Perhaps wrong subreddit however
I have had this long term plan in back of my mind that someday I want to buy land in the mountains, pay it off.. then build on it and retire
I've bought and sold two homes in my life and am now on my third, married and planning on paying this one off. - I've got roughly 160K in equity and house is valued at $340K and I am locked at 3.125 on a 15 year loan so all good there.
I'm trying to think through this next piece though, It would be really cool to start making small steps now toward owning some land someday but from what I gather, interest rates on land itself are not friendly (banks don't want to get stuck) so I'm kind of debating two options - buy soon (next 5 years) and finance or buy later (in 10-20) and pay cash but I think life has a way of making saving that much difficult.
My other thought on the matter and I have no idea if its warranted is that a large percentage of landowners in the US are older and will need to offload it in the next 10 years - potentially causing prices to dip with increased supply- perhaps that's an over generalization but I would be curious if there was a way to find out if there was merit to that.
For what its worth- the details
I'm thinking ultimately something with a view, close to water 2-3 acres and away from it all a bit - buena vista, estes park, wyoming, utah are all options. I am 33 years old now.
So - for those of you who have bought vacation homes or land- how did you go about it? was it a good experience? what would you do differently?
Submitted May 10, 2020 at 09:18PM by beandip10000 https://ift.tt/2WIxzKq
