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Buying a Lot
Posted on 4/2/14 at 2:29 pm
Posted on 4/2/14 at 2:29 pm
My wife and I have been talking about moving in 2-3 years. We really like the area we are in but would like to move into a newer part of the subdivision or somewhere close by. Is there any reason NOT to buy a lot 2-3 years in advance rather than looking to purchase a lot and contract out the building of a new home at the same time?
5
Posted on 4/2/14 at 3:09 pm to Gugich22
They don't make more land.
Posted on 4/2/14 at 3:12 pm to Gugich22
yea... buy it now
Posted on 4/2/14 at 3:15 pm to Gugich22
Make sure the subdivision doesn't have covenants regarding how long you have to build after purchasing lot.
Posted on 4/2/14 at 3:37 pm to ItNeverRains
quote:This and make sure the lot loan doesn't make you pay back the whole amount if you don't build in a certain time frame.
Make sure the subdivision doesn't have covenants regarding how long you have to build after purchasing lot.
Posted on 4/2/14 at 3:39 pm to Gugich22
quote:
Is there any reason NOT to buy a lot 2-3 years in advance rather than looking to purchase a lot and contract out the building of a new home at the same time?
The most in important answer is...
quote:
Posted by ItNeverRains
Make sure the subdivision doesn't have covenants regarding how long you have to build after purchasing lot.
Personally, I'd only buy a 'lot' to sit on if I knew for a fact that is exactly where I wanted to build my next house. Things can change drastically in 2-3 years. just ask the Copper Mill residents right now.
Posted on 4/2/14 at 4:03 pm to ashy larry
quote:
Make sure the subdivision doesn't have covenants regarding how long you have to build after purchasing lot.
Personally, I'd only buy a 'lot' to sit on if I knew for a fact that is exactly where I wanted to build my next house. Things can change drastically in 2-3 years. just ask the Copper Mill residents right now.
great....thanks for the advice. at this point, there are only two areas in which we'd like to build a home.
one of the areas is likely out of our current price range. the other one is just right.
Posted on 4/2/14 at 7:02 pm to Gugich22
Buy it. You can always shove a sing on it and sell it. Last house I built I owned the lot for four years and when I started building it was paid for. It's an investment.
Posted on 4/2/14 at 8:40 pm to ashy larry
quote:
Things can change drastically in 2-3 years. just ask the Copper Mill residents right now.
What's gong on at copper mill?
Posted on 4/2/14 at 10:58 pm to Mr.Perfect
Does anyone have experience getting a loan for a lot? What type or down payment is normal? Term? Interest rate for someone who has good credit? I have never really thought about doing this, but it might be a good idea to buy a lot instead of saving a downpayment in the bank for a couple if years. Anyone have thoughts on this?
Posted on 4/3/14 at 11:07 am to cdl2006
quote:20%
What type or down payment is normal?
quote:Mine was a balloon after 24 months
Term?
quote:6%. This was with Whitney fwiw
Interest rate for someone who has good credit?
Posted on 4/3/14 at 11:29 am to MikeBRLA
quote:
What's gong on at copper mill?
My understanding is the developer had financial trouble. The homeowners had to buy the golf course and in turn they are each paying (i believe) an extra $1,500/year to cover the golf course, debt, & improvements. They basically were faced with the option to buy the course or it could be shut down and their home values could have dropped 25% overnight.
Residents buy Copper Mill Golf Course
Level Homes and DSLD are both now building in there. The home they are building look fine from what I've seen, but DSLD's prices are starting around $250k-260k which are below what most people believed would ever be in Copper Mill. I know a few people in Copper Mill that like the place but they seem pretty nervous about where their property values are heading.
Posted on 4/3/14 at 12:09 pm to cdl2006
First American Bank:
10% down
Balloon after 60 month (5 year on 15 year loan)
4.25% last April
10% down
Balloon after 60 month (5 year on 15 year loan)
4.25% last April
Posted on 4/3/14 at 12:22 pm to StinkBait72
Thanks for the info. Any other carrying costs? I would assume property taxes, HOA fees, and the occasional lawn cut. Are property taxes less on just land or does that not make a difference other than assessed value of the property? Do I need to carry a liability policy on it?
Posted on 4/3/14 at 1:11 pm to cdl2006
quote:
I would assume property taxes, HOA fees, and the occasional lawn cut.
I paid $100 for property Taxes(I think this is based of the assessed value) on 2-acres this year and didn't have any HOA Fees.
quote:
Do I need to carry a liability policy on it?
Just give your insurance guy a call mine is covered under my house insurance policy.
Posted on 4/3/14 at 2:06 pm to Gugich22
I'm in Houston and want to buy a lot inside the loop now before the prices get way to high. I"m not ready to build yet but I'm going to sit on the lot. Maybe in a few years I can sale for a nice profit if I decide not to build.
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