With the fed cutting rates and you not planning to sell now is probably the perfect time. Getting loan is probably tougher than it was 3-4 yrs ago but assuming you have decent credit you shouldn't have a problem. Just make sure you don't get in over your head with the monthly payment.
Previously owned: 80 CJ-5, 97 TJ,99 XJ, 95 YJ,10 JK Rubicon Unlimited, 10 JK Sport
if you don't build you will have to pay rent somewhere I assume, mortgage payments are usually close to rent. If you have to pay one then make a mortgage payment. Try to keep it at 15 years if possible and no more than 25% of your take home pay.
Another aspect to look at is the cost of materials in your area. Lumber and concrete prices in the Phoenix area have gone through the roof. A friend of mine is holding off building on his land for now based on those prices.
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"When you honestly believe you can compensate for lack of skill by doubling your efforts, there's no end to what you can't do". www.despair.com
With the economy ready to collapse, Hillary about to become president, and dollar loosing value?
In all seriousness would it a bad Idea to build a house with the way things are going? Or should I just do it because its gonna cost even more in 5 years?
It may not cost more in 5 years. In this area, the tradesmen are cutting their prices to get any work at all. Framers, bricklayers, electricians, etc. will drop their price 5-10% just for the asking. Some are cutting their prices even more just to keep their crews working. Building is DEAD in this area.
I suspect that materials may drop slightly but with China sucking up all excess supply, those costs probably will remain fairly constant.
In a year or two, when (if) this housing market turns around, look for the trades to bring their labor costs back up.
Financing is going to be easy for those with good credit rating, 680-700 or better. Less than that you'll probably find it much more difficult to borrow than it was a year or so ago. If you have good credit and free land, go ahead and do it now.
I don't think I'd worry too much about that crazy beach becoming Pres. My prediction? Doesn't matter who gets the Dem nomination. Bloomberg will run as an independent and suck away millions of votes, mostly from the Dems and whatever Republican runs will be elected president. The same way that Ross Perot got Clinton elected. He sucked away many Republican voters and Clinton became president with less than 50% of the popular vote, both times.
Even if Bloomberg doesn't run, Slick Hilly is so polarizing that she won't have a prayer and B. Hussein Obama has even less of a chance.
Playing with Jeeps since the 60's.
Nope, plan living the rest of my life there. Grounds been in my family for 100yrs I hope to keep it that way.
Man thats excellent, you've already got the land out of the way. I've been looking for the perfect land to buy and build a house on for 5 years!
I'd say its a great time to build a house, I wouldn't put it off if you're ready.
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