how much to spend on house/land?I understand that most people say 30% of your gross, but I wanted to put this out there. I am 41, healthy, and work as a Maintenance Technician for a plant in Memphis, TN. I am looking at buying part of the farm I grew up on, around 80 acres. I am still waiting for the final appraisal, but I expect around $120,000 or so. My plan is to put a simple home on it, probably around $120,000 as well. I make $27/hr currently, and everything I own is paid for. My preps are pretty decent, firearms are up to par, and I have a good bit of food and some medical put back. My cars are in good mechanical shape and paid for. I looked at my bank account and my last two checks netted $1,300 and $1,050. Am I on track for what I am thinking of spending? Currently, around 50 acres of that land is leased out to soybean farmers, and that pays for the taxes on the land. I would knock some of that off with my home build, but not a ton.
Here is an overhead of the property, everything inside the lines is about what I would be looking at buying.
how much to spend on house/land?
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