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Lot advice
Posted on 4/13/14 at 4:26 pm
Posted on 4/13/14 at 4:26 pm
The wife and I are really wanting to pull the trigger on a lot but not build for a couple of years. What are financing options for those who have chosen to go this route? One thing we both came to realize is just how expensive lots are. The prices are only going up and seem to jump every year.
2
Posted on 4/13/14 at 4:28 pm to daviddsims
If possible, I would recommend putting a trailer on it and putting in all of the infrastructure for your future house as soon as possible. Renting the trailer to some well-screened tenants will net you some decent cash to help with the carrying costs and that trailer can always be sold and moved away once you're ready to build.
Posted on 4/13/14 at 4:36 pm to kingbob
The land has restrictions since it is in a subdivision. Must be a 2000 sq ft home to even build.
Posted on 4/13/14 at 4:38 pm to daviddsims
Sounds like you'll need a double wide
Posted on 4/13/14 at 5:51 pm to daviddsims
Use the search function and take your pick of advice. This topic is bi weekly
Posted on 4/13/14 at 6:33 pm to daviddsims
quote:
What are financing options for those who have chosen to go this route?
Finance the lot...pay it down a few years so you have some equity when you start building.
Posted on 4/13/14 at 6:46 pm to Kreg Jennings
quote:
Finance the lot...pay it down a few years so you have some equity when you start building.
That is exactly the plan we have. Going to contact my local credit union tomorrow and see what the options are for financing. Most of what I have read online said it is very difficult to achieve financing.
Posted on 4/13/14 at 7:34 pm to daviddsims
We did the exact thing you are looking at doing. We went through our credit union. Rate was 6.5% when we did it. Paid the lot down over 3-4 yrs and then built. We've been in the house a little over a yr now.
Posted on 4/13/14 at 8:13 pm to kingbob
quote:
If possible, I would recommend putting a trailer on it and putting in all of the infrastructure for your future house as soon as possible. Renting the trailer to some well-screened tenants will net you some decent cash to help with the carrying costs and that trailer can always be sold and moved away once you're ready to build.
Probably the worst advice I have ever read on this board. A trailer is never and can never be an investment if you are talking about selling it. They depreciate extremely rapidly.
Posted on 4/13/14 at 8:21 pm to daviddsims
We financed a lot about 5 years ago. Had to put down 20% of the cost of the lot. If you have 20% it probably won't be hard to get the financing done.
Posted on 4/13/14 at 8:30 pm to BeerMoney
quote:
We financed a lot about 5 years ago. Had to put down 20% of the cost of the lot. If you have 20% it probably won't be hard to get the financing done.
What length loan did they offer you? Did you roll into into construction when you were ready to build?
Posted on 4/16/14 at 8:19 pm to daviddsims
Went through Credit Union today and got approved with a 5.5 interest rate. Much easier than I thought it would be.
Posted on 4/16/14 at 9:10 pm to Franktowntiger7
quote:
Probably the worst advice I have ever read on this board. A trailer is never and can never be an investment if you are talking about selling it. They depreciate extremely rapidly.
I got that beat. I once saw some people remodel a trailer.
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