Best approach? Land/new home purchase

[Emerald]

As some of you may remember from my previous posts, I'm interested in purchasing land and building a tiny/small home. I'd also like to build an in ground pool because it's something I've wanted for as long as I can remember.

I'm hoping I can get some advice on how best to save/plan for this. The timeline is 2-5 years. My priority is to own the land first, then build, the house, then build the pool (by hand if I have to ).

The tentative goal is to save up as much cash as possible to put down on the land, or to pay in full. Then I would sell my home and put the equity into the new home. Ideally, the new, smaller home would cost less and be more efficient than my current home, so I can bank the extra money and pay cash for the pool.

I'm also looking for part time work to increase savings. I'm not above getting a roommate too, to help pay down my current mortgage.

I confess, I'm so tired of living around people, I would seriously consider buying the land (and pool first), then setting up a travel trailer and living like a hermit.

FTR, I am 40, single, no kids, debt free with an 8 month emergency fund, contributing 15% (with matching 5%) to TSP.

Thanks!

Emerald

[EEinNJ]

Emerald, I can relate to your idea, I've considered it myself. I think I commented on your previous posts on this, so at the risk of being redundant,

1) Straddling 2 properties while you build on 1 can be very tough. My brother did that, couldn't sell his house as prices went way down, so he had that much less money to work with and ended up cutting corners and taking on a bigger mortgage.

2) Be real careful about neighboring properties when you buy land. They could end up being developed in ways that negatively affect you, whether it's a housing development, logging, gas drilling, a road, etc.

3) If you buy land but you're an absentee owner/builder, it would be good to have a caretaker. Hunters, trespassers, people stealing from a construction site are all issues.

4) Like a boat, the best pool is your friend's/neighbors. I had an in-ground pool, and I spent far more time maintaining it than swimming in it. They have a life-span, too, and replacing a liner or fixing cement is not cheap. If you live in a warmer climate and don't have overhanging trees, you'll get more use out of it.

5) It's almost always more expensive to build from scratch than to buy existing. It's the price of getting exactly what you want, where you want. I still like the idea of a place further out in the country myself, but having seen the realities I listed, my current thinking is either to rent a place, or buy an affordable, existing house.

[Emerald]

1) Straddling 2 properties while you build on 1 can be very tough. My brother did that, couldn't sell his house as prices went way down, so he had that much less money to work with and ended up cutting corners and taking on a bigger mortgage.

Agreed. I won't build till I've sold my current home. I will probably move out of this area anyway, so I'll likely rent something small and cheap till the building is complete.

2) Be real careful about neighboring properties when you buy land. They could end up being developed in ways that negatively affect you, whether it's a housing development, logging, gas drilling, a road, etc.

This is something I am worried about. Ideally, I want to share a boundary with public land since it's unlikely to be heavily developed. As a park ranger, I want to own near work anyway, and I'll have the inside scoop on future development. What's the best way to research future development? Zoning?

3) If you buy land but you're an absentee owner/builder, it would be good to have a caretaker. Hunters, trespassers, people stealing from a construction site are all issues.

I plan to buy near family. I'm seriously considering living on site in a camper, etc., if possible.

4) Like a boat, the best pool is your friend's/neighbors. I had an in-ground pool, and I spent far more time maintaining it than swimming in it. They have a life-span, too, and replacing a liner or fixing cement is not cheap. If you live in a warmer climate and don't have overhanging trees, you'll get more use out of it.

I'm looking to buy in NC/VA, so I'll take advantage of their warm climate. I realize this is a big expense, but I can't remember a time when I didn't want a pool. I'd rather have the pool than the house, seriously.

5) It's almost always more expensive to build from scratch than to buy existing. It's the price of getting exactly what you want, where you want. I still like the idea of a place further out in the country myself, but having seen the realities I listed, my current thinking is either to rent a place, or buy an affordable, existing house.

This if frankly my biggest concern. It's a little frustrating too. I really hate the idea of maintaining, heating/cooling, and cleaning more house than I need. But I don't want to pay more for less either. I'll certainly look for existing homes that fit my criteria, but I'll likely end up building to get exactly what I want. I've lived cheaply and made sacrifices for 40 years, so I can make this work.

I will also say that, while I'm not currently the handiest, I've volunteered for Habitat for Humanity so I've worked on houses before. I'm already researching plumbing and electrical classes. I plan to learn as much as possible in the upcoming years, so I can save by doing some of the work myself. I won't tackle any foundation, framing, or roofing, but I should be able to handle tiling and painting at least. And I want to know enough not to get cheated. Also, I have family and friends who can help with advice and work.

[snafu]

While I understand the small home concept I am puzzled about your determination to have a swimming pool. I hope you fully understand how you will use and care for this money pit. I suggest you talk to people who currently live with an in-ground pool and ask about ratio care to active use enjoyed. 2nd, ask average monthly cost plus season opening and season shut-down expenses. Better yet, rent a house with a pool and track both the time/work ratio and costs for yourself.

Understand from get-go it gets even more work intensive and costly as the years go by. The novelty eventually wears off but you must still maintain all aspects of the pool from daily water testing, chemical re-balancing, flushing, water level maintenance, and cleaning. There are weekly chores and the equipment and safety fencing need care. It's amazing how many kids are sent over for you to look after. Pets and wildlife try to get in your pool. We never knew how nasty racoons could be when they found themselves trapped in our pool zone. We never knew how horrid uninvited people could be who managed to short shrift the locked gate and scare us whooping it up. The ridiculous cost of heating, chemicals and maintaining all the equipment always exceeds the budget. In most climates the pool needs some level of 'winterizing' and a motorized cover.

[Stump1000]

Swimming pools are a lot of work, but if you love water they are worth it. Some people don't have the love for water and to them it doesn't make sense. I wanted a hot tub and was always told that I wouldn't use it after about a month. I was also told that my electric bill would double(It never changed a noticeable amount). I've had it for over two years now and I absolutely love it. I won't ever go without one again.

I'm like you, I want an in ground swimming pool and will definitely have one sooner or later.

My pool will have a heat pump type natural gas heater. I want to be able to use my pool from April to October in Tennessee.

[Emerald]

I don't really know how to explain my love of water and pools. I'ts something I've always wanted. I literally can't remember a time when I didn't want a pool in the backyard. Growing up there were no public pools, and we were too poor for a membership. I'd gladly pay the price to have my own pool and enjoy it without having to share it with dozens of kids on a hot summer afternoon.

I don't have expensive hobbies. My entertainment budget mostly consists of books, movies, and an occasional concert. I'd be very content floating around in a pool all day and calling it entertainment.