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cassie1687

Buying Land and Waiting to Build? Doing it all at once? Process? HELP!

cassie1687
7 years ago

Hi Guys, So I'm in a bit of a unique situation when it comes to building a home, which makes it a little tricky when finding answers to the questions I'm asking. I'm an interior designer for a larger building/ construction/ home showroom company. I know that I want to build a house because I have access/ means/ discounts to all things in the home building process. The only thing I don't have access too is someone who pours the foundation. I know what your thinking, lucky, but it wasn't all fun and games to get to this point! So anyways, I have my floor plans practically drawn out, can quote all of my cabinetry/ countertops/ flooring/ etc. on a dimes notice with an official set price and contract, and can present this information to the bank, as I assist clients in doing this exact thing daily. I was hoping to continue putting away more money for a down payment over the next 1 1/2 Years or so, however, I have run into a dilemma. A large piece of acreage has come about that I have fallen in love with. It just so happens to be zoned as equestrian property as well, which is ironic because I am looking for a parcel that can host a large riding facility for the future. There is nothing else around the area that has come up over the past year to be so fitting. It is slightly over my budget however it just so happens that my father is moving back into the state and is looking for land to purchase himself as I am going to be the one designing his home as well. Would it be silly if we went in equally on the land? Or rather would it be silly if I wanted to purchase half the plot now, him the other, and wait myself to build in a year or so? He will be building his home right away and paying the starting/ prepping development costs for his home asap. If we did go in halves, I would have the guys clear my lot and create my septic at the same time to save costs. Can I get a loan for this or do I need to pay all up-front? Does anyone think that I am totally out of my mind for even considering this? Can I still get a construction loan even after buying land? Also is it even possible for someone in their early 20's with good credit/ job history to even get a construction or lot loan, taking into consideration what I do for work? TIA :)

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