No mortgage, possibility or just a dream?

[bluthumb]

My wife and I are thinking about relocating. We currently live in Delaware but would like to move to Maine for a change of pase. In order to afford living in Maine, which will mean less income, we will have to simplify our lives. This includes eliminating my mortgage. We have two girls (3.5 years & 7 months) so would like to have between 1500 and 1800 square feet of living space. Acording to my calculations I should have about $120,000.00 of equity left after paying realtor fees, taxes, closing costs, ect. To buy a piece of land in Maine suitable for us is going to cost about $50,000.00. I am 29 years old and a reputable carpenter. Can I do it?

[StressMan79]

for 120k, I could nearly complete my home. Of course, My homesite is in the STICKS. 40k for the land, the rest for the trailer, foundation (logs off the property), milling my own lumber, etc. The problem is--my wife won't relocate there. the whole county has only 7500 ppl . One thing they tell you in the class is that you can afford land--it just depends how far out you want to move. There are several buildable 20 ac parcels (without trees) for 18k in the area.

So, yeah, I would say for 120k, it's very possible to complete your project, especially if you can do most of the work yourself.

P.S. I don't know what the real estate market is like where you are going. Keep looking for that right piece of land. take the class, learn what you'll need to build and start collecting. You can do this. PPS, it will be much easier if you have no kids, or they are >10yo.

-Peter

[Basil]

There are counties here in Kentucky where the land costs $750 an acre in places. My county averages $2000 per acre. Compared to many parts of the country this is cheap land, but I've heard of cheaper (other than deserts).

[Klapton]

I found this website: http://www.billyland.com/auctionx.htm

There are auctions there with bids like $1.50 ...

Is this possible?!?! It seems so outrageous, I don't want to register for the website.

Nevermind... I figured it out... The "bid" is just for the downpayment. The real prices are revealed if you click through to the details of the property.


This Auction is a BID AND ASSUME Sale!
Your Winning Bid is the DOWN PAYMENT PRICE of the Property!

The amount of Your Winning Bid will be deducted from the assumable balance of $49,000!
The assumable balance is payable over 20 years at approximately $539.00 per month.

The amount of Your Winning Bid, up to $500.00, is due within 24 HOURS AFTER THE AUCTION ENDS.
The remainder of Your Winning Bid and the $249.00 Documents Fee are due within 10 days.

Owner Financing! - No Credit Checks! - No Qualification to Own!

Boy, they had me going there for a minute, hehe.

[pbs7mm]

Bluthumb,

Absolutely Matthew. With the knowledge of the class and hard work absolutely. I would strongly advise both you and your wife take the class. Building a home is a very stressful process at best. You have to be on the same page. This class will change your life.

[akemt]

I could do it for that ammt. no problem with a land cost that is similar. Of course, everyone has their own requirements and abilities (my husband and I can go without the $2000 chandelier in the dining room ;) and will do most everything ourselves) so I'm sure you could spend way more than that if you felt like it, but yah, definately doable. One thing I'd wonder is about building codes, permitting, and inspections and what those would run you. Mine is a $250 permit, a septic engineering fee, and then a septic test, no inspections, so we're good.

Best of luck to ya!

[nuentoter]

I currently live in northern maine and the one thing around here we have an abundance of is land and trees :)

if you want to discuss things more thoroughly email me at nuentoter@gmail.com
if you email me we will discuss this more if you like. i can look up local stuff for you if you like.