Home Land New

If I purchased land that had absolutely no connections like electricity, sewage, etc. and wanted to put a modular home on it, how much would you estimate it should cost to get all those things hooked up? Well dug, electricity run, septic system, plumbing, etc.
That's a genius idea. How much do you think it would cost to buy a beat up old house ($25k) demolish it, drop the modular on it's foundation and then hook everything up?

Thanks for your help.

Developing vacant land can cost a lot more than you would think. The actual numbers depends on what your local contractors are charging. You also have to factor in the costs of the permits.

Buying an old home a tearing it down would probably not save you much. The cost of demo would be much more if the house is old enough to have asbestos in it. That alone could cost $20,000.

Then you still have to buy the modular.

All you can do is find properties, get estimates and see which is cheaper.

2009-10-02 13:41:40 by omnipotentantidote

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I am thinking of building a new home but I'm having trouble finding a nice lot. I am considering buying a home just for the land, then demolishing and building a new home, which saves the aggrevation of developing the land. I was told there are some requirements because the mortgage company would not allow you to demo a house that they own (until its paid in full). Has anyone gone through this process if so How do I go about this. What do I have to let the mortgage company know? Do I need permits prior to buying the home, Things like that.

Ask yourself this question first:

Is the vacant lot alone worth the $$ you are buying the house for?

Most often when people do that, it's because they either had the house paid for in full, or they bought the house for some rediculously low price that it automatically resorted back to my first answer.

I have another question though. If you must finance the first house, can you afford a second mortgage for the second home?

If you default on either loan, you just lost your house.

2006-06-27 14:23:19 by Hank

As soon as we paid off our land note with the bank, we asked the bank to finance the building of our new home. I was shocked to see they are charging us for a title policy on a new home, on land they held the note on and we just paid off. The courthouse is all computerized and all you have to do is go there and find out in 2 minutes if they have been any liens on the land. Also, the attorney works as his own closer, so he splits the title policy with the title company 60 / 40. Why does a title policy cost so much when it gets pocketed by the title company and other closer? Would all banks require this title policy? It doesn't make sense but I know it is a ripoff. Anybody that works for the title insurance company, please justify these fees when you can go to most courthouses and look up these things in minutes. Why is it a well kept secret that if you pay tile insurance and sell within 7 years, you don't have to pay it all over again?

I don't mean to insult or hurt you. If I did, please forgive and excuse me.. A very basic question: IF you didn't need or want that money, you wouldn't ask for it, would you?

The bank or any reputable lender wants to protect their investment in your land to and through you. They want to make absolutely sure:
1] Someone else, representing and pretending to be you, represented they are and were the legal owner of your property. AND THEY got money they know darn right well they shouldn't have - leaving a lender AND quite possibly YOU "holding the bag". "Identity theft" is a very common occurrence these days, isn't it?
2] In the event they have to foreclose, they want to make absolutely certain they are the first in line by being the 1st Mortgagor or the first lien holder.
3] You, the Land Owner, didn't pledge that ground for a friend or relative who may have been in trouble with the law AND you, as Mr./Ms. Nice Person, put that land up as collateral - to make sure the person you are/were helping will appear before the Court on the appointed day and time.

Many, many times fraud is committed by one or more of the parties:
1] Lying - this is why an affidavit is prepared and notarized.
2] Pretending to be someone else who they absolutely know they aren't; ditto
3] and/or Actually forging names to documents.
and other reasons - probably too many to mention here [and no sense giving any unscrupulous people or anyone else any more ideas, is there?].

The lender wants to make sure you didn't sign for any other personal property or real property and put up the ground you own - free and clear - as additional collateral.

Its not a huge cost, is it? As a matter of fact, it’s a small price to pay for your own peace-of-mind, isn’t it? In many instances you may be able to incorporate that title insurance policy as part of your loan.

If you feel you're being ripped-off, you can shop the loan at other lending institutions:
A) to see what they have for fees and
B) how much those fees are &&&&
C) what ELSE they may require of you for that loan.

In Pennsylvania, where I live and practiced real estate, there is a "re-issue rate" for title insurance.
Perhaps your state or country has a similar situation for "re-fis" [re-financed properties] and construction loans.

Its worth looking in to, isn't it?

I wish you well.
Our Family Slogan: "Every Good Wish to You and Yours!" I wish you, your family and your friends nothing but the absolute best of everything life has to offer.

Very Truly Yours,
Ron Berue

2007-07-05 15:46:07 by mttowen

anywhere in the country.

Well, you could try the Ozark Mountain area in Missouri. I'm not joking here, they have lots of land, homes, etc. for sale. The cost of homes and land in Missouri is low right now. Don't know why, but it is. We just sold 40 acres with electric, water, year-round creek for $109,000. Try the Missouri area or any of the southern states.

2007-08-20 09:16:19 by xmilestogo

An older mobile home already has site work, utility and sewer hook-ups, but may need major updating. A new trailer does not need fixing, but the land needs to be purchased, site work needs to be done and utilities need to be hooked up. Really not interested in leasing the land or the mobile home. Looking to do this the most economical and cheapest way possible, money is very tight, and the mobile homes seem very affordable.

You are better off buying the location with the existing trailer on it , all other things being equal, the cost of providing those services to another site could equal the cost of a good condition newer trailer. You could either replace the trailer at a later time for not a huge amount (Double check the zoning and planning board rules on this) or you could use it as a building site for a moduler or stick built home as well.

2008-06-21 09:46:24 by joanie r