Are you a Gen Z or Millennial hoping to purchase your first home? If so, it may be a bit tougher than you realize. The current real estate market can make buying a property feel like an impossible task. With rising prices and stringent financial requirements, purchasing your first house may be more complicated than ever before.
In this post, we’re going to dive into the complexities of home-buying for Millennials and Gen Z—talking about some of the common obstacles house-hunters face.
1. Building from Scratch
One user posted, “The only way I can afford to have a home at this point is if I buy raw land, harvest and process the trees to build it myself.”
Another said, “In the UK, this is more expensive than buying a brick house.”
“This is a dream for some people, but in the UK land is expensive, and we have to import/buy most of our wood because wood foraging* tree felling is illegal* without a licence because of course it is,” another commenter responded.
“With a few exceptions, those kinds of rules and regulations are common sense solutions to stop something bad from happening again, because people will take the piss when they’re allowed to do whatever they want. There’s often unintended consequences or annoying red tape, but the goal is protecting people and the environment from arseholes,” another user added.
2. Monthly mortgages
One Redditor shared, “I can afford the month to month mortgage. I cannot however afford a down payment. EDIT :- Thanks for the advice in the replies guys, but I’m not American.”
“My parents’ house’s mortgage is like half of rent in my area. I can afford that, and probably most of the utilities and such by myself. That being said, the price of the house has almost tripled in value since they bought it. I could probably swing the down payment by myself but would definitely make me uncomfortable. I honestly feel like I’ll have to get married just to get a house,” another user added.
Another Redditor also shared some glimpse of his expertise, “This should be the top comment.
Here’s a detailed example:
Wife and I bought our home in 1998 when our first child was born. The house sold for $105k, and we put $10k down.
We hadn’t done anything major to the home when we cleaned it up in 2017 to secure a refinance to lower the interest rate and get cash to top off a remodel. Appraisal was $180k. That’s value growth fueled fully by the loss of so many independant home builders after the market crash.
Brought the kitchen and bathroom up to modern standards (stone countertops, new cabinets and fixtures), refinished the wood floors, added a door off the dining room and a large deck. The house appraised in 2021 for $290k. Two on our street sold for over $300k last year, one of them in rough shape.
Banks here are requiring 30% down for new buyers right now. For my oldest son that is two years out of college, he would have to provide a down payment that is nearly as much as we bought the house for 25 years ago.
For a 1000 sq-ft home. Let that sink in.
A lot of small construction company owners, the kind that would build small homes, went out of business or retired after the housing crash, and the industry hasn’t recovered. This has caused a greater impact for those needing starter homes, lower supply means higher prices. On top of that, renting homes is a good source of passive income, so an industry of corporations built specifically to make money off of them has grown like fungus on a rotted log in this nation.
Home values are ridiculous, down payments are ridiculous, and corporate cash offers are desirable for sellers, making the first housing purchase a nightmare for many.”
3. Property Tax
One user posted, “I’m affording the mortgage payments just fine, but the property tax is killing me.”
“My escrow just went up 120 a month due to property taxes. Shit is rough,” another user added.
A third commenter replied, “That’s what people don’t mention when they say you’re wasting money renting instead of what you could afford with a similar mortgage payment. Insurance is the other kicker. Escrow is the hidden cost of home ownership (as well as all the maintenance and repairs.)”
One Redditor also shared, “If you weren’t paying escrow, you’d still be paying that in taxes anyway. My mortgage broker tries to keep the escrow they collect nearly even with our taxes and insurance payments. They went heavy the first year and just paid me out the difference, but its been increased every year since. A landlord and homeowner still end up having to pay for the same things, mortgage (usually, but not always), taxes, insurance, and maintenance. The landlord is probably adding something for profit though because the renter is either looking for a short term deal, or doesn’t have the credit to make it through the mortgage application.”
4. COVID Housing Bubble
One Redditor shared, “In 2019 I could afford the mortgage but not the down payment. Now I can just barely afford the down payment, but list prices and loan rates have shot up so much that I can’t really afford the monthly payments anymore unless I go for an absolutely unlivable crapshack of a property (the sort that includes phrases like “bring your tools!” and “investment opportunity!” and “calling all contractors!” in the listing).”
Another user replied, “Honestly, I would not buy a home in this market. I’d wait for 3-5 years. COVID caused an insane housing bubble.”
