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 Post subject: Advice on land installment loans?
PostPosted: Mon Jul 30, 2012 4:04 pm 

Joined: Mon Jul 25, 2011 12:52 pm
Posts: 19
Sometime in the next 5 years, I'd like to buy 2-5 acres of land and build a small house. I would like to avoid taking out a large construction loan, and will probably end up building in stages over a few years. For this reason, I am contemplating buying the land first, so I can pay down the loan while I continue to save for the build.

Since I will not be making immediate improvements to the property, I'm probably going to have to pay a larger down payment and/or higher interest rate for a land installment loan. I have not started comparing rates in my area, but will be looking into it soon.

I live in rural New England, so the property will probably be about $15-30,000 for the size and region I'm looking at. I have excellent credit (750+) and no debt other than my car loan ($8k @ 2.9%), but no big-ticket assets.

I am wondering if anyone has experience with this and has any advice or suggested sources of information. Were you able to easily roll the remainder of your installment loan into a new construction loan? Is it harder to get an installment loan these days? Does collateral figure differently into the approval process for this kind of loan?


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 Post subject: Re: Advice on land installment loans?
PostPosted: Sat Aug 04, 2012 7:06 am 

Joined: Mon Jul 25, 2011 12:52 pm
Posts: 19
thanks for the response. the 2-5 acres is more because I'm a country girl who needs her trees, and isn't used to looking at neighbors :-) Also, there hasn't been much building going on in my area for the last 3 years, and if there has it's been 2-4 unit apartment buildings closer to the city center, so I don't think any local contractors would be interested in a rural location like I'm looking for.

My general plan is this:
Year 1: clear land, build driveway, install well and septic, finalize design plans
Year 2: pour basement foundation, build house including plumbing/electric/heat/insulation/sheetrock etc., make weather-tight
Winter between years 2-3: install molding/trims, cabinets, fixtures, appliances, paint, etc
Year 3: finish all inside projects, landscaping, build garage and deck


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 Post subject: Re: Advice on land installment loans?
PostPosted: Thu Aug 09, 2012 10:10 pm 

Joined: Thu Aug 09, 2012 9:55 pm
Posts: 5
Nice plan. There are a lot of sites and banks offering loans. You just have to search online and choose which is the best installment loan offer.


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