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buying land and building a house...how does that work? and is it cheaper than buying a manufactured home?

We have discussed our living situation: we rent and have been offered to lease the place. It's a double wide MH on about 2 acres. We need to re-appraise it because their asking price just doesnt sound right. But we said if we did buy this place we'd probably just tear it down and either build a new place or buy a manufactured home. I am a bit confused about this part. The placement of the MH is a good balance within the end of the property and the road and it lines up with the other houses on the street. If we did all this behind the MH we live in now what would we do about plumbing in the new place? Or electricity? Or would we have to live somewhere temporarily to replace the old space with the new house?

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Owl_Feather

Asked by Owl_Feather at 5:16 PM on Jan. 23, 2011 in Home & Garden

Level 22 (13,272 Credits)
Answers (4)
  • Good luck with that. I would like to say that before DH and I met, he bought a nice piece of land and was planning to buy a MH to go on it, he was then told by the seller for whatever reason that he could'nt do that and would have to build on the land. Needless to say he resold the land and bought the house we are in.
    MyOpionCounts

    Answer by MyOpionCounts at 5:21 PM on Jan. 23, 2011

  • It depends on the zoning for your plot of land. How much land is there? If there is a lot of land you might be able to lay a new foundation and build a house on a different spot. If there isn't much land you will have to have the new house built/ put where the house is now and find temporary housing.
    kmath

    Answer by kmath at 5:21 PM on Jan. 23, 2011

  • It depends on several things-- is the property zoned for building? How much would it cost to get the permits? If there are already permits, how much longer will they last before you have to start the process over? Do you know a good contractor, or if you're planning on contracting it yourself, do you know good subcontractors? Also, are you eligible for a construction loan? They usually last a shorter period of time, and interest rates are generally higher.

    I know many people who built because in the long term, it was cheaper to build on a raw piece of land and get the house and land they want rather than some cookie-cutter house on a postage stamp. However, considering how hard it is to get non-traditional loans, you may have a tougher time.

    I would seriously question the price your landlord is giving you-- ask them for the appraisal, and ask the real estate agent to show you the comps.
    Busimommi

    Answer by Busimommi at 5:27 PM on Jan. 23, 2011

  • You'd have to hire a contractor & ask him, there are a lot of things to take into consideration that most of us can't answer.
    It can be cheaper to build you own home, especially if you help put work into it.
    samurai_chica

    Answer by samurai_chica at 5:28 PM on Jan. 23, 2011

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