“The thing that scares me is all the people who say this is a new paradigm shift and that prices will not come back down. It’s very very hard to build a house nowadays (I tried) and businesses and rich people are buying more and more of the existing inventory so the little guy owns nothing and has to rent forever at increasingly exorbitant rates,” one commenter added.
5. Injury claims
One user jokingly shared, “What sort of injury scenario are we looking at to get into a million dollar payout range? Quadriplegic? Lost limbs?”
Another added, “No loss of limbs. Pretty bad foot break. A bunch of screws and plates. 3 surgeries. Non-stop physical therapy. And a great injury lawyer.”
Another Redditor posted, “Wow, I had a similar thing in the UK, nearly 6 years into my claim and I’m looking at 30 to 60k. My solicitor warned me the UK had shit payouts compared to the USA.” One also added, “We got lucky it was Door Dash’s insurance that paid. Their max payouts are way higher than a regular person usually has.”
Source: Reddit.
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Hoping to increase the housing supply and help families build wealth, the Federal Housing Administration on Thursday proposed several changes to its guidelines that could make it easier to buy a house with an accessory dwelling unit or to build an ADU.
The agency’s proposal would allow lenders to offer renovation loans to build ADUs and consider future rent from the unit when calculating how much a customer can afford to borrow. Under current rules for FHA-backed loans, lenders can consider rental income from duplexes but not ADUs.
The proposal would address one of the main barriers that people with little home equity and low to moderate incomes encounter when they try to get a loan for an ADU. “This is a huge step in helping us actually build ADUs,” said Meredith Stowers, a loan officer at CrossCountry Mortgage in San Diego.
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Other parts of the proposal would allow FHA-backed construction loans to be used to build a house and an ADU.
FHA Commissioner Julia R. Gordon said the agency is trying to advance two important goals with the proposal: enabling more people to own homes that include income-generating property, as the FHA does for duplexes, and increasing the housing supply.
The proposal is just a draft at this point, though, and it could change in response to public input.
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The FHA doesn’t lend money directly; instead, it provides guarantees for loans issued by banks, which increase banks’ willingness to lend and reduces the interest rate charged. The guarantees are available only for loans that stay within the size limits set by the FHA. In Los Angeles County, the maximum for a one-unit property is just under $1.1 million. (The proposal would classify a single-family home with an ADU as a one-unit property.)
Under an FHA-backed renovation loan, homeowners can borrow more than the current value of their homes if the improvements they’re planning would justify it. But the FHA will back loans only if the monthly payments are deemed affordable, which means that they can’t push the borrower’s recurring obligations over a set percentage of the borrower’s income.
That’s why including future rents could make a big difference — increasing borrowers’ income makes it more likely that they’ll be able to borrow enough money to build an ADU, which can easily cost $150,000 to $200,000.
In contrast to the FHA’s proposal, Fannie Mae and Freddie Mac — two giant, federally chartered purchasers of home mortgages — do not support loans that factor in theoretical rental income from a yet-to-be-built ADU. The inability to consider potential rental income “is a massive obstacle in helping my clients obtain loans to build their ADUs,” Stowers said. Most of her clients are using home equity lines of credit to build ADUs, but the FHA’s proposal “would allow us to offer much lower-interest first mortgages” to finance the purchase of a home and the construction of an ADU.
“This is what the vast majority of Californians want,” she said. Many of her clients are families that combine the resources of multiple generations to build compounds consisting of two houses and two ADUs, she said. “Why wouldn’t you support that? These families are building a strong financial foundation, but also social ties that are invaluable.”
Gordon said the lack of historical data about ADUs and the value they add to a property has made them a challenge for the FHA, Fannie and Freddie. “It’s a little bit of a chicken-and-egg problem,” she said — there’s not enough data for lenders to figure out how to underwrite the projects, but without the loans, there’s no way to generate more data.
“To be honest, the easiest thing to do in that situation is always to do nothing.”
The FHA’s proposal seeks to support ADUs the way the agency has supported the construction and purchase of duplexes, but with some extra safeguards. For its rapid online loan evaluations, it would allow lenders to consider only 50% of the fair market rents a new ADU could generate — with duplexes, the limit is 75% — and those rents could constitute no more than 30% of the borrower’s total income when determining how large a loan to issue.
“This is new territory, and that’s why we’re putting this policy on the drafting table to receive public input,” Gordon said.
ADU construction has taken off in California, accounting for 15% of the housing units approved in the state in 2021. But this type of project is starting to be a national phenomenon, Gordon said, as more communities grapple with shortages of affordable housing and the need to increase density.
