Buying a land dilemma
3 years ago
last modified: 3 years ago
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Buy land first or wait and do at same time as build?
Comments (29)i have tried to locate info on usda home loan program, as a first time home buyer. I cant find an honest answer or realistic. All im trying to do is either buy land and build in 2yrs. Or try to locate an area that has already newly build farm style homes. i reside in florida. I have located a mortgage firm that does construction and land all in one loans.? But I cant get an answer if going that way, does that mean the payments i make how much will be put to the construcion or home loan pay back.. ?? I would like to own the land. I spoken to several realtors, chats, bankers, lenders, etc. i cant get a straight answer unless i apply a new applicaiton. NOT!!!!, i just need info before i put my personal or get stuck.. whats the best way to get a newly build farm style home (without farming) with a usda loan? Is it best to go with a banker, or lender? Good Luck to you all. Merry Christmas....See Morebuying land south central Florida for custom build
Comments (7)The fact that you think your survey quotes are too high does not look good as a marker for the project as a whole. Actually getting the land ready to build, with all the utilities run to it, cleared, and a legal large vehicle accessible driveway will cost so much MORE than a survey. That all has to be done before one single scoop of earth is dug to start a build. Have you investigated all of the costs of developing undeveloped land? And then custom building? An existing home will be much cheaper and faster to acquire....See Morefirst timers— buying land and building home in mtns. where to begin??
Comments (3)Find an architect but also check with all of the various governments to see if you can rent the place for short term although that could change. With all of the fires if I was to build in a mountain/remote area I would want to have two main ways out. Rock slides can close roads for weeks or months in mountain areas....See MoreCan I buy land now and build later?
Comments (19)Before buying raw land, hire a land planner. The timing to buy real estate is of concern for me. I am a licensed real estate agent that does commercial land. I was looking to buy land to build a home,too, recently. I was approved for loans with a great fixed interest rate. I was looking at land. Then my husband who is a contractor told me he was getting concerned about the building material costs & short supply due to virus. So we started looking for a fixer upper house instead on land we liked. Then the prices & bidding wars became another red flag. We decided to keep an eye out but watch approach for now. Currently real estate sales prices are high. It's a seller's market dream come true. Now record-low mortgage rates and shortage of inventory are keeping the US housing market strong with respect to buyer demand. Both prices and sales have been surging month-over-month breaking new records. Prices are super inflated right now. I am waiting to buy land or a home at the moment to see what will happen after the government coronavirus help ceases with mortgages. Once people need to start making mortgage payments again, we may see a flood of foreclosures come in due to many businesses that closed. This may bring prices down to a more reasonable figure. If the vaccine goes well, that may offset the effects & the real estate market will stay strong. We will see. I also wonder if construction material prices will go back to normal, they too are super inflated. There's just a lot of uncertainty out there. Land prices do not always go up. My parents bought land to build on years ago, they were shocked when the 2008 bubble knocked their land value down 25%. They waited until it recovered 6 years later while still paying taxes & HOA fees. They decided not to build & sell it for an ok profit 20 years after buying it. Their gross was $30,000 over what they paid for it minus whatever yearly taxes & HOA fees they paid. With all that said, if you find the perfect land, maybe buy it. But if there's several lots around, then you may want to do the wait & see approach....See More- 3 years ago
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