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Tigers
Posted on 3/19/19 at 2:55 pm
Posted on 3/19/19 at 2:55 pm
Tigers.
This post was edited on 2/3/20 at 9:17 am
3
Posted on 3/19/19 at 3:17 pm to Brobocop
What's the purpose of the land? The land cost? 15% of 100K is a lot different than 15% of 500K.
Posted on 3/19/19 at 3:40 pm to SLIMNOLA
Residential lot for "Forever Home". $70,000
This post was edited on 3/19/19 at 3:41 pm
Posted on 3/20/19 at 6:42 am to Brobocop
Do you plan on paying it off before you build or rolling it into your mortgage?
I would keep as much cash as I could going into building if you are not going to pay it off.
We were able to pay ours off prior to building and it made a big difference in borrowing to build
I would keep as much cash as I could going into building if you are not going to pay it off.
We were able to pay ours off prior to building and it made a big difference in borrowing to build
Posted on 3/20/19 at 7:16 am to Jaspermac
We paid our lot $99k off in full before we started looking at building. Now we have sticker shock from builders, it's amazing what they want to build a place now. I don't want builders grade, but don't want top of the line either. I am almost ready to wash my hands of the process, sell the lot, use that money as an extra down payment and buy something done.
Posted on 3/20/19 at 8:20 am to Brobocop
quote:
Currently in the process of closing on Land. Right now we're planning to do 15%/20yr term/5.45% interest. There's no interest incentive to do a 15 year term, or to put 20% down.
The Lender has an option for 100% financing, but at 5.95%-6.15% interest.
In either situation, our plan will be to pay it off early. 7 years if putting 15% down, or 8 years putting 0% down.
Should we hold tight to the cash - roughly 33% of our liquidity (excluding Roth's) - and sacrifice 0.5-0.7% interest?
I have been laid off before (unpaid for 2 months), so we understand the importance of having a good emergency fund.
Keep the cash. You can always prorate the cash into the monthly payment to pay extra but I always like the idea of having the extra cash.
Posted on 3/20/19 at 8:50 am to way_south
quote:
We paid our lot $99k off in full before we started looking at building. Now we have sticker shock from builders, it's amazing what they want to build a place now. I don't want builders grade, but don't want top of the line either. I am almost ready to wash my hands of the process, sell the lot, use that money as an extra down payment and buy something done.
We are actually starting the process of looking for land now for a "forever home" after semi actively looking at used homes for the past year or so. In order to get what we want and not settle, we have come to the conclusion that we want to build. That said, my fear is what you mentioned above.
Our plan is to buy the land/lot, pay it off by the end of '20 and build in '21. Who knows how ridiculous home building costs will be by then. It will likely be more than we are willing to spend to get what we want and then we'll be stuck trying to unload an empty lot.
Posted on 3/20/19 at 10:25 am to TigeRoots
We don't have an HOA where we bought, but do have a few rules. Has to be 2k sqft and has to be raised 2'. Raising it adds to the cost, but man, it was a shock.
No builders want to talk to you unless you have plans. So you go through that exercise getting plans you like having no clue what stuff costs to build. Then you show up with plans are you are 80k over the budget you discussed with the freaking guy in the beginning.
I finally found someone worth working with and wish I had met him a year ago. They actually sit with you and the designer and work thought he process keeping your budget in mind. We are looking at a lot of cutting now to keep the few features we really like in this plan, or even going with something totally different just to make it happen on this lot. 3.5 acres in Abita Springs is getting hard to come by and it's a great location.
No builders want to talk to you unless you have plans. So you go through that exercise getting plans you like having no clue what stuff costs to build. Then you show up with plans are you are 80k over the budget you discussed with the freaking guy in the beginning.
I finally found someone worth working with and wish I had met him a year ago. They actually sit with you and the designer and work thought he process keeping your budget in mind. We are looking at a lot of cutting now to keep the few features we really like in this plan, or even going with something totally different just to make it happen on this lot. 3.5 acres in Abita Springs is getting hard to come by and it's a great location.
Posted on 3/20/19 at 10:30 am to way_south
Yeah that sounds ideal. We are meeting with a developer tomorrow to see what the details are. We are pretty much knowing we will be sacrificing lot size for a bigger house. On about an acre now and it’s an ideal setup, but we have just outgrown our house. A lot of things in play, like I mentioned, going from an acre to .25 is a big deal to me.
This post was edited on 3/20/19 at 10:30 am
Posted on 3/20/19 at 11:08 am to TigeRoots
If you have a budget, I would find a developer/builder that will work within your budget. If you're buying a lot and finding a custom builder, then you'll be looking at $150/sq foot. One thing I will share with my build is make sure your architect or draftsmen is precise with your design. Nothing worse than wanting to add recessed lighting and seeing the up charge.
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