“It’s my sense that many jurisdictions find that permitting ADUs to be a more palatable political first step in making adjustments to zoning,” she said. “That’s why I do think we will start to see more interest.”
An ADU that can be rented out and appreciate in value over the years also creates a chance to build wealth from generation to generation.
“In a more modest neighborhood, the ability of a household to get into first-time homeownership of both the unit that they’ll be occupying and the unit that has a rental opportunity can be an excellent wealth-building opportunity,” Gordon said. “Many families over the years have successfully increased their own prosperity and really the stability and prosperity of the neighborhood in this way.”
Stowers praised the FHA for moving forward and recognized the agency’s concern about going too far too fast. But she added, “All the agencies have been tiptoeing toward this moment. But my hope is they will tiptoe a lot faster.”
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For those looking to build their dream home, purchasing land is usually the first big step.
While building a house is far from easy, there are ways for first-time homeowners to make their dreams achievable. Land loans are a great resource, often used in conjunction with a traditional loan. Anyone choosing to build a house is likely to at least consider applying for a land loan.
A land or lot loan is a great financing option for those who have always dreamed of buying land and building their own home.
11 Best Banks for Land Loans
Because land loans typically carry higher interest rates than traditional mortgage loans, it pays to carefully consider the pros and cons of several lenders.
Below we’ve compiled a detailed list of the banks and credit unions offering the best land loans available today. Whatever lender you choose, be sure to check beforehand that they are fully licensed to provide mortgage loans.
The Nationwide Mortgage Licensing System (NMLS) is a centralized database of licensed lenders which you can use as a reference.
1. Atlantic Union Bank
Atlantic Union Bank offers land loans for both residential lots and undeveloped land. The bank is based in Virginia.
There are also separate construction loans available for those interested in financing the construction of a residence. Bear in mind that while Atlantic Union has a strong reputation as lenders, having been in business since 1902, they don’t have services like loan calculators, interest rate guidelines, or down payment information on their website.
For more information on a land loan with Atlantic, you’ll need to call them or visit a local branch to speak about a land loan.
2. Old National Bank
Old National Bank is headquartered in Indiana, and has been in operation since 1834. They offer lending products and services to residents of Indiana, Minnesota, Wisconsin, Michigan, and Kentucky. Old National has two different types of financing for land on offer, depending on the size of the property you’re interested in:
Lot Loans are designed to finance land purchases of no more than 5 acres, requiring a 20% down payment.
Land Loans are for larger property, designed to finance land purchases between 5 and 25 acres. These loans come with a minimum down payment of 35%.
Both land and lot loans with Old National will carry various interest rates and repayment terms. You can get either of these loan types for both improved and unimproved land, and there is no obligation to immediately begin building once a loan is secured.
Old National Bank also has around 250 brick-and-mortar locations since merging with First Midwest Bank. If visiting a local branch to speak with a loan officer is your preference, you shouldn’t have to travel too far.
On the other hand, you also have the option of using Old National’s online loan calculator and online loan application service, if visiting a local branch isn’t convenient.
3. Mountain America Credit Union
Mountain America Credit Union is a federally chartered credit union regulated by the National Credit Union Administration (NCUA) and headquartered in Sandy, Utah. They locations across Arizona, Idaho, Utah, Montana, Nevada, and New Mexico.
Mountain America’s lot loans are available with 85% financing on approved credit, fully amortizing fixed-rate and balloon options, and an easy online application process. The loans are designed to be easily converted to a construction loan, ensuring that you can move forward with your home building plans when you’re ready.
4. WaFd Bank
WaFd, or Washington Federal, offers bank loans for improved land up to the value of $700,000, without any immediate obligations to build.
You can use their online loan calculator to receive an estimate of the interest rates you can expect for a land loan. These estimates are based on your credit score, development plans and the specifications of your desired property.
The minimum down payments and interest rates will vary depending on your ideal loan term, as well as all the other details of your application.
You can apply directly for loans through their online portal, as well as in person at a bank branch. Land loans are available from WaFd Bank only in the following states: Washington, Idaho, Nevada, New Mexico, Oregon, Texas and Utah.
5. Banner Bank
Banner Bank is active in the states of Idaho, Washington, Oregon, and California. They offer financing for purchasing both improved and unimproved land. Banner allows customers to borrow up to 75% of a property’s purchase price, and they also claim to bring competitive interest rates and fees.
