buying vs building
Hi! I am getting discouraged in this current housing market. I was pre approved for about $160k mortgage (which would be a huge chunk of my income). I have enough money for a down payment from investments. I am not in a huge rush to move, but want to get out of a flood zone and into a more wooded-rural area.
I have started thinking about getting an acre or two to start paying until I can get something like a smart build or prefab to put on it. Slow investments over time rather than a mortgage to the bank for 1200 a month.
Is it really so much more expensive over time than a mortgage with the interest rates as they are? I am looking at “fixer uppers” in my area for $180k which is max budget so really no wiggle room for fixing things.
Just looking for thoughts on costs comparisons or lists of things I should be taking into account in my area to build a budget.