As I mentioned a couple months ago, we’re in the process of relocating to Maryland…
We spent the better part of the first month looking at potential houses to buy as our new personal residence, but realized that because we want to live in an area with very good schools and high housing prices, houses are selling at a very large premium. Given the business we’re in, we don’t like paying large premiums for houses, even when it’s a house we’ll likely be living in for a long while. So, we started looking for houses that were highly distressed and also started looking for empty land where we could build.
Ultimately, we found a highly distressed property that we decided we could tear-down and rebuild a new house. The lot is across the street from some good friends of ours — another little bonus — and while there are some zoning restrictions that will make the new design/build relatively complicated, we’re up for the challenge. We’ll likely spend the better part of the Fall working with the county zoning board and our architect/engineer figuring out a design that will work, but we’re hoping to start construction before the bad weather comes and hoping to be complete by early Spring.
Here is a picture of the house that currently sits on that lot (that we’ll be knocking down):
My wife and I are in the same situation. We are looking to move to a town that has high selling prices, little to no available land and difficult to find distressed homes. But considering our business, I’d rather take the time to find a deal than to pay a premium.
Congrats on finding a lot and good luck with the build.
Best of luck! Will be nice to be so close to friends and Maryland is great!
congrats
Hey J,
Congrats..It looks like a nice lot…….
exciting prospect! you should have some pretty great ideas of what can be done and how to get everything just the way you like! look forward to seeing how it works out.