All loans with Banner Bank are approved in-house, which means a streamlined credit score check and loan approval process.
If you do apply for a loan with Banner Bank, you also have the option of locking in a fixed interest rate or a flexible rate. Banner also offers financing for construction and personal loans.
6. California Bank & Trust
Customers with California Bank and Trust can potentially avail of both a land loan and a construction loan in one. The bank offers financing for up to 60% of the lot purchase value, along with several loan options.
The option to choose either a single or dual-purpose loan, which can cover both land purchase and construction of a home, makes California Bank & Trust an attractive lender. This is a great option for those looking to save both time and money.
You can apply for a loan online, over the phone, or in person at a local branch.
7. Randolph-Brooks Federal Credit Union
Randolph-Brooks Federal Credit Union is not your typical financial institution. As a financial cooperative, its sole mission is to help members save time, save money, and earn money. Over the years, the credit union has expanded its reach to over 1 million members in Texas and beyond, with a strong presence in Austin, Corpus Christi, Dallas-Fort Worth, and San Antonio.
With over 60 branches dedicated to serving members and the community, RBFCU offers a range of land loan benefits and features, including term options up to 15 years, free 60-day rate lock, and up to 90% financing.
And the best part? There are no building requirements from the lender, so you can have the freedom to build your dream home the way you want. Set up automatic payments and let RBFCU help you make your land ownership dreams a reality.
8. Citizens Bank & Trust
Citizens Bank & Trust is a North Alabama-based institution that’s committed to providing a hassle-free lending experience. What’s more, you can roll your loan into a permanent one, saving you on closing costs.
With local decision-making and processing, you’ll get the personalized attention you deserve, while a streamlined application process ensures you get your funds when you need them. You can experience a stress-free borrowing experience when you choose Citizens Bank & Trust for your land loan needs.
9. Alpine Bank
Alpine Bank is active in Colorado, offering financial services including land loans. Specifically, they offer loans for both lot and new constructions, with a maximum loan to value amount of 75% for land classified as improved.
Alpine Bank doesn’t offer lending details on their website. You can use their website to connect with lending experts in your county. You can also reach out for more loan information online, over the phone, or in person at one of their local bank branches.
10. First Bank & Trust
If you’re looking to buy land or a lot and build your dream home, First Bank and Trust Company can help. Headquartered in southwest Virginia, with additional locations in Tennessee, North Carolina, and Virginia, the bank is committed to helping you realize your homeownership goals.
With a range of lot and land loans, you can choose the financing option that’s right for you, while enjoying competitive rates and flexible terms. Whether you’re looking to build your dream home or invest in a piece of land, First Bank and Trust Company has the financing options you need to make it happen.
11. First Hawaiian Bank
First Hawaiian Bank offers land loan options designed for those who are ready to buy land but not quite ready to build. With 2- and 3-year terms available and no prepayment penalty, you can secure the land you want without worrying about costly fees. And with interim financing available to purchase a vacant lot at residential pricing, you can lock down the land you need to bring your vision to life.
Best of all, your FHB land loan can be refinanced into a construction-to-permanent loan with reduced fees, making it easier than ever to get the financing you need to build your dream home.
What are land loans?
Land loans are loan products designed to help individuals and businesses purchase land for development. A bank, credit union, or online lender can offer specific loans for those interested in buying land. Land loans are also known as ‘lot loans’.
Similar to a mortgage loan, land loans provide individuals and small businesses the opportunity to finance the purchase of land for many purposes, such as investment, agriculture, recreation, or development.
However, because these types of loan are considered riskier for lenders, they typically come with a higher interest rate compared to a mortgage loan. In addition, the conditions of the loan will depend on the type of land being purchased, as well as what the land will be used for.
Let’s take a closer look at the types of land that a land loan can help finance.
Types of Land Classification
Your chances of obtaining financing for land will depend partly on the type of land you want to purchase. In general, lenders who offer land loans will view developed land as less of a risk than undeveloped land.
When it comes to land loans, there are three primary types of land considered for financing.
Raw Land
‘Raw land’ is the first classification and refers to completely undeveloped, rural land. Think no buildings, electricity or drainage system. This is the most difficult land to obtain financing for because land loan lenders view it as the greatest risk of abandonment.
As a result, if you plan to apply for a land loan for raw land, you’ll need to demonstrate that you’ve got a detailed plan for development. Showing lenders that you’re competent and dedicated to the project will help you navigate the lending market.
