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How to buy land???

  • 13-10-2008 8:16pm
    #1
    Johnny Bitte
    Registered Users, Registered Users 2 Posts: 1,099 ✭✭✭


    Hi all,
    GF and me want to buy an acre of land close by and in a few years build on it.

    How do we go about getting the money for it?

    We have about 10K saved so far but from my understanding you cant get a mortgage for raw land!!!

    Any advice would be great!


Comments

  • #2
    jdivision
    Registered Users, Registered Users 2 Posts: 4,260 ✭✭✭jdivision


    You save money and you buy it or you buy it securitised against other assets. In today's market though, nobody's going to give you money for land


  • #3
    Johnny Bitte
    Registered Users, Registered Users 2 Posts: 1,099 ✭✭✭Johnny Bitte


    jdivision wrote: »
    You save money and you buy it or you buy it securitised against other assets. In today's market though, nobody's going to give you money for land

    Really? Why would they not lend 80k for land but lend 200k for a house?


  • #4
    antoinolachtnai
    Registered Users, Registered Users 2 Posts: 9,815 ✭✭✭antoinolachtnai


    Because it will give you little or no cash flow. You can't rent it (at least not for very much) and you can't live in it (thereby saving you rent). Therefore, it doesn't give you any extra ability to pay the money back to the bank. Also, land could be even less saleable than a house in a downturn.


  • #5
    CallieO
    Registered Users, Registered Users 2 Posts: 74 ✭✭CallieO


    antoinolachtnai wrote: »
    Also, land could be even less saleable than a house in a downturn.

    Is that necessarily so? It would appear that land prices are holding their own, investors are advising to liquidate shares and invest in land ( NOT property ) and gold....


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