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(Lake Berkley Specific)
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Updated 2/16/2011
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Name:
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AUCATZ
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Subject:
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Here is One For You Feb
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Date:
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7/25/2006 9:47:38 AM
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Great scenarios, and ones that my husband and I are debating right now. He isn't 'for' leased lots, and I believe it would be a good deal. We are in our 50's, so we are looking at lake living for the next 20 years or so. My calculations go something like this:
I can get a really good leased lot for less than $400 per month. That's $4800/year max, $48,000 for 10 years, $480,000 for 20 years. I can build a nice house on the lot for about $300,000 (don't want a mansion, just a nice house).
If I buy a comparable lot, I'm going to pay $450,000 or so in the beginning. I'm going to have to get a loan for the lot, then struggle to afford to build the house. My cash outlay will be at least $80K for the down payment on the lot, then the cost of building the house. Within a year's time I'll have paid probably $200k just to get the lot and house financed, then I'm looking at payments of around $3000/month over 20 years.
Who in their 50's wants to begin owing this much money? Within 10 years, my income will decrease. I want retirement to ENJOY, not to owe a ton of money.
Just my view, and I know some of you financials wizards will disagree, but to live on the lake and enjoy retirement, leasing does make sense for some of us 'older' folks, lol.
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