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Buying Land
Posted on 4/26/12 at 6:06 pm
Posted on 4/26/12 at 6:06 pm
I want to purchase around 10 acres where I currently live. I can get a pretty good deal at this time. A few questions though, first!
Do most banks have a certain percentage they want down on a land purchase?
I plan on making this the site for my future residence. I will stay in my current home (not the homeowner) and pay down the loan for a year or so.
Also is the interest rate normally higher for purchasing just land? Thanks in advance brothas!
Do most banks have a certain percentage they want down on a land purchase?
I plan on making this the site for my future residence. I will stay in my current home (not the homeowner) and pay down the loan for a year or so.
Also is the interest rate normally higher for purchasing just land? Thanks in advance brothas!
3
Posted on 4/26/12 at 7:01 pm to FunkyTiger
Yes, you will pay a higher interest rate. And I don't believe you can really write off the interest on your taxes on just a vacant piece of land.
Posted on 4/26/12 at 9:15 pm to FunkyTiger
Where can you buy land for a good deal?
Posted on 4/26/12 at 10:03 pm to FunkyTiger
We did this in 2009, bought 7 acres. Think we put 20% down. We paid it down and started building in 2011. Interest rate was 7.5 or 8%, cant remember exactly but definitely higher than a mortgage.
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