Well, we finally sold our house and are renting a six-bedroom home in Highland, UT. When building one of our homes we did a bridge loan so that we didn't have to move into temporary housing but then when we went to sell the first house, issues arose and we ended up having to basically pay for two mortgages for a year till it sold. Neither of those homes were starter homes so it was a hefty mortgage to cover for that long period of time. Very stressful. So even though I hate having to move twice, it is better to have the one sold for sure and the money out of that house to put toward the construction of the next home.
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Well, I met with the developer in Eagle Mountain who is willing to sell me a lot without an attached builder to it. It seems in Utah that is a very difficult thing. Since we don't want to be in an HOA again, it makes lot shopping even more difficult. Lots in Utah are a lot more expensive than in Ohio where we are from. With this developer a half-acre lot is $110K-$120K. Eagle Mountain is more of a rural community but building fast. If you move just 8-12 miles east into the main metropolis area of Utah County; American Fork or Lehi, Highland area, One-third acre lots go for $165K but really closer to $200K-$220K. That is way out of my price range. It would be nice to be able to build a million dollar home but that's just not what my budget is all about.
We will make a final decision on which lot we want to buy and then I'll post a pic. In my next post I will talk about how we have always built homes for under $100 per sq. ft. including the land!