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re: Buying land and building or buying house and remodel
Posted on 5/20/13 at 12:04 pm to burgeman
Posted on 5/20/13 at 12:04 pm to burgeman
I always thought the rule of thumb was that the lot should be less than 20% of the total value of the lot/house. Maybe that's just in this area, but I don't think I would build a $150K house on a $100K lot.
2
Posted on 5/20/13 at 12:11 pm to LSUGUMBO
quote:
I always thought the rule of thumb was that the lot should be less than 20% of the total value of the lot/house. Maybe that's just in this area, but I don't think I would build a $150K house on a $100K lot.
Where did you get this nonsense?
For the OP, I would choose to build new. I've been through a huge renovations when we purchased our house from a family member. Damn near gutted it. It ended up costing quite a bit more than we budgeted and took much longer.
With going with the new build, you get exactly what you want.
Posted on 5/20/13 at 12:11 pm to LSUGUMBO
Agree that the lot seems very expensive for a $150k house. Unless there's something special about this lot? Acreage? On a river? Give more details
This post was edited on 5/20/13 at 12:13 pm
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