Butterfly, it is beautiful, and i like that it is on 3.5 acres!
Butterfly, it is beautiful, and i like that it is on 3.5 acres!
That's great! You can't beat the property taxes: $222.00 a year! My little house looks like that from the front. Over time I have made improvements: replaced the kitchen floor, painted the interior and exterior, put in new tile in the shower, replaced the heater and water heater, etc...I do something each year. Landscaping it with a front cottage garden and backyard orchard has made a big difference, too. I think yours would be a great investment. Hope it all works out for you. What a price...
Yes rodeo, right now I have more confidence in putting my money into land than a house so this property seems like a great deal because I get both at a good price...A place to live and land. However I still don't know what all it needs done to make it livable. Will find out this week. I has been on the market for awhile so there must be some hangup. Although it could be just that it's so far out in the country. The good thing about my line of work is that where there are people, there's a need for home health. So hopefully I can get a job in that area. It's on top of a mountain and lived on a mountain recently and found it incredibly expensive to drive up and down it all the time for work.
Awakened soul your little place sounds great!
Thanks, ButterflyBreath. It's good that you're looking at all of those expenses. The one thing I struggled with when I first bought my house was paying property taxes and paying for home repairs. I was used to budgeting for everything else, but when something broke, I was broke! I think it's great that you're looking at places. That's what I did. I rented this house for a year before buying it. The owner told me that he's never sell it. I started looking at other small houses in the neighborhood. He heard that I was looking, and offered to sell me this one. I didn't have the down payment, but my parents saw how much I'd fixed it up, looked at the piece of land, and said, "This would be a great investment." They were right. It's now paid off, and has almost tripled in value. There are a lot of new homes being built in this area. Everyone thinks a developer will come in and knock down the old houses and build new ones. (They could fit two on my lot.) If that happens, I could probably cash out at $500,000. on a house I bought for $89,500. If not, I'll keep it for the rest of my life. It's ideal for retirement. That's another thing to consider with your house, would you want to keep it forever? Buy and hold...I think it's a great strategy. Let us know what happens!
So this is interesting. Just as I was about to go look at the property I mentioned above, I looked and saw that it had been marked as sold. I looked at the date though, and it was retroactive, and said it had been sold in march of 2012, which I remembered is the date it listed as the last time it sold. So I think it has been taken off the market for now. The listing realtor wouldn't call me back.
Meanwhile, I visited relatives in the area, and they gifted me land to build on! This is great news but poses a few problems.
#1 there are some restrictions on the land, which is why I had not considered asking my dad for a chunk of his (it's family land and all my family and aunts and uncles own pieces). The main problem is that houses have to be at least 1200 sq ft. Hey great, a big house! Well to me that is a good size house anyways. I wouldn't mind that except that it will cost who knows how much over $100,000 to build when it's all said and done. No mobile homes allowed and can only live in a camper a year while a house is being built. I have looked at log cabin kits, but the price with construction (or assembly?) is over budget. A cob house probably wouldn't cut it, and I still would have to pay someone else to at least direct it.
#2 I would have to change home health agencies and find work in a much less populated (rural) area. I'm guessing that means less cases. That's a gamble. Not only that but I don't have enough saved up as buffer money/emergency money, as we have discussed. The good thing is that a new house means less repairs...at least for awhile.
#3 I have relied on roommates before to help share expenses, but the land is very rural on a mountain. Would be hard to find renters. If they got a local job it would most likely be a minimum wage job at best IF they could find a job. It just doesn't seem realistic to depend on having a renter.
Danggit. Surely there is a way. The good thing is that they are going to deed it to me regardless of whether I build on it or not, as I told them I would have to get back to them about my final answer and they are already in the process of handing it over. It's such an awesome and unforeseen opportunity!!!
Does it have to be a single family house? Could you build a duplex, 600 sq ft each side, live in one rent one?
Good question
No mobile homes, Would a modular home be considered a mobile home? You might be able to get a FHA loan as this is rural.
You know you will have land so now you can look at all your options. Anything you could do from home to make extra money?
You might have to save up some more money but if you want it bad enough you should be able to make it happen. Good luck !
Just keep in mind that once you become the owner of a property you are responsible for upkeep and taxes.Originally Posted by ButterflyBreath
When I was in my 20's my mother was all heated up to gift me some land out in nowheresville. My parents had a little summer cottage they enjoyed in that same place. I had no interest in being a landowner in nowheresville and looking back, that was entirely the right decision.
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