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Posted: 10/11/2005 4:49:10 AM EDT
We just built on a street with a few houses, now all but three lots are sold.  I think I would regret it later, but I don't know.  Our garage is on the north side and the extra lot is on the south so it would be like we have no neighbors and we are allowed to have more than one lot without building on it or anything. hmmmm...  Would you home owners buy the lot next to you if you could?
Link Posted: 10/11/2005 4:50:08 AM EDT
[#1]
I'd buy it.

Link Posted: 10/11/2005 4:50:23 AM EDT
[#2]
If you can afford it go for it. Bigger the yard the better.
Link Posted: 10/11/2005 4:50:54 AM EDT
[#3]

resounding YES
Link Posted: 10/11/2005 4:51:39 AM EDT
[#4]
Also, what type of loan to they have for these things.  We already closed on our morgage.  the lot is 15k.  I dont' have that in cash right now.
Link Posted: 10/11/2005 4:52:16 AM EDT
[#5]
yup
Link Posted: 10/11/2005 4:53:15 AM EDT
[#6]
You said you would be "allowed" not to build.....

I don't think I like the sound of that.

How bout being "allowed" to build?

Privacy fence?

Paint your house whatever color you want?
Link Posted: 10/11/2005 4:55:17 AM EDT
[#7]

Quoted:
You said you would be "allowed" not to build.....

I don't think I like the sound of that.

How bout being "allowed" to build?

Privacy fence?

Paint your house whatever color you want?



Sorry if I was confusing.  There basically are no real rules except that if I build I cannot build a business, it has to be a house or something for my house and it cannot be a secong garage.  I would probably fance it and plant a bunch of trees and put some tables and stuff out there.
Link Posted: 10/11/2005 5:00:00 AM EDT
[#8]

Quoted:
Also, what type of loan to they have for these things.  We already closed on our morgage.  the lot is 15k.  I dont' have that in cash right now.



Usually a 5 year loan.

You should buy it regardless.  Even if you later decide you don't want it, if your area is anything like mine you'll be able to sell it for a tidy profit.

Real estate these days (unless you're in NO) is about the best investment.

Link Posted: 10/11/2005 5:01:51 AM EDT
[#9]
BUY IT, if you can swing the loan or have the cash
Link Posted: 10/11/2005 5:02:50 AM EDT
[#10]


Whenever land that adjoins your land comes up for sale, buy it if at all possible.

 Good rule of thumb for almost anyone.  

The best neighbor you will have is you.

Link Posted: 10/11/2005 5:03:34 AM EDT
[#11]
Always buy land, they arent making any more of it.
And, your dog wont have to poop too close to your house if you get the second lot.

Kharn
Link Posted: 10/11/2005 5:06:25 AM EDT
[#12]
I once heard a man say "I don't want to own all the land in the world, just every thing that joins me."
Link Posted: 10/11/2005 5:13:24 AM EDT
[#13]

Quoted:
If you can afford it go for it. Bigger the yard the better.



+1 Wish I could have done it, but the guy wanted over $70k for a lot less than a half acre . . .

Then he built a house on it so he and his new wife could move in---that marriage lasted 6 months and now I am stuck with his house and the renters he allows to live there. I keep watching for the taxes not to be paid to try to get it for great price.
Link Posted: 10/11/2005 5:27:14 AM EDT
[#14]
Buy the adjoining land.  Re-fi your home so you can own the lot free & clear.  You'll not regret the purchase.

Consider this, when it's time to sell (someday) another point of appeal is "look at the additional privacy you'll have"
Link Posted: 10/11/2005 5:28:04 AM EDT
[#15]
Remember that old real estate saying..."Get a Lot while you are young".
Link Posted: 10/11/2005 5:29:22 AM EDT
[#16]

Quoted:

Whenever land that adjoins your land comes up for sale, buy it if at all possible.

 Good rule of thumb for almost anyone.  

The best neighbor you will have is you.




+1
Link Posted: 10/11/2005 5:30:33 AM EDT
[#17]
If you don't buy it, I will.

I have 5 noisy dogs.  Hope you don't mind finding dog shit in your yard.

I have 7 kids, between 1 and 7 years old.
They shouldn't be much trouble, since I just bought them sling-shots and BB-guns.
At least they have something to occupy their time.

I am trying to decide if I should go into drug rehab.
But as it is, I can afford my kick ass stereo because
of the meth I make.  (if you smell anything funny, just ignore it)

I might need to borrow your lawn mower a couple times a year.

I usually have a keg party every other Wednesday night.  Dude, you are SO invited.

Can my girlfriend catch a ride with you on Monday mornings?  
I hate for her to walk to her probation officer's office.

Link Posted: 10/11/2005 6:47:09 AM EDT
[#18]
If you can at all do it, then DO IT! You won't regret having a large yard and decent garden, vegetable or flower. My parents bought a house on a double lot with the second lot being all yard. It was great, except I had to mow it.  Guess that's what dad thought kids were for.

And if you don't like that reason re-read the Reaper's post. It could happen! And if you decide you don't like the large yard you can sell the lot, probably for a profit, to somebody you WANT to be your neighbor.
Link Posted: 10/11/2005 6:56:16 AM EDT
[#19]
buy it but keep it seperate from your current home/loan and keep it as a seperat lot- will get taxed seperate, but as long as you dont build on it it should stay low.  you can then seel it later if yuo want.
Link Posted: 10/11/2005 7:21:01 AM EDT
[#20]
Buy it, it won't get any cheaper.  

You can afford it, you just need to get creative, you can:
- Buy it on an owner contract.  Buy it on a 3 year note with $1,000 down amortized on a 30 yr basis w/ interest at 6% (the owner won't do better in the stock market).  Your payments would be $83.94 a month, you'd have a ballon payment at the end but by that time you can refi your home or simply save up the cash.

