Buying land now to build houses on later?
June 5, 2011 5:15 AM Subscribe
My cousin and I live in separate parts of the country currently, but we'd like to go in together on a 10+ acre piece of land roughly 30 minutes outside of St. Louis now with the intentions of both building on it several years down the road. What are we not considering?
posted by wordsmith to home & garden (20 answers total) 3 users marked this as a favorite
We'd like to buy the land now-ish and have it paid off by the time we move our families and build separate houses on the land several years down the road.
Assuming the land has access to the electric and water grid, is it reasonable to assume that building a house from scratch on the land is roughly equivalent to buying a house of relatively the same size in a nice neighborhood? Surely there will be costs associated with living in the sticks that you would not have in a city neighborhood (and vice versa), but what I'd like to confirm that this can be done without being a millionaire. Can you build a modest house on land in the country without having a rich uncle?
What other things should we consider before pulling the trigger on this?