In 2013, is it better to build or buy a vacation home?

I am looking in to purchasing raw land on a lake with the plans to build a log cabin for a vacation property.

However, with the requirement for 50% down on land loans and the current housing market (buyers market) and interest rate plus the fact that the down payment can be as low as 10%, I wonder if it is more cost effective to buy a used cabin on a lake. I am thinking of renting out the property (new or used) to weekly vacationers while I am away in order to help offset the additional mortgage. I am looking for some advice from someone who has expereince in vacation rental property.

Point snatchers: Please don’t waste my time with your simple “build” or “buy” opinion – that doesn’t help. Tell me WHY.

from the mortgage that we had when we were married? He was not ordered to refi in the divorce, and refuses to refi. Also,my credit with my new husband is not strong enough to have my name on 2 mortgages. I have hired a attorney but really haven’t gotten anywhere with it. He (LAWYER) said the you can not change a final judgement in a divorce decree about the martial property, but I feel that I have a good case because my ex assumed a hardship loan on the property without my knowlege and giving the mortgage company some false info, before the divorce was final. My ex recieved a permement hadship loan for the remainder of the loan (28 years). Interest rate of 2.28% and let me tell you he does not have any hardship,especially as soon as the hardship wasfinal he bought a brand new truck, finished the basement of his home, put a pool in the back yard, and took the kids on a 7 day vacation to Disney world. the finance company said they will not evaluate him UNLESS he misses 3 payments.

Register New Account
Reset Password