- If the lot has access to water and septic/ sewer banks will loan on it.  However you might get a better interest rate if you refi your home and take the cash out of that, interest on land only loans is higher than on a home.

- If you don't want to buy it on your own talk to the guy on the other side of it, buy it together and then split it in half, and then do a lot line revision to add your portion to your existing lot.

If I were in your shoes I'd buy it myself, and not add it to my lot but keep it as a seperate building site.  Use it as you wish but when you need cash it will be there to sell or to borrow against.
Link Posted: 10/11/2005 7:22:31 AM EDT
[#21]
yes, and in a few years, you could sale it for more than you paid for it.
Link Posted: 10/11/2005 7:25:21 AM EDT
[#22]
If you would like, IM me the details of your current mortgage costs (ie Balance, Money down, %'d,), I would be happy to IM you back the payment info based on that. Inlcude the yearly taxes as well for both if you are escrowing them...

Link Posted: 10/11/2005 7:40:50 AM EDT
[#23]
I recently bought 20 acres adjacent to me that I didn't need just so I could control what happens to it...

IOW, yes - if it isn't a financial hardship, buy it.
Link Posted: 10/11/2005 8:13:05 AM EDT
[#24]

Quoted:
I recently bought 20 acres adjacent to me that I didn't need just so I could control what happens to it...

IOW, yes - if it isn't a financial hardship, buy it.



Care to sell an acre or two?  
Link Posted: 10/11/2005 8:41:37 AM EDT
[#25]
Buy it - it's not like real estate prices are going to go down. You can always sell it off later.

As for the loan - can you get a home equity and use that?
Link Posted: 10/11/2005 8:45:56 AM EDT
[#26]

Quoted:
Buy it - it's not like real estate prices are going to go down. You can always sell it off later.

As for the loan - can you get a home equity and use that?



hmm home equity loan.  Never thought of that.  How does that work?  Aren't you allowed to borrow some money, value - morgage left, to buy stuff?  How do you pay it off?
Link Posted: 10/11/2005 8:50:08 AM EDT
[#27]
i would absolutely do it if i could afford it.  if its like most housing developments there really isnt a big enough yard for kids to play.  I'd love to have a place to have picnics or even let the neighborhood kids come play ball.  

besides, it'd help keep them out of the street.       and you could even have the kids come help you clean that part of the yard up with you as an agreement to use it.  (not suggesting you give a lawn mower to a 7 year old...)

Besides, the land value will probably only go up.  if money is tight you could always turn around and sell it in 5-10 years and make a profit. (i really have no basis for that statement, but i think thats how things work)
Link Posted: 10/11/2005 8:53:02 AM EDT
[#28]
Buy it.  
Link Posted: 10/11/2005 9:57:30 AM EDT
[#29]
Buy it if you can swing the payments.  
Link Posted: 10/11/2005 6:28:34 PM EDT
[#30]
Buy it if you can afford it. They aren't making any more Earth, and when you have to look in your neighbors window 5 years from now, you'll kick yourself for not acting now. I can't believe how small some of the lots in the new developments are these days. I think the lot sizes are about half what they were 25 years ago........
Link Posted: 10/11/2005 6:49:48 PM EDT
[#31]
Houses on both sides were sold recently, tooo much for me to buy BUT now my neighbors suck on a variety of levels....

Buy it, even IF you have to borrow short term and then Refinance into one note.
Pete
Link Posted: 10/11/2005 6:52:41 PM EDT
[#32]
I would buy it.
Link Posted: 10/11/2005 6:53:00 PM EDT
[#33]
Hell yes
Link Posted: 10/12/2005 5:04:22 AM EDT
[#34]
Wife is talking to the bank today.  Hopefully we can work something out.  I guess I really thought I should buy it, but I am a little nervous.  Although, since everyone here says buy it, we will do it if we can.

Thanks.
Link Posted: 10/12/2005 5:05:13 AM EDT
[#35]

since everyone here says buy it


Man you are easy!


Link Posted: 10/12/2005 5:08:51 AM EDT
[#36]

Quoted:

since everyone here says buy it


Man you are easy!




HELL while we are at it lets get him to buy some more stuff, Any one see those .50cal 1911's those things looking freaking sweet.
Link Posted: 10/12/2005 5:10:15 AM EDT
[#37]
If you guys only knew how poor I really am....
Link Posted: 10/12/2005 5:11:30 AM EDT
[#38]

Quoted:
If you guys only knew how poor I really am....


You got a home, cant be doing to bad and you got the internet
Link Posted: 10/12/2005 5:14:36 AM EDT
[#39]
The neighbors on both sides of me suck. I had the option to buy one of the lots for 60,000 , six years ago, but was to cheap. I figured I had enough space. What a mistake. Don't make the same mistake. BUY IT NOW!!!!!!
Link Posted: 10/12/2005 5:15:27 AM EDT
[#40]
Better to have and not need, then to need and not have...

Besides, how else are you going to build "the compound"?
Link Posted: 10/12/2005 5:19:11 AM EDT
[#41]
How does one explain to the wife that you need a 'compound' anyway????
Link Posted: 10/12/2005 5:36:09 AM EDT
[#42]

Quoted:
How does one explain to the wife that you need a 'compound' anyway????



"Uh, gee honey, it's a great investment, a wonderful place for the kids to play... we can grow flowers/fruit trees/vegetables and maek the house loook really nice/save money on groceries... we can take long romantic walks at sunset without leaving the property..."

Now an underground buinker/bomb shelter is a whole different matter!

Root cellar?


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