Land lease housing?

[Apoc]

I love the my in-laws' morning room. Drink coffee, read the paper and enjoy the sunrise. What's not to like.

Why cant you just put a big east-facing bay window in the kitchen?

...with a papasan chair!

[.RJ]

I love the my in-laws' morning room. Drink coffee, read the paper and enjoy the sunrise. What's not to like.

Why cant you just put a big east-facing bay window in the kitchen?

...with a papasan chair!

I guess this is why I'm destined never to own a house

[stevegula]

hauln-ss

You're actually going to go through with getting a house on land you don't own?

I can't think of a dumber thing to do than the typical NOVA house buying experience (finance everything - interest only -etc )

Isn't this what screwed everyone's favorite nerd from Saved by the Bell?

[Ginger]

Steve... read the past two pages of this thread.

[HAULN-SS]

yeah: summary - i bought a house, on its own land, with a fixed rate mortgage.

[Ginger]

In Bunker Hill, West Virginia.

[Apoc]

...home of Vixens.

[HAULN-SS]

It's actually in Inwood..

[stevegula]

Steve... read the past two pages of this thread.

I can't be troubled with that kind of effort.

[WRXtranceformed]

Don't hate on the interest only! I'll probably do a 5/1 IO since I won't be in my house more than 3-4 years max. I'll refinance if I change my mind later.

Congrats again on the home purchase Derek, I hope I was able to help you out a little a few months ago. The drive won't get to you too much unless it it gets to be more than 1:15. I did that exact distance drive for about 6 months and it was fine. Good luck at closing, hopefully the rates will have dropped by then. I'm going to be shooting for an end of November settlement to allow the rates to *hopefully* drop a little and for me to save some cash.

[HAULN-SS]

Thanks again, and yes - I did have a better idea going into it what kind of financing options and things would be available to me. I didnt go with an ARM just on the off chance I end up being there longer. I hope the drates drop a little by closing too, but will be ok if they dont. I'd maybe consider an adjustable rate more if you're able to get closing costs paid, for sure. That way you're breaking even in that area if you do have to refinance later.

[HAULN-SS]

Just an FYI - I found the building permits for this house on the county permit site, and the estimated cost was 186,000. Subtract off the realtor's fees from what I paid, and the builder walked away with a cool 5 grand for their efforts, assuming they were somewhere around their estimates.

[joshw]

Great article in the washington post about someone with nearly the identical commute as you---Bunker hill to Sterling...

<!-- m --><a class="postlink" href="http://www.washingtonpost.com/wp-dyn/content/article/2007/05/29/AR2007052902244.html">http://www.washingtonpost.com/wp-dyn/co ... 02244.html</a><!-- m -->

[HAULN-SS]

Nearly identical, except that fool was leaving at rush hour times both ways.

[WRXtranceformed]

The lot cost was 186k? Or the price of the house as a whole to build + the land?

[Apoc]

Nearly identical, except that fool was leaving at rush hour times both ways.

6:21am is rush hour? What time do you plan on leaving home?

[HAULN-SS]

The lot cost was not included in that - that was build cost.


Also:
I plan on getting to work at 6:30, leaving the house that late leaves you going throing rt 7/9/28 traffic right at rush hour. I'll probably leave the house at 5:30

[HAULN-SS]

edit: It probably does include digging the foundation and such - if that's waht you meant by "the land" costs

[Ginger]

Derek's different, Chris, didn't you know?

[WRXtranceformed]

If that was only the build cost (which I have a feeling it isn't), Ryan lost a lot of money on that home. That shows you exactly how much builders hate holding spec homes.