Finding a Suitable Place

(Page 3 of 3)

March/April 1970
By the Mother Earth News editors 
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How Much Money Do You Need?

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If you plan to rent a place before you buy - then you can find a house and land for what you are now paying. Specifically, you can rent a satisfactory place for $15 a month or go as high as $100, depending on section of country.

If you plan to buy you will find the price of suitable land ranges from $100 to $1500 an acre. The larger the piece - the less cost per acre. If you want to buy the land only, this is all right if you are now living close enough to go to it regularly and start getting it in shape.

You can buy land by putting up a cash payment of as little as 30%. Even if your land has no house you perhaps are living close enough to have a garden. The money you don't have to spend on vegetables can then help you pay for the land. Or go get a bank to pay the owner outright and take a mortgage for the balance. If a bank won't give you a mortgage on the land, be careful. There might be something wrong with the land, its location or price.

Perhaps you can buy land with a house on it. You can then put your rent money into paying for the property. Also, a house on the land means you can start immediately making the land pay for itself because if you live there you will be able to put more time into getting your "Have-More" Plan under way.

You may be surprised at this, but 44% of all Americans own their own homes. This the government encourages by sponsoring the Federal Housing Authority (F.H.A.).

F.H.A. makes it possible to buy or build a beautiful modern home and pay for it out of a moderate income.

The purchase, or building, of your house will probably be the biggest single financial transaction you will ever undertake. Only if you have a super-abundance of funds can you afford to experiment. Few people have the technical knowledge to tell the difference between a well-built house and a poorly built structure. As the F.H.A. points out:

The very elements which make the proposed loan a 'good risk' to the lender and to F.H.A. are the same elements which assure the borrower of a sound investment, good construction; livability, and comfort in his new home.

Suggested Reading:
Buying Country Property, $1.50.

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