Would you go for it?
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| Thu, 08-04-2005 - 2:05pm |
Hi all~ Just wanted some opinions here......
If you were given land for free(2 acres) in an area that you absolutely loved ~ would you go ahead and build a home there even though the property taxes would be around $5500 per year? (The first 2 years are tax exempt for new home builders- so we could put that money away)
We could afford it- but it's the "sticker shock" that kills me. We live in town now so it's really cheap (taxes are $1300/year)~ but we HATE everything about it. I've paid so many bills off just to get out of here, so staying isn't an option. In the country the taxes are around $4000/year.
All of the (decent) houses in that area cost more to buy($150K+) than the split level we want to build($135K)! We were told by the assessor that when you build your taxes are higher than buying (even if the older house is bigger/cost more)
Would you guys go for it? Land around here costs $40K for less than 2 acres. So it's hard to pass it up!!
Nicki

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Honestly I would use the equity in your current home to pay down on the new home. Over the long haul you will save more money.
Shannon
Shannon
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