Sport Bikes banner

1 - 12 of 12 Posts

·
Registered
Joined
·
388 Posts
Discussion Starter #1
My area, like most of the country, has seen real estate prices skyrocket. This makes it hard for young people to afford anything besides a crummy apartment in the near ghetto. I don't buy into the real estate bubble theory either. The population continues to rise and I don't see demand for housing going down in the near future.

The typical 3 bedroom one story house in a low crime area is around $250,000 in this part of Virginia. This is way too high for a single income male that makes only a decent wage(it's above the national average).

Luckily land is cheap about 45 minutes away in the country. It's the weirdest thing. You can get an acre plot of land for 10k, but add a house on the property and they want 200k.

I'm thinking of taking my hard earned money and putting half of it as a down payment on a plot of land. Start building a home with the other half.

Looking for some advice though. Anyone ever done this? Words of wisdom?

I wish there was a better way, but my option is either this... or apartment living. Nothing against apartment living, but I've been there, done that, and I'm tired of giving some greedy slum lord my hard earned cash.
 

·
Registered
Joined
·
5,240 Posts

·
Registered
Joined
·
656 Posts
japbike said:
Here's something from a different thread of the same nature. http://forums.sportbikes.net/forums/showpost.php?p=1756895&postcount=2

as for land, come out here. You can get 500+ acres at $250 an acre or cheaper! Gotta love this place...


anyway, if you have questions, let me know....

I remember that thread b/c I started it!! SWEET. Yeah man I feel your pain on the real estate thing. I could have a possible real job lined up soon and would like to get my own place. Land is cheap out in the country, but I just couldn't live out there. I like being close to people and things so I don't have to make a day out of going to the store. I live in Richmond, and it isn't too terribly bad, but forget about Northern Virignia. Prices up there are IN-FREAKING-SANE.

Thanks for the help japbike too. I have done a bit more research on it, and have even had people offer to help me who have done it themselves.
 

·
Premium Member
Joined
·
9,239 Posts
We linve in Nebraska where the housing costs are WAY less than in most areas. Still, we bought 5 acres of land 10 miles from the city limits for $18,000. We are just now in the process of finishing up building our new house. We only have a garage and 2 decks to build yet, then we're done.

There is a 5 acre plot of land right inside the edge of the city limits that is on the market right now for $45,000. I think we made the right decision.
 

·
Registered
Joined
·
262 Posts
Justin726 said:
We linve in Nebraska where the housing costs are WAY less than in most areas. Still, we bought 5 acres of land 10 miles from the city limits for $18,000. We are just now in the process of finishing up building our new house. We only have a garage and 2 decks to build yet, then we're done.

There is a 5 acre plot of land right inside the edge of the city limits that is on the market right now for $45,000. I think we made the right decision.
would be kool if you post pics bro :)
 

·
Registered
Joined
·
9,600 Posts
I bought a house 9 miles outside of Tallahasse, at the end of a dirt road, where there are no city services such as water, sewer or cable, and the 1 acre lots on either side of me just sold for $45,000.00 each The house on the east is costing 200K to build and the house on the west (spec home) has just been finished and is listed at 220K. Both are around 1600 FT2. The market here in Florida continue to soar
 

·
Registered
Joined
·
18,682 Posts
We live in the same region. Better than half the homes around here are bought with no principal payment (one-third) and variable interest (one-third) loans. This can't be accounted for by temporary residents. So don't be so quick to discount the bubble theory.

In any event, with careful buying, you can purchase some investment land in a close in rural area. My house is actually worth about the same as seven years ago, but my land value has tripled. That'd be a great investment. Lots of people are commuting in from Martinsburg these days.
 

·
Registered
Joined
·
361 Posts
I just bought my first house. maybe 1700 square feet, in a decent neighborhood in a close chicago suburb (20 minutes to downtown) and I paid $270K. and it's a fixxer upper
 

·
Registered
Joined
·
388 Posts
Discussion Starter #9
clearwaterms said:
I just bought my first house. maybe 1700 square feet, in a decent neighborhood in a close chicago suburb (20 minutes to downtown) and I paid $270K. and it's a fixxer upper
I just don't get how people can afford 270k!

I make ~30k a year and the bank told me all i can afford is $120,000. You can't buy a townhome in my area with 120k, lol. I even make a decent salary! I have no fricken clue what people who make less do.

Oh, thanks for all the advice so far!
 

·
Registered
Joined
·
656 Posts
Spektrum-SA1 said:
I just don't get how people can afford 270k!

I make ~30k a year and the bank told me all i can afford is $120,000. You can't buy a townhome in my area with 120k, lol. I even make a decent salary! I have no fricken clue what people who make less do.

Oh, thanks for all the advice so far!
I feel your pain man...but I too agree that the bubble will burst. People are WAY over extending themselves right now financially, especially in the USA. What about Williamsburg, or something a bit further out and you can commute in a bit?
 

·
Registered
Joined
·
361 Posts
Spektrum-SA1 said:
I just don't get how people can afford 270k!

I make ~30k a year and the bank told me all i can afford is $120,000. You can't buy a townhome in my area with 120k, lol. I even make a decent salary! I have no fricken clue what people who make less do.

Oh, thanks for all the advice so far!
ramen noodles
 

·
Registered
Joined
·
388 Posts
Discussion Starter #12
s2cmpugh said:
I feel your pain man...but I too agree that the bubble will burst. People are WAY over extending themselves right now financially, especially in the USA. What about Williamsburg, or something a bit further out and you can commute in a bit?
Thats actually where I'm looking, in the Toano area. It's getting expensive too, but it's nowhere near other parts of hampton roads.
 
1 - 12 of 12 Posts
Top