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land only question
Hey everyone,
I have a question, we already own a home, and it was a short sale, so I am familiar with the normal buying process, etc.
Their is a lot of land for sale on our road, and it is a little over 3 acres, already has well, septic & driveway, for $36,000. We want to stay in the same location but our house is only 2 bedrooms (864sq ft) we were conservative at the time in what we wanted, and with the girls medical issues we did not want a big mortgage. Now that i'm back at work part-time we know the future holds a new house, and with the market, and the lack of options in our area, we are most likely going to build.
How would we go about getting the land and hanging on to it? Whats the process to just buy land..is it still a mortgage? What type of loan. Any info on the subject would be greatly appreciated! I'm off to google!
Re: land only question
Many banks do construction loans where you buy land to build on. The rates are typically higher and there are usually stipulations about how many months you have to complete the building project.
Thank you!
I sent an email to our loan officer, ideally i'd like to have the land paid off before we started to build. And we don't have a time frame on starting to build. We just bought a new (to us) vehicle and traded my car in for a brand new diesel version of what I had since we live so far out to keep equity in our vehicles. So it's more of a 1-3 year plan. This is literally a few mins away from us now and so the girls would keep the same school system, and my grandparents live 10 mins away and H's parents moved here and they are about 9 mins away.
May not be the best option for us to just hang on to the land at high interest right now but it does seem like something w atleast need to consider.
Thanks again.
Oh another idea...if you live far out, try a small rural bank that deals with farmers. They buy land a lot. A farmer-focused bank might have more options on loans.