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re: In the market for a house...
Posted on 5/8/24 at 11:47 am to KamaCausey_LSU
Posted on 5/8/24 at 11:47 am to KamaCausey_LSU
quote:
Any option to buy land and build?
This is what I have done on every home I owned. Find an up-and- coming area and a new subdivision. Go in and purchase a lot. Over the next year or two, pay off the lot in full.
With 500K as the budget
The lot cost should not exceed 100K
The paid off lot will be your 20% down (100K)
Sounds like you have another 20% saved for a down payment (100K)
Even if the rate is current at 7% for a 500K total loan,
you will be at 1950/month for a 30 year @7%
ETA:
quote:
Stay in the townhome until rates go back under 5%.
Buy the lot NOW and pay it off in full while you wait for rates to drop.
This post was edited on 5/8/24 at 12:09 pm
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