if you can relatively afford it and the extra space would add a lot to your life then go for it. if its a hardship to pay for it and/or the extra space is just extra then don’t. loans are likely hard to come by for undeveloped land in normal years and able to be almost impossible soon.
Yeah that’s the plan for now. I’ll need to take down a few giant pines back there and grade. All that can be done this year probably. I wish heloc rates were still low, locked in at 3% for the home.
It’s not a large lot, .17 acres. Any suggestions on how to make money with it? My wife and I both have steady incomes but I get what you are saying. We probably have 60% of the total project cost wrapped up in some investments that we could liquidate if we had to. Those investments probably net more than the heloc rate right now
depends on where you are and whats lacking. maybe it can be a home-based business site, or an accessory dwelling unit, or a mini-warehouse for ecommerce, or a recording studio, or a wasabi farm, or breeding domesticated foxes. is this an expense or an investment?
I’m thinking it’s: -$16k to aquire -closing/legal costs -$3k for land surveys -town permits -concrete pad -driveway -tree work - $8k -grading/removal of debris -garage build -electrical
I haven’t received any quotes for some of these tasks but I thinking total coast after purchase will be $60-$75k but I don’t have much to base those numbers on.