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O/T Another House Thread

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Old 07-11-2003, 08:00 AM
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I'm in the process of refinancing my current house (3 br 2 bath, 3 yrs old) My wife and I are looking at buying about 2 acres and building a house on it. I'm currently stuck and don't know what would be best. Interest rates are low and now's the time to buy. My house is financed now for 15yrs and we were looking into going possibly for 10yrs. Having a house paid off in 10 years would be awesome, however it's only a 1600sq ft home and if we have kids it's gonna get tight real quick. So here's the prob.

(1) The lot that we are looking at has been moving real slow....developers have yet to pave it so everybody is on hold until this is done.
(2) House building I know is a real pain in the neck and I'm a newbie so I know it's gonna be tough

vs.

(1) Keeping the current house and pay it off in 10yrs
(2) Keep looking till we find a house that we like instead of building.


I'm just scared that if we decide to build....by that time the lumber and prices of stuff will be skyrocketing.
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Old 07-11-2003, 08:37 AM
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Can you build an addition onto your current house? Paying it off in 10 years, AND adding $50K to the value in 10 years with a $20K investment for the addition now, is not a bad way to go.
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Old 07-11-2003, 09:22 AM
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That is a good idea also. The problem is I was wanting a little land. Currently I have a nice size lot.....but if I added onto the house it would probably kill my back yard. But like you said....having it paid off in 10yrs would be sweet
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Old 07-11-2003, 09:33 AM
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Well, if you REALLY want some land:

http://offshoreonly.com/forums/showt...ght=gears+land

You can also read our headaches on the same subject. I wish you the best in whichever direction you go.
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Old 07-11-2003, 09:39 AM
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If you like where you live (location) then remodel. If you want to live somewhere else (location) than buy. If there is nothing already standing where you want to live (location), then build.

It took us 2 1/2 years of looking at EVERYTHING that came on the market to find our house. We had listings on almost 130 houses, drove by and looked at ALL of them (location, view, water depth, location) and took our poor realtor through almost 50 of them.

-Greg (location)

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Old 07-11-2003, 09:51 AM
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Man sorry to hear about all that Brian, good grief. I guess we need to just buy a house that we like, and if none are avaliable now, we'll wait till we find one like you did Greg. It took at lot of time but at least you got something your happy with. I have several friends that are going through headaches with building. 1 is having huge builder problems and he's doing a lot of the work by himself which is going to get really stressful.

I'm in the mindset that I'll just get a builder...we'll show him the plan and get it all together and it'll just work out perfect. Now if I get a good good builder and pay a lot of money thats what will happen probably. But I know if I build I'm in for a huge headache. I think we'll stay with what we have for now and refinance....then just look and see what we like and if something catches our eye down the road we'll look into it.

Here's some background on the lot also. It's a new subdivision thats getting started and I've heard of numerous problems with getting it started. We have had a lot reserved (no money put down yet) since April, they told me then that the road would be paved in 2 weeks......still waiting. I've talked to others who have lots reserved....one had a bad soil test, the others have been waiting about 2 yrs for the road to be paved so they can build.
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