Land or Tear Down?

The first issue we're going to have to deal with is where we want to build our home.


We really have three choices, as we see it, find

1. ...a totally undeveloped plot of land.  Basically, find someone that has a field somewhere that is willing to sub-divide and sell.  This is a little tricky because we would have to run power and utilities to the plot.  Clearly this is a non trivial cost.  Plus, here on the East coast, there is not much undeveloped land that is within a reasonable distance of civilization.
2. ...a plot of land which once had a home that has been demolished.  This would, obviously, already have utilities to the plot and probably be in a more populated (and desirable to us) are.
3. ...a tear-down home.  By tear down, we mean a real "handyman special" situation.  A home that is so old, or in such a state that it is better to remove or significantly renovate than to use as is.

I think at this point, we're going to be pushing for #2 or #3.  The totally undeveloped land really is just to much cost for us and it would require us to drive a significant way to get to anything that we would need.

So far, we've seen a number of properties in the #3 category.  Unfortunately, they are all priced at a level where we can't afford to buy them and then make changes.  This area is expensive.

We have seen one promising tear down online and are going to try to see it tomorrow.