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Started By
Message
Building a new house.
Posted on 2/22/15 at 5:05 pm
Posted on 2/22/15 at 5:05 pm
Just got out of college with a pretty good paying job. I was given twenty acres of riverfront property and look to start building a house on it as soon as i can. Any ideas on how i should finance it? Probably going to need around 150-200k
4
Posted on 2/22/15 at 5:37 pm to sasquatch69
What's the hurry?
Posted on 2/22/15 at 5:46 pm to swanny297
I would rather start paying off this house than sink a bunch of money into renting somewhere else
Posted on 2/22/15 at 5:47 pm to swanny297
Yeah, why the rush. 10 years from now, when you're more financially secure you'll wish you had waited and built a nicer house on this property
This post was edited on 2/22/15 at 5:49 pm
Posted on 2/22/15 at 5:55 pm to Costanza
quote:
Yeah, why the rush. 10 years from now, when you're more financially secure you'll wish you had waited and built a nicer house on this property
I tend to agree with this. If I had 20 acres of river front property I'd probably want to put a nice house on it.
Posted on 2/22/15 at 6:02 pm to sasquatch69
Would make sure to save long enough to avoid MI, finance the rest.
Posted on 2/22/15 at 7:31 pm to sasquatch69
quote:
I would rather start paying off this house than sink a bunch of money into renting somewhere else
You'll sink a bunch of money into renting the $200K.
And I'm assuming you'll tie up most, if not all, of what you have now in a single asset.
Posted on 2/22/15 at 8:08 pm to sasquatch69
The house you want and would build in the next year will not be the house you want to live in at ages 45 or 55 or 65.
Wait a while. Get married. Technology will improve and you might not want to have a big house here for the next twenty years.
If you have to live somewhere there, build a little house that could be a guest house.
Life is a marathon, especially when family lands are involved.
Wait a while. Get married. Technology will improve and you might not want to have a big house here for the next twenty years.
If you have to live somewhere there, build a little house that could be a guest house.
Life is a marathon, especially when family lands are involved.
Posted on 2/22/15 at 8:13 pm to soccerfüt
quote:this
If you have to live somewhere there, build a little house that could be a guest house.
Posted on 2/22/15 at 8:43 pm to soccerfüt
The guest house is an excellent idea.
Posted on 2/22/15 at 9:50 pm to Kramer26
The issue with guest house is you can't cash out and put it towards the house you really want.
Posted on 2/23/15 at 6:08 am to sasquatch69
go to your local bank and have a loan officer get you preapproved. That way you know what you can build and you can let potential builders know what you can afford to build. When you've done that come back for step 2.
Posted on 2/23/15 at 9:40 am to ItNeverRains
or put up one of them manufactured houses in not the ideal house spot on the property, 10 years you can build your dream house, live in manufactured house and either keep 2nd house or maybe sell it.
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