Home Building Tips – Land – Is It Time To Bargain Hunt?
Thirty cents on the dollar? Yes, maybe. A couple of months back a former client of mine called. He wanted to know if I had a suggestion for a lender to finance a piece of land because he wants to build again.
Alex is a fireman and just three years ago he completed his two and a half story home overlooking the city. Although not planning to build right away, Alex was quite interested in what appears to be good deals on land. I was able to find him a lender and within a couple more weeks he had made a deal on a nice view lot in another part of town. He was very happy about purchasing a lot in an upscale neighborhood for about one third of the price it sold for just a couple years back.
Buying Your Dream Home-Building Parcel
If you’re thinking about building, would now be the time to buy that lot? Picking a market bottom is tricky business. One third the price? Well, first off, that opportunity isn’t going to be there for everyone. But, would half the price be good? Would a fifty percent reduction be good? Perhaps these would be good deals but only time will tell. And it pays to remember that the prices of two and three years ago were often inflated prices, not real values.