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re: Buying land with plans to build in future.
Posted on 10/19/21 at 5:02 am to HailToTheChiz
Posted on 10/19/21 at 5:02 am to HailToTheChiz
Just from my few experiences, Construction loans are require a ton of details that you won't want to get involved (and probably impossible) with until you're. pretty close to build.
Stuff like approved plans, builder's contracts or at minimum, bids, insurance, etc.
That's about all I can offer you, but land should be relatively easy to borrow money against.
Good luck on your plan!
Stuff like approved plans, builder's contracts or at minimum, bids, insurance, etc.
That's about all I can offer you, but land should be relatively easy to borrow money against.
Good luck on your plan!
This post was edited on 10/19/21 at 5:03 am
1
Posted on 10/19/21 at 6:20 am to Grassy1
Depending on where you are looking the land market is worse than the housing in terms of competition.
Lots of people buying land in cash right now. My brother has been trying for a over a year. Made 4 offers only to have cash offers pay over asking knock him out.
Going to require at least 15% down for loan, most are 20%.
Lots of people buying land in cash right now. My brother has been trying for a over a year. Made 4 offers only to have cash offers pay over asking knock him out.
Going to require at least 15% down for loan, most are 20%.
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