How much do you need?

[Wannabefree]

There is a great property in Pearl River area in Mississippi that I have had my eye on. Just dreaming, but 20 acres, house, fencing & outbuildings are going for $120k.

Depending on the property & "frills" prices are running between $1,000 & $2,500 per acre in this state.

Oh there is a goreous one here too with a beautiful 3 bedroom brick home and 32 GORGEOUS fenced rolling acres right down the road from Shiloh National Millitary Park and I WANT IT...but I don't even know what they're asking..afraid to find out. Another nice place on 50 acres fenced with 4 ponds, barns, outbuildings, and a good bit of standing timber...just sold for I think 90K last month. The house was older, but dang what some cheap land! I need to count my change and see what I can get

 

[patandchickens]

Practically anywhere, it costs more (especially these days) to build on vacant land than to buy an existing house-on-acreage.

As far as cost, if you still really want to price building your own, look at ads in the area where you want to live, multiply the price for parcels that sound like what you're interested in by about 1.2-1.5X list price (because they probably have Fatal Flaws and you would actually need something pricier).

Then add between $20-60,000 for having well, driveway, electric and phone service put in. (Or even more if the house site is a looong way back from the road). (As far as cable TV, note that many areas with low land prices do not *have* cable, you would have to go to satellite and quite possibly also to dialup internet)

Then do some googling to come up with vague ballpark figures for per-sq-ft construction costs for the type house you're looking at, or figure something like $120-150 per sq ft as a generic ballpark for a small house that is appointed in the way things are customarily done these days; multiplied by however many square feet you'd like in your house. For instance a 1200 sq ft house at $120 per sq ft, which is going to give you a fairly modest product compared to much of what's being built these days, would be in the $144,000 ballpark.

Really, it makes much more financial sense in most cases to find an existing house on acceptable land, even if it will require some renovations or repairs.

The only exception would be if you would consider a mobile home or something like that, in which case vacant land becomes less unreasonable an option (tho remember there will still be the same costs for water/power/driveway/phone), or if you are hyper picky about land and budget is not a big problem.

$200/month sounds like a *lot* for clothes/hobbies/gifts, I wonder if most of that money couldn't be put into savings instead, if you are really serious about your plans? And, as others have suggested, consider whether you really need 20 acres or could be fine with 10 or 5 or 2, which'd be significantly cheaper to buy. (If you want the land for animals, remember that FENCING costs get pretty significant for larger amounts of land!)

Pat

 

[Wannabefree]

I'll sell you my 3 bedroom 2 bath house and 1.488 acres in the country for $75,000. It appraised at $105,000 2 and a half years ago. I figure we lost about $25,000 equity in this slump, but we're still in the clear on it, and I wanna move. It has an underground spring in the back yard. Any takers?

 

[i_am2bz]

Your tag line doesn't indicate where you are...?

 

[PamsPride]

Whenever someone posts about looking for property/new house I always go searching to see what is in my area! Why wasn't I born into an independently wealthy family????
Check this place out!! It is GORGEOUS!! Oh, and WAY WAY WAY out of my price range!! LOL!
http://goldfirerealtyinc.10003560.2...pertysearch/propertydetail.aspx?LID=28525576&

 

[TanksHill]

Pam, come back to reality.

Looks like it was designed to run as a Winery & B&B. Someone is loosing their shirt on that one.

Poor fools.

g

 

[ksalvagno]

Pam - did you see what the taxes were? Over $20k!

Gorgeous though!

 

[PamsPride]

Pam, come back to reality.

Looks like it was designed to run as a Winery & B&B. Someone is loosing their shirt on that one.

Poor fools.

g

I think that was in the top 10 for house prices so for this area it is not to off on price. I did show boys the pictures and asked them if they would build me a house like that!! They said "Sure!"

 

[PamsPride]

Pam - did you see what the taxes were? Over $20k!

Gorgeous though!

Uhhh....no, I did not notice that! On my DH's income we would only be able to pay the taxes and the light bill! Who needs to eat?? I guess we would HAVE to produce all of our own food! Of course that would be after someone GAVE it to me 'cause we sure can't afford to buy it! LOL!

But, the house does make me want my own sawmill on my own large piece of land so I could build a house with all that woodwork in it!