Some people have in their life plan to retire and get some land and build and may be looking for Columbia SC Real Estate. It is their reward for living with the stresses of city life. It sounds like a reasonable reward to aspire for. Like many things in life, what we aspire for does not always work out the way we would want it to be.
What are the risks about buying land in an unincorporated area? The first risk is financing. Many lenders are hesitant to loan money to by houses or land. Land has some additional risk to it that Lenders consider. If you are retiring most people lose their primary source of income which is from their job or business. Depending on your savings, Social Security, and any pension plans or other investments you are considered more fixed in income with some risks associated with pensions and investments. Some pensions are going away and there is fear about Social Security and Medicare benefits being cut back.
Buying land in today’s marketplace and holding or building is questionable. There is a great deal of uncertainty. Lenders are not to interested in loaning money for speculation. If you are loanable they may loan now if you plan to build. If you sold another home and realized a sizeable tax free profit, you can go it alone with your own cash. That is a nice feeling, but may cause you some pain if you build and don’t like your new surroundings and can’t sell. You may be interested in Columbia SC Subdivision Homes for sale.
Here is the big risk. You buy land and before or after you build someone decides to put a junkyard, chicken farm, some Industrial waste plant, prison, or trailer park near your home. This could effect your desire to reside there and make it difficult to sell. Just because you think you have the heaven you were waiting for, may create hell on earth. Be careful in your Golden years, as gold does not always rise in value.
