I live in a very “hot” housing market and purchased 30-acres (totally overgrown and run down) for $700k back in 2017. I currently owe $400k at 4.5% with 12 years remaining.
We love it so much that we wanted to make it our forever home. So, I bought the neighboring lot at $25k/acre for 10-acres. It’s the highest point in this area and overlooks all of downtown, Colorado River, pecan groves, etc.
Money owed for my 40-acres is $600k and my property taxes are around $5k/year.
I want to build an “inheritable” home that I will spend the rest of my days in. The kind that my kids can give to their kids. The plans are done and the bids are rolling in....
I want to make sure I am getting an honest take on things because the interior decorators, builders, etc. are spewing all sorts of numbers out.
Realistically speaking how would you budget the following?
-Budget to furnish and decorate the house? I’m being told 25% of the value of the home
-Budget to landscape at 18% of the value of the home?
-Builders in my city are quoting anywhere from $250-600/sq ft. My jaw HIT the floor.
This is a massive commitment (and dream) of mine and I am rather anxious. I’ve busted my ass, saved, and live way below my means. Even with that I’m scared that I’m doing the wrong thing.
Comparable houses (on a fraction of the acreage) in my city are $5 million plus.
Any tips on how to be extra smart about all of this? I find myself obsessively crunching numbers and pinching pennies. Help!!!
Submitted March 10, 2020 at 09:26PM by allaboutpeaceandquie https://ift.tt/2xl2yTE
