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re: Buying land and building or buying house and remodel
Posted on 5/21/13 at 10:04 am to islandtiger
Posted on 5/21/13 at 10:04 am to islandtiger
quote:
All depends on the property. We will not meet your limit but our lot is 5 acres on an island. We are about to pour the slab on our new home, but there have been a few times I wish we just bought something "off the rack." Although I plan to raise a few chickens out near the garden, few will call our home a "chicken shack."
My comment was not directed to you, but if you are truly spending 150k on a 100k land that is "prime real estate", thats a bad decision. You're actually devaluing the land and the surrounding land by doing so.
Now if its nice property and you're paying 20k an acre and putting a nice home to raise the fam for 150k, sure, more power to you.
There is no island on earth im aware of that prime real estate can be had at 20k an acre, which was the OP's question.
This post was edited on 5/21/13 at 10:12 am
Posted on 5/21/13 at 7:10 pm to ItNeverRains
I was just giving an example of why the land value:house value ratio is really meaningless unless your only consideration is resale value. Land is what matters to me and I would be happy with a $100,000 cabin on a $1 million piece of property. My wife does not exactly share my view so our land:house ratio will not be so unbalanced.
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