jIMOh
Thinks s/he gets paid by the post
I live in a development with an HOA
and recently received another warning about lawn not being mowed and where I park my car (all 4 wheels need to be on pavement, 2 on pavement is not good enough).
I expressed this displeasure to a friend which had 25 acres on a family plot about 2 miles down the road. His brother also has 25 acres "right next door" even though the two houses cannot see each other thru the woods and similar.
His brother is looking to raise cash and sell about 15 of his 25 acres. This is a GREAT opportunity. Can stay in same community, build a house and not bother with an HOA.
I am walking the property on Saturday afternoon. I do not believe the land is for sale (yet) as a realtor I contacted could not find this land on his search.
I have LOTS of questions
1) I assume I need 2 loans- one for the land purchase, then once property is secured (purchased), a second to start building. What are terms or conditions of such loans?
2) Once I have the house built, do I still have two loans, or would a bank "refinance" these to one loan (typically)?
Best guess is land will cost $150k and house will cost another $200k for total value of $350k.
3) I have built a house before, but last time was from a builder, this time I need to hire a contractor to do it... any comments?
4) Never had a house with a septic, or with power lines going through a portion of property. I know to look for easements and road access- any way to figure out this from the county auditor web site?
5) My friend is an "expert" on this land, as his mother inherited it, he had "first pick" of the 4 siblings for what 25 acres he wanted. So I know the 25 acres his brother has is "second best" or worse. But it is still great even if only a small portion of it is usable. Anyone have suggestions for how to price unusable land? Like where the power lines are or similar?
and recently received another warning about lawn not being mowed and where I park my car (all 4 wheels need to be on pavement, 2 on pavement is not good enough).
I expressed this displeasure to a friend which had 25 acres on a family plot about 2 miles down the road. His brother also has 25 acres "right next door" even though the two houses cannot see each other thru the woods and similar.
His brother is looking to raise cash and sell about 15 of his 25 acres. This is a GREAT opportunity. Can stay in same community, build a house and not bother with an HOA.
I am walking the property on Saturday afternoon. I do not believe the land is for sale (yet) as a realtor I contacted could not find this land on his search.
I have LOTS of questions
1) I assume I need 2 loans- one for the land purchase, then once property is secured (purchased), a second to start building. What are terms or conditions of such loans?
2) Once I have the house built, do I still have two loans, or would a bank "refinance" these to one loan (typically)?
Best guess is land will cost $150k and house will cost another $200k for total value of $350k.
3) I have built a house before, but last time was from a builder, this time I need to hire a contractor to do it... any comments?
4) Never had a house with a septic, or with power lines going through a portion of property. I know to look for easements and road access- any way to figure out this from the county auditor web site?
5) My friend is an "expert" on this land, as his mother inherited it, he had "first pick" of the 4 siblings for what 25 acres he wanted. So I know the 25 acres his brother has is "second best" or worse. But it is still great even if only a small portion of it is usable. Anyone have suggestions for how to price unusable land? Like where the power lines are or similar?