Advice on buying a lot for the future
I would appreciate if folks knowledgeable in real state and financing can give your feedback about this:
Goal: to buy a lot in the Palm Springs area. There is a particular property that appears to be a good deal and the only remaining lot in that community with low HOA dues ($200/month). One of the reasons I am interested is that it seems very rare I could find another high end community with such low HOA.
Challenge: I live and work in Seattle. My wife and I would need another 15 years before we reach retirement age. I plan to buy lot using home equity, buy pay it off in 3 years using stocks which would be vested.
Question: assuming such lot is below market price, is that feasible we would end up paying $200/month in HOA plus $200/month in taxes? My concern is, if I wait 10 years or so to buy a lot in that particular town I want, wondering if lots will be so scarce that prices will be prohibitive.
Please let me know your thoughts.
Goal: to buy a lot in the Palm Springs area. There is a particular property that appears to be a good deal and the only remaining lot in that community with low HOA dues ($200/month). One of the reasons I am interested is that it seems very rare I could find another high end community with such low HOA.
Challenge: I live and work in Seattle. My wife and I would need another 15 years before we reach retirement age. I plan to buy lot using home equity, buy pay it off in 3 years using stocks which would be vested.
Question: assuming such lot is below market price, is that feasible we would end up paying $200/month in HOA plus $200/month in taxes? My concern is, if I wait 10 years or so to buy a lot in that particular town I want, wondering if lots will be so scarce that prices will be prohibitive.
Please let me know your thoughts.