OK, here's my plan. Within the next year, I plan on buyign a piece of land. In about 4 years, I will build on it and live there about 7 years. This second home will purely be an investment for the third home. It will be a house I like (as I will design it), but it is to act as a stepping stone for the "dream house" that is about 12 years down the road.
So, the time frame is:
2003: Buy piece of land.
2007: Build on it (primary residence)
2014: sell it.
Notes:
1) This will not be waterfront property or anything exotic. Not even a water view.
2) I know the rule; Location, Location, Location.
3) I'm an ex-landscaper, so I'll do all that and it will be AWESOME. Not over-bearing, but it will scale properly withthe home, etc....
4) The home will be in an area of similarily styled and priced homes.
5) Home will be in excess of 2000 sq ft. Hopefully in the 2500 sq ft area.
General plan for second home:
1st floor:
"Big Kitchen" with a breakfast nook.
"Dining room for about 14 people.
A good sized Great Room.
1/2 bath
some closet space
mud room.
Some ort of "grand entrance". nothing spectacular, but more than a door.
It will have a fairly open floor plan and have entrances to rooms in some cases that are 6 feet wide.Kitchen will designed in some manner as to keep the dogs in that one area when no one is home. I might do one of those doors that are half top/half bottom and only close the bottom protion to keep the dogs in there. Or I'll use a pocket door.
Also, kitchen will have a generous walk in pantry.
2nd Floor:
master BR with full bath.
1 full bath
2-3 bedrooms (for kids/office)
1 laundry room
No pool will be at this residence.
Will have a proch of some sort in he back.
Questions:
1) How much should I spend to build the house relative to the land. I think I should spend at least 3 times more on the house. So if I spend $80K on land, the home I build should be atleast $240K.
2) Is there anything I should do special to increae the resale value? Currently, I'm basically planning on 10 foot ceilings on the fist floor and 8 footers on the second. What style should I do?
3) How much down payment is required on land? I currently own a home and have a very good job (as does my fiance) and my credit rating is top notch. My fiance recently bouncd two checks maybe 3 months ago.
4) What else are people looking for in a home these days?
5) Paint or wall paper?
Thanks!
karl
So, the time frame is:
2003: Buy piece of land.
2007: Build on it (primary residence)
2014: sell it.
Notes:
1) This will not be waterfront property or anything exotic. Not even a water view.
2) I know the rule; Location, Location, Location.
3) I'm an ex-landscaper, so I'll do all that and it will be AWESOME. Not over-bearing, but it will scale properly withthe home, etc....
4) The home will be in an area of similarily styled and priced homes.
5) Home will be in excess of 2000 sq ft. Hopefully in the 2500 sq ft area.
General plan for second home:
1st floor:
"Big Kitchen" with a breakfast nook.
"Dining room for about 14 people.
A good sized Great Room.
1/2 bath
some closet space
mud room.
Some ort of "grand entrance". nothing spectacular, but more than a door.
It will have a fairly open floor plan and have entrances to rooms in some cases that are 6 feet wide.Kitchen will designed in some manner as to keep the dogs in that one area when no one is home. I might do one of those doors that are half top/half bottom and only close the bottom protion to keep the dogs in there. Or I'll use a pocket door.
Also, kitchen will have a generous walk in pantry.
2nd Floor:
master BR with full bath.
1 full bath
2-3 bedrooms (for kids/office)
1 laundry room
No pool will be at this residence.
Will have a proch of some sort in he back.
Questions:
1) How much should I spend to build the house relative to the land. I think I should spend at least 3 times more on the house. So if I spend $80K on land, the home I build should be atleast $240K.
2) Is there anything I should do special to increae the resale value? Currently, I'm basically planning on 10 foot ceilings on the fist floor and 8 footers on the second. What style should I do?
3) How much down payment is required on land? I currently own a home and have a very good job (as does my fiance) and my credit rating is top notch. My fiance recently bouncd two checks maybe 3 months ago.
4) What else are people looking for in a home these days?
5) Paint or wall paper?
Thanks!
karl
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