I've been asked to provide advice. A friend, presently living in
another state, has found a quite unique and desirable lot here. She is
thinking of buying it, with the idea of moving back here and building
a home on it in about 7 years.
The downside is clearly the need to pay taxes on it, when it will just
sit there unused. Also, there's the matter of taking out a loan on
vacant land that will stay vacant for 7 years.
The upside is that the very unique and desirable lot will be in hand.
Paying off some of the loan on the lot might also allow her to borrow
more money for building the home.
Where she wants to build, there are no other buildibale lots with the
advantages of this one, so once its gone, its gone.
What do you think? Buy, or wait and see what is available in 7 years?
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