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Wednesday, October 04, 2006  

Why I Purchased an Empty Lot Instead of a Home

OK I know what you're thinking - empty land is not a usual purchase for the early 20s blogger set. Buying a lot often means farmland or the very wealthy building the mansion of their dreams.

To start off my story: I have always loved all forms of design. I inherited this from my father who is an architect that primarily works on custom homes. His tastes are very similar to mine and I grew up a Frank Lloyd Wright inspired home filled with mid-century modern furniture. I have always dreamed in living in a home that my father designed. One just because I know he could create the most amazing, Dwell-worthy house I could imagine but two just because I love the idea of being at home in something that he created.

Of course building a custom home is expensive, and I'm nowhere near ready to even buy a condo at this point. But what is (sometimes) cheaper than a house? The land that it sits on. I realized that buying a piece of property for my future home would be a step that I could pursue now, and begin to pay for as I save for the house that will go on it. My property is in an area I would describe as "soon to be up and coming" and I feel that prices there will rise at a much faster rate than my savings. So may as well start with the property now and if it no longer works for me in the future I can always sell it. For this reason I feel confidant that it was a good financial decision for me, and I like knowing that when it's time to build the house I will not have to bear the entire weight of a loan for a lot as well as the construction.

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