Question

Harold Jordan has always dreamed of owning his own split-level home nestled in the mountains. He has saved $50,000 to purchase the building site and is excited to begin looking for an appropriate site. His initial search turned up three properties he thinks would work:
A. A 5-acre lot halfway up a mountain in a very rural area with an asking price of $35,000.
B. A 3-acre lot on flat land in a small town with a great view of the mountains in the distance, with an asking price of $45,000.
C. A 5-acre lot in gently rolling foothills, in a highly developed area, with an asking price of $40,000.

Given this information, answer the following questions.
1. What other factors should Mr. Jordan consider before he makes his final choice?
2. If you were Mr. Jordan, which lot would you choose, and why?

Answer 1

Other factors Jordan needs to consider are the costs for making the building site appropriate including access to electricity, water, etc. Based on this and his interests, I would buy the first site.

What are the factors to consider when you buy a property?

There are many factors that should be considered, the main ones include:

• Own interests and preferences.
• Budget.
• Features of the property.
• Additional costs.

In the case of Jordan, he will need to consider the additional costs required to make the property appropriate for the building.

What is the best option?

The best option is the first property because this meets his interests and it is below the budget by $15,000 which can be used to adapt the property.

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