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Buying Land
Posted on 4/26/12 at 6:06 pm
Posted on 4/26/12 at 6:06 pm
I want to purchase around 10 acres where I currently live. I can get a pretty good deal at this time. A few questions though, first!
Do most banks have a certain percentage they want down on a land purchase?
I plan on making this the site for my future residence. I will stay in my current home (not the homeowner) and pay down the loan for a year or so.
Also is the interest rate normally higher for purchasing just land? Thanks in advance brothas!
Do most banks have a certain percentage they want down on a land purchase?
I plan on making this the site for my future residence. I will stay in my current home (not the homeowner) and pay down the loan for a year or so.
Also is the interest rate normally higher for purchasing just land? Thanks in advance brothas!
3
Posted on 4/26/12 at 7:01 pm to FunkyTiger
Yes, you will pay a higher interest rate. And I don't believe you can really write off the interest on your taxes on just a vacant piece of land.
Posted on 4/26/12 at 8:15 pm to guttata
You will more than likely need at least 25% as a down payment.
Posted on 4/26/12 at 9:15 pm to FunkyTiger
Where can you buy land for a good deal?
Posted on 4/26/12 at 10:03 pm to FunkyTiger
We did this in 2009, bought 7 acres. Think we put 20% down. We paid it down and started building in 2011. Interest rate was 7.5 or 8%, cant remember exactly but definitely higher than a mortgage.
Posted on 4/26/12 at 10:13 pm to CAT
I bought 5 acres about a year ago. Had to put 20% down, and go though my credit union. Interest rate was higher than a mortgage, but still not too bad at 5.5%.
This post was edited on 4/27/12 at 1:09 pm
Posted on 4/27/12 at 12:40 am to djmicrobe
can you guys recommend someone affordable who does bulldozer work? im in the ascension and need a few acres of land cleaned up
Posted on 4/27/12 at 5:29 am to crosswood
Don't have the number, but have heard good things about Doug Palmer. He's out in Ascension
Posted on 4/27/12 at 8:21 am to guttata
quote:
And I don't believe you can really write off the interest on your taxes on just a vacant piece of land.
Yes you can. Mortgage interest does not have to be a home, the interest you can write off on your itemizied deductions only has to secured by property. Land is included.
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