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Should I buy a plot of land now even though I probably won't

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Should I buy a plot of land now even though I probably won't build a house on it for another 5-10 years?
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How's it zoned? What's nearby?
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>>973798

It's about 6 acres waterfront off a river. About 4 acres is wooded/tall grass. The rest has been cleared for a house site. Just a dirt road with no buildings. It's mostly flat. It's zoned for residential and recreational.
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>>973798
It's also pretty remote. All of the lots on the road are 4+ acres. But gas/electric lines runs through the neighborhood already as well as Comcast cable so it's not too innawoods. About 15 minutes from Williamsburg, VA
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>>973809
>>973812

Well, here's what you can do.

>Buy the plot
>Use it to borrow against from the bank
>Build a house there
>Loan becomes a mortgage
>Sell the house

If you don't know a good contractor though I don't know if that route is for you. That said, where I'm at waterfront property, especially 6 acres worth (could be a house per acre) would make a killing if you developed it.

Or it could flop and you go bankrupt.
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>>973815

I plan to live there. Not selling it or looking to make a killing. Right on my favorite river to fish on from childhood.
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>>973817

Oh. Then just build a house there and enjoy your solitude and fishing.
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>>973819

But should I buy the land now or wait 10 years when I can afford to build a house? Land is only $135K cause it's not developed where the other lots on the road are $350-750K. I can pay for it in cash but it would be most of my savings. Or should I wait and take my chances of finding an opportunity 10 years from now? I figured I could buy it now and at least put a trailer on it and do some /diy/ landscaping.
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>>973821

Buy now. It'll only go up in price mang. But only if this is your dream.
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If you want a side project, that may kill your free time for the nxt 10 yrs, buy now and landscape. If you want to put the landscaping effort in after you build the house or if you want to pay to have everything done at once, buy the land later.
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How far do you live from the land?
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>>973835
About 2 1/2 hours. My Grandparents own a camper in a campground down there and we used to go fishing all the time. Then people kinda grew up and had families and career changes, etc
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so that to me is not too long. Like u could buy now and go on weekends to landscaping
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Like others said, you gotta be real sure about this. Your money is going to be tied up for a long time in an asset that may go up in value (or may be difficult to sell)... and its most of your money... right now you're only picturing it going right. Picture all the ways it could go wrong. Then, if you still want to do it in 60 days, go for it.
Thread posts: 14
Thread images: 1


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