After living in my house for 3 years, the people who own the property around my house finally decided to sell it, and I would have lost my mind if someone else bought it, because my house is by itself up on top of a hill with no neighbors that can see it, but it’s a mile from the interstate and all the restaurants and shopping at the exit in one of the best suburbs in southern West Virginia.
They accepted my offer of 46k. I have a 770 credit score and make plenty of money to pay the loan payments. I was pre-approved for a loan at 8% variable rate 15 year mortgage, but I was also approved for a 9% HELOC.
Update: I would also like to parcel out part of it that I don’t need, which I can’t do if I don’t pay it off first, but I think I can with the HELOC
What are the advantages/disadvantages of a HELOC vs a mortgage?
Go for the loan. The HELOC also varies, and they can, if I’m not mistaken change the rates unexpectedly.
11 acres for $46k in a touted area? Apparently I need to be investing in WV!
Edit: sorry. gz to you! this sounds lovely.
Only use a HELOC if you plan on paying it off fast.
Depending on your current interest rate, a cash out refi might cost you a looooot more in interest (id have to go from a 2% rate to a 6% rate) on my whole mortgage. I’d rather HELOC $50k at 7% then my whole mortgage moving to 6%.
This is probably the smartest thing you’ll ever do. That Land is going to only appreciate in value.
Just watch out for the property taxes!
Have you looked into a farm loan vs a mortgage? Since you are buying acreage without the intention of building a house you might be able to get better rates that way, you don’t have to make it a farm or a ranch to get the loan.
I also don’t know what state you are in but that much land might qualify you to be able to ag exempt your property and lower your taxes if you opt in to some of the programs to do that.
This purchase is a no brainer. Get the mortgage, refinance when rates drop.
Title agent here. You can absolutely sell part of your property without paying it off. Builders do it all the time when they begin selling subdivisions. It is called a partial release. The bank will assess what percent the property is of the total collateral and then you would pay that percent of the loan off.
Personally, if it was all land surrounding my home, I wouldn’t sell any of it unless I was flat broke. The value will rise over time, and you might miss having the space and privacy.
46k for 11acres around your property sounds like massive investment value. Gz man
From what I’ve read in the comments, that’s a deal. Quarter acre lots in my town are going for $45-65K!
That is great, good for you. We did something similar 2 years ago, we bought the 5 acre lot next to us before a builder put a house up. A bunch of animals live it that lot, so we put trail cams up to spot them.
HELOC is “backed” by your existing home/property, as I understand it. Mortgage is backed by the plot of land you are buying.
Depending on APR, I’d take the lower one. Not sure how risky a variable rate mortgage is, though. Also, I don’t know if HELOC rate can vary for existing (already taken out) loans. So, something to look into.
Am in similar boat. Want the 7 acres around me. Neighbors are thinking $180,000.00+.
Welcome to Vermont.
Get it done ASAP!!
Check through the local zoning and subdivision code. Be sure you know what’s possible before you spend thousands of dollars to parcel anything out. Measure twice and cut once, because sometimes you can’t put the genie back in the bottle.
I did the exact same thing as you, (1 acre and bought the 6 around my house for $90k). I used AG Choice (now Horizon Farm Credit), they were great to work with, and they are structured like a credit union. so your interest is actually helping out farmers and other people and not just getting sucked up into a big bank.
I don’t work for them, or have any stake in them, just really liked the company.
Just know that once you own the new land the easement you had to your current house probably extinguishes. So when selling some day keep that in mind to be specific when granting a new easement. It can help you avoid future litigation.
You’ve gotten good replies so I just want to say, as a fellow southern WVian, I SO envy you! I keep hearing people buying multiple acres right off of Southridge (which is what I picture when you say restaurants and shopping around here), and I think that’s truly the best of both worlds in this area. We live in the city on a 1/4 acre and I’d kill to just have more of the natural beauty around me.
Just wanted to say congrats.
Instead of trying to parcel it out later can you get the other interested party in on the transaction at the beginning? Like if the current owner sells pieces to both of you which add up to $46k that’s basically the same to them and saves you some hassle and cost?
Damn 11 acres for $46k
Now build a 100 ft. Fence and block out the rest of the world 🥰😊😆.
That’s a ton of privacy, so you plan on profiting off some of the acres in someway I’m sure! So at some point it will have paid for itself!!
Good thing they sold!!!!
HELOCs are annually – if not more frequently – re-assessed by the issuing bank. The banks can change terms more easily. If you really intend to sell some parcels soon, though, you need to go HELOC and you will be better off if you manage to sell.
Welcome to business finance 101. You have to make choices that are not obvious. Pay more short term for flexibility or not?
11 acres for less than $50k? That’s extraordinary!
46k for 11 acres of land within a mile from the highway??? I’m in the wrong state.
I’m sure I don’t anything but doesn’t Fannie Mae and Freddie Mac require a residential structure to be on the property for one of their bank loans? This directly affects the marketability of most loans (and their terms)… Another option may be to redo the entire loan on both properties that would include your house and have all that under the same mortgage instrument, but then you lose the current rate on your house. HELOC obviates that by not requiring a further mortgage be signed on the adjacent parcel, it also massively lowers the closing costs. And it’s quicker, and if you have so much money you should be able to pay it back quick and not make a decision based on a loan rate. Just sayin…
> They accepted my offer of 46k. I have a 770 credit score and make plenty of money to pay the loan payments.
I would pay in cash and not worry about the interest.
Congrats! HELOC as many have said is often variable rate, with the rate changing potentially monthly. How long would you need to pay it off?
Parcels can take a long time to sell in this region (that’s where I live). As you know, some parcels sit for years with For Sale signs on them. I wouldn’t want to depend on that for this to work.
Either way, I would do it. I live near Teays Valley, WV on 14 acres – and I own right up to the back yard of 3 of my neighbors 😆
Look into whether or not the interest can be deducted on either of the loans, not sure how it works with a land purchase like this but it could make a difference
I had to do a HELOC when I bought my house, because it also included the neighboring property. I wasn’t able to get a loan on the land itself because it had no septic or well and every bank I talked to wanted 50% down for a land loan. I just paid of the HELOC asap and had no issues. Mine is a fixed rate, and I kept it open after paying it off in case I ever need funds quickly in the future. It’s not a bad deal if you’re disciplined enough to pay it off quickly. Also of note, just because no one said when running the payments etc. You need to pay more than the minimum monthly payment, or the balance goes up every month.
good for you, great job!
Double check me with a tax preparer, but I don’t believe HELOC interest is deductible on taxes, but mortgage interest is. Also check building/zoning codes. I inherited 2 rural acres in VA from aunt and am buying 3 acres adjoining from another aunt because I was told I must have 3 acres to build a house. Turns out that’s the new requirement. The original 2 acres was grandfathered in as needing 2 acres to build. So I can’t combine the 2 lots since I would only be able to build 1 house on the 5 acres. By leaving as 2 lots, each of my kids will end up with build able lots.
Omg congratulations! I hope all goes well.
We hope to do this for our family one day as well… when we have talked to realtors in the past they have said one party should buy the property then split it later was just curious is that how you did it or was all 6 adults on the loan if that makes sense?
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