(Closed) Buying Land

posted 7 years ago in Home
Post # 3
Member
7431 posts
Busy Beekeeper
  • Wedding: October 2009

I will be really interested in follwoing this post, as we are planning to do this as well for our next house. I was told by our realtor that getting a loan for just land is a lot harder, and the interest rates are a lot higher

Post # 4
Member
2201 posts
Buzzing bee
  • Wedding: August 2010

We looked into this and it is harder to get a loan for land, the interest rates are higher. When you are ready to build, you often need to have at least 20% down.

Also, if you are buying a lot in a neighborhood, you’ll want to check out the covenants – the ones we looked at said you needed to start building within 12 months otherwise the developer has a right to buy back the land at the price you paid (excluding any interest you’ve accrued).

Post # 6
Member
6248 posts
Bee Keeper
  • Wedding: August 1900

*bump* because Fiance and I are looking into this now and weighing our options

Post # 7
Member
1944 posts
Buzzing bee
  • Wedding: June 2009

We bought our land with cash, so I couldn’t tell you about the loan for lands only that in my area it has to be fully paid for before you are even allowed to build on it. This is for private land, not lots in a development. You can use it as collateral towards your home loan. I honestly feel going through the loan for building our home was much easier than when trying to buy. Make sure you have a budget in mind first then stick with it. Plus really sit down with a builder beforehand bc there are MANY outside costs that people aren’t aware of that factor into your price.

The topic ‘Buying Land’ is closed to new replies.

Find Amazing Vendors