One Acre

[Tony]

My wife and I are currently living in Maryland, and we are thinking about buying a manufactured home in Westmoreland, Virginia. We have visited a number of different companies. Of those Oakwood seems to offer the best deal. Why? We are new to this and they say that they can find a lot, one acre to be exact, for the home for $24,000. My wife is excited. However, I am somewhat un-sure. That seems like a lot of money to me. The house were are thinking about cost only twice as much as the price for the land.

To get a better sense of the price of land in that county, I have search several different web sites. But to little avail. Where do I start to get a sense of land prices?

[Frank L. Jones]

Hi Tony,

I am a mortgage consultant in North Carolina, but my suggestion would be to call or email a Realor in Westmoreland Count VA, and ask them give you prices on an acre of land in the vacinity you want to live. Have you check on a mortgage yet, or are you paying cash?

The average site built home value is approximately 65-70% construction cost and 30-35% land cost.

If you are not paying cash, I would recomend that you shop mortgages first.

Good luck.
Frank

[lou]

i am not sure where you are in va, but i am in the eastern shore of va, and 1 acrea lots are going around $11,000 to $15,000 an acrea.

[JohnnyJ]

The price you pay for an acre of land depends on many different things. The
location of the property, access to public utilities, and the use of the property
all come to mind. Where you might find 80 acres of prime hunting land for
sale for 150K, a 5 acre plot may cost as much if it is used for the placement
of a home, has access to public utlities, is in a restricted neighborhood, etc.

Also remember that the "asking" price and the actual "selling" price are more
often than not, two different things. Always bargain with the seller, and never
immediately agree on the asking price.

good luck

[Dan F]

always bargain,


thats funny here in CA if you try and bargain someone else gets the property. I miss the days when it used be like that, where you could bargain. now multiple offers are common.