 6 year old and I have retired/semi-retired parents in their 60s that are in good health. I have never owned my own home. We are trying to decide whether to purchase a duplex or to build 2 small homes - about 1200 sqft max next door to one another. We like the idea of a 1 story craftsman style 2-3 bedroom. But what is hanging me up at this point is whether it makes sense to buy land and build, or find a very inexpensive home in bad shape that could be demolished and build to our specifications. I don't know how much land, frontage, or what other land requirements to consider when looking for the spot. It seems to me that it may be more cost effective to opt for purchasing a home in disrepair and going the demo/rebuild route as the utilities would all be in place and the prices seem better. Any advice and what should my first steps be? Do I start with the bank, the architect? I have to start somewhere. Thank you!

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