Post # 1
There’s a foreclosed modular that DH and I have been looking at. It has a quasi hut with a cement foundation over 11 acres of land. The modular itself need a little under $10,000 in work to make it move in ready (that includes appliances). DH and I’s plan would be that we would pay it off and then build our dream house on the land. The thing is there is really no way we could recoop our costs from updating the modular because it can’t be moved off site.
So would it make sense to buy and make it our dream home for the time being or wait and pay double to triple the amount of this house for our dream house already built but wait another 3 years at least?
Post # 3
Can you turn the modular into a guest house or pool house or something in the future?
It seems like the price of land only goes up. I think it would be a good idea to buy it now if the land is what you’re looking for.
Post # 4
I think that you should update it & live in it until you can save enough for the house of your dreams. You can always keep the modular and use it for a guest house or rent out later if you move it to the other corner of the property.
Post # 5
Unfortunately we would probably just have to level it simply becaue the modular is fairly large (3 bed, 2 bath). I know that the land itself is a decent deal if we can get it for what we want, but there’s the possibility that in 1 year or 2, DH and I can double (or in my case) triple our yearly income which means we might get more land and/or a better house if we wait that long
Post # 6
Can you not just purchase land to build on without having to pay extra for a house, repairs, and house removal?
Post # 7
@crayfish: We’ve looked into that and at best we would spend 55k on land alone and then have to pay to either have a stick built house or a modular moved on. We unfortunately can’t get a loan for that much from the bank
Post # 8
If you deciede you want to move up in a year or so, when your income increases, you can always sell and purchase something else.
Prices and interest rates are still pretty low, making real estate a good buy if you can afford it now. You will gain equity and be able to take advantage of the rising value of your home, even if you do sell down the line.