Curious if I should buy my first property in cash or not. I’ve been looking in an area for over a year & there’s a shell of a new build house on acreage that I really like. It’s less than $90k. I have $140k sitting in cash right now and another 40k I can easily transfer to cash.

There’s no water/electric yet. Would need to put in a well and all of that. Unsure how much that usually costs - been looking online for an idea, but pricing is all over the place. Thanks for any help.

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Well if it were me. I look into a law firm who has knowledge on real estate investments .they would really get you in the right direction

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Buying property in cash or financing it depends on your personal financial situation and goals. Here are a few factors to consider:

1. Financial Stability: If you have enough cash to cover the purchase without compromising your emergency fund or other financial goals, buying in cash can provide peace of mind and save you from interest payments.

2. Interest Rates: Compare the interest rates on loans available to you. If you can secure a low-interest loan, it might be more advantageous to finance the purchase and keep your cash for other investments or emergencies.

3. Investment Opportunities: If you have other investment opportunities with higher potential returns than the interest rate on a loan, it might be more beneficial to finance the purchase and invest your cash elsewhere.

4. Liquidity: Consider the liquidity of your cash. If you invest it in the property, it may be challenging to access that money in the future if needed.

Regarding the cost of installing water and electric, it would be best to consult with professionals in your area who can provide accurate estimates. Get multiple quotes to ensure you have a realistic idea of the costs involved.

Ultimately, it is recommended to consult with a financial advisor or real estate professional who can assess your specific situation and provide personalized advice.

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Chat GPT strikes again!

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Have you called contractors to get a rough price? They can’t give you an exact number since the exact depth and features of the week are unknown until you actually dig the well.

In my area each of those would be about 15k.

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My experience is that it’s included in the construction loan but you can absolutely pay cash if you have it.

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