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Posted to ShangriLaw by Byron in Lebanon, IN on 5/27/2006 3:24:17 PM

May 27, 2006 and the ShangriLaw journal starts.  ShangriLaw is an appropriate name for the property of the Law family.  We are a good three years out from starting construction on our home.  We (my wife and I and our four boys - and a dog) really need a new home.  We currently live in a 1,000 sqft ranch with one bathroom and we could use some more space.  in three years, my wife should finish her degree and start work just as the youngest starts school and we should be in a better position to start building then with two incomes.

Right now we are in the process of trying to purchase our property.  They have accepted our price, but they are haggling over a couple contingencies.  But if it turns out alright, we will have 3.5 acres for $40K, which is not a bad price for around here, where $20K on up/ac is more standard.  The only reservation I have about the property is an underground stream that runs pretty much through the middle of the property (right where we want to situate the house - including a basement).  As such, we will most likely have to site the house to the front or back of the property (or the side, depending on how you look at it, given that it is on a corner lot).  Regardless, I think the stream may pose some siting challenges for the house.  Although we would dearly love a basement, we may consider building without one, live in the place two years and then take the equity somewhere we CAN have a basement.  I'm seriously considering taking advantage of the 97 tax law and build every two years to build up our nest egg.  It's a nuisance to the family, but it could be a fun time together as well.


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