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re: Buying land and building or buying house and remodel
Posted on 5/20/13 at 12:11 pm to LSUGUMBO
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.
1
Posted on 5/20/13 at 12:14 pm to notiger1997
quote:
Where did you get this nonsense?
Its pretty standard that whatever you spend on lot you spend no less than 3x that on dwelling, you risk devaluing the land if no one wants your chicken shack on prime real estate
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