Quote:
Originally Posted by spazzyfry123
We have been thinking to buy a cheaper home here with little money down and use our cash to invest into a lake property in the North Georgia / Tennessee / North Carolina / South Carolina triangle as a place to vacation and park our cash. No clue if it's smart, but it feels right.?
|
On piece of advice: Buy a property that already has a structure on it. If it's lake front, buy one that also has a dock. Environmental and zoning laws can and do change. You could find yourself with a lovely lakefront piece of land and prohibited from building on it because after your purchased it was deemed a "wetland" or a breeding habitat for some endangered critter. Most of the time if you already have a structure you are grandfathered in and can still build, renovate, etc.
I have a buddy that bought land overlooking Puget Sound, just to the east of Seattle. It was their "retirement" property bought 20 years ago. He's now F'd because of land use changes that prevent him from building on it. he cant sell the land because who wants to buy property they cant do anything with.
Similar situation with my step brother who has a house in Kirkland on Lake Washington. Only 1950's house that's been in his family for years. It's surrounded by mega mansions that are prohibited from building docks. He has a dock dating back to the 50's so he's golden. Grandfathered in.