I am planning on attending a land sale for lake properties. The sale is being run by a land holding company. All of the lots are guaranteed buildable with no time limit. The lots have underground utilities and will be tied into county water at a low cost to the buyer (700.00). The land holding company will have bank financing on site and also have builders you can work with or you can use your own builder. I would like to buy the land and build a retirement home, contemplating renting out for a vacation home prior to living in. Also, considering buying a lot to build a house and sell.
Has anyone done this kind of thing and would you recommend it? Is there anything I should be aware of prior to viewing the property?
One other thing. There are HOA fees involved with the lots.
@Account Closed if you want to live in the property that is one thing but I doubt it would be a profitable investment to buy the second lot. New construction is hard, you have to ask yourself why the current owner isn't building themselves.
Originally posted by @Aaron K. :
@Will Ireland if you want to live in the property that is one thing but I doubt it would be a profitable investment to buy the second lot. New construction is hard, you have to ask yourself why the current owner isn't building themselves.
check the HOA and city county rules on STR they may or may not be allowed.
Aaron sounds like a land developer.. I have bought many a project and just sold the lots to folks looking for retirement homes. its a very common business practice in many areas of the country.. and very common for people to buy their lot 10 to 20 years before they want to build on it.. in many instances this has created a ton of equity for them based on appreciation.. Montana being a classic example of huge run up in raw buildable land prices..
WE also build sub divisions in the city were we may build on half and sell half to other builders.. or sell the whole project.. just depends on what out come your looking for.. But I suspect this company is simply a land developer selling their inventory they never had any intentions of building.