Although the purchase price of raw land is often cheaper than land that is developed, a raw land loan will come with higher rates. You may also be required to put up a more substantial down payment.
Unimproved Land
‘Unimproved land’ is a step up from raw land, and covers a broad variety of possibilities. Unimproved land will often be land that was once developed, or has seen failed attempts at development in the past. In some cases unimproved land will have some limited access to utilities and amenities, but will need significant repair and refurbishing.
An unimproved land loan can also be difficult to get, even though it poses less risk compared to raw land. Again, having a detailed plan and being aware of the challenges at hand will be a huge help when negotiating with lenders. A large down payment and a strong credit score will also be helpful.
While lenders tend to view unimproved land loans as less risky than raw land, it is still common for rates to be a fair bit higher compared to traditional mortgage rates, for example.
Improved Land Loan
‘Improved land’ typically has decent or good access to utilities, roads and water. Because improved land is the most developed land type, it almost always comes with a higher price tag. On the other hand, this means that interest rates will be significantly lower compared to raw or unimproved land loans. You’ll also find more affordable down payments for developed lots.
For most aspiring homeowners, purchasing land that is already developed with access to basic amenities is the ideal. This allows them to immediately get to work building a house, whereas having to develop land first could add at least another year to their construction project.
How to Apply for a Land Loan
If you want to buy land and build your dream home, you’ll probably want to apply for a land loan. Land loan applying isn’t complex, and land loans work the same as many other types of loan. Here are the steps involved:
Find a Plot
You should start by first identifying the plot of land you want to buy. It helps to have a few options chosen in advance. For example, in the event that you can’t afford to find a good lending option for your first choice, you can quickly move on to an alternative instead.
Draw up a Development Plan
The next step is to make a development plan for each plot that you have on your shortlist. You may need or want to hire professional help to create a solid plan. Try to include as much detail as possible, without overextending yourself or wasting too much time and money.
When it comes to development and construction plans, both an estimated timeframe and overall cost range are the most important details. A good plan will help you negotiate the best rates with a lender.
Find a Lender
Once your development plan is ready, it’s time to seek potential lenders. Depending on the type of development you’re proposing, as well as the type of land you want to buy, it may take some time to find willing lenders.
Be prepared to also take some time to consider more than one loan offer. Ideally, you can compare multiple lenders, and use a pre-approved quote from at least one lender to negotiate against others.
Complete the Application Process
Once you’ve chosen a lender and been approved for your loan, you’ll be guided through the lender’s application process. The majority of lenders will require information such as your development plan, a credit check, and personal information.
You might also need to provide details on things like zoning considerations, utilities access and land use restrictions, where relevant.
Alternative Land Financing Options
In addition to seeking a land or construction loan, there are several other types of loans and financing options available.
USDA Loans
If you’re looking to own land and build a home in a rural area, you may be eligible for a USDA loan. The U.S. Department of Agriculture offers loans that may assist low and moderate income families in finding a new home. USDA Section 523 loans are for wanting to purchase land to develop, and Section 524 loans are for financing new constructions by contractors.
While it isn’t easy to qualify for a USDA loan, the benefit is they require no down payment and the interest rates are low. USDA loans must be settled within two years, however, so there are no long term options.
FHA Loans
Another government-funded product, FHA loans are tailored towards those wanting to buy land and quickly build a home. The Federal Housing Administration insures these loans, protecting FHA-approved lenders from risk.
FHA loans are not available for land purchase alone, but for those intending to build a home on as well as land. FHA loans are sometimes granted in conjunction with construction loans, too. If you’re eligible for one of these loans, you’ll likely have a lower minimum down payment, but potentially higher interest rates.
Home Equity Loans
Home equity loans may be an appealing alternative to land loans for some homeowners. If you already own a property and have good credit standing, this kind of loan might be a good fit. A home equity loan acts as a second mortgage, and will essentially convert your equity into collateral for a new loan to fund your purchase.
Cash-Out Refinancing
Cash-out refinancing involves homeowners refinancing their homes to increase equity. This type of refinancing is essentially paying off your current mortgage to secure another mortgage, but with a lower interest rate and easier monthly payments.
Once the remortgaging is made official, your bank or financial institution will issue you a check based on the equity in your property. You can then use this payment to fund your land purchase.
SBA Loans
The Small Business Administration (SBA) offers loans to small business owners from the 504 loan program.
These loans are best suited to the purchase of real estate for business reasons, so they are not ideal for regular homeowners. However, if you’re looking for land to purchase to grow your business, you might want to consider an SBA loan.
Generally, the Small Business Administration will cover 40% of the purchase value, with 10% from the borrower and another lender of choice providing the other half of the loan. The terms and rates on SBA loans vary depending on the lender you choose to fund 50% of the land purchase.
Seller Financing
If you’re lucky, you may be able to obtain financing directly from the landowner you want to buy from. Also known as land contracts, these types of loans involve the buyer essentially taking out a loan directly from the seller, often with a substantial down payment.
Seller financing also tends to come with less than competitive interest rates. For those who struggle to qualify for a traditional mortgage or financing, seller financing can often be a great, but more costly, alternative.
Frequently Asked Questions
What is the best loan for buying land?
The best loan option for buying land depends on your circumstances. While improved land loans may seem ideal, the reality is there are multiple loan options to choose from.
Your credit score, debt-to-income ratio, and the condition of the land you wish to purchase are all factors that can influence which type of financing will suit you best.
Is it difficult to get a loan for land?
It’s true that obtaining loan financing for the purchase of land isn’t as easy as getting a regular personal loan. However, there are lenders out there with experience financing land purchases. As with any loan, the bottom line will be your credit score, as well as the size of your down payment. The nature of the land in question is also a primary factor.
If you can’t qualify for traditional financing options, there are alternatives such as USDA loans, FHA loans and more to consider.
Who amongst us hasn’t wondered at some point what it would be like to live in a castle?
Whenever we visit a castle, we think of what it must have been like to live there, and imagine ourselves as king (or queen) of our domain.
Then we unfortunately snap back to reality and go about our lives, always dreaming of that old stone castle perched atop a cliff overlooking a quaint English village…Right, back to our story here.
When you think of castles, your mind immediately goes to Europe. The dreamlike, fairy tale castles in Germany, England, Scotland, or France can make your jaw drop and your imagination run wild.
European countries are rich in history, and there are countless jaw dropping castles to visit, including Neuschwanstein in Germany, Alhambra in Spain, Corvin Castle in Romania, Kilkenny Castle in Ireland — the list can truly go on and on, and that’s not an exaggeration.
But what if you don’t have the means, the time, or the desire to travel across the ocean to visit these castles in Europe?
Well, if you live anywhere around New York, you’ll be glad (and perhaps even surprised) to know that there are various castles worth visiting right here in the Empire State. Don’t believe us? Keep reading to see what your own backyard has to offer.
1. Boldt Castle
First on our list is Boldt Castle, a landmark tourist destination located in the Thousand Islands area.
The castle was originally built as a private mansion for millionaire George Boldt, the general manager of the Waldorf-Astoria Hotel in NYC and the Bellevue-Stratford Hotel in Philadelphia.
Boldt and his family used to enjoy spending their summers at the family cottage on Hart Island (now Thousand Islands), and the businessman decided to build a bigger home for them there.
However, work on Boldt Castle came to a sudden halt in 1904, when George Boldt’s wife passed away. Heartbroken, Boldt gave up on the project, for good, and the castle was left vacant and in disrepair for 73 years.
After being purchased by the Thousand Island Transit Authority for just $1 in 1977, the castle was restored and renovated, and is now a popular tourist attraction, open to visitors from May to October.
It’s only accessible by water, either from the U.S. or Canada, and despite this fact, it’s one of the most visited attractions in Upstate New York.
If you want to visit a property that was truly built out of love, and later lovingly restored, be sure to pay it a visit.
2. Singer Castle
On the rocky, wild shores of Upstate New York lies another historic estate reminiscent of the quaint castles of Europe, namely Singer Castle.
Located on Dark Island, Singer Castle was completed in 1905 by Frederick G. Bourne, the president of the Singer sewing machine company. If you’re a fan of Gothic architecture and/or literature, then you simply have to visit Singer Castle.
The medieval-style fortress is your quintessential Gothic castle, featuring things like secret passageways, hidden buttons, wrought-iron chandeliers, huge fireplaces, and (just) 28 bedrooms.
Nobody knows why Bourne decided to include all these unusual features in the construction, but we’re definitely intrigued.
For instance, one of the panels in the library can be opened by pulling a specific book from the shelf, thus providing access to a secret passageway leading to the wine cellar. That’s something you’ve probably seen many times in mystery or crime movies, but this one is for real.
There’s also a secret dungeon accessible only via a hidden passage located in Bourne’s former office.
If this charming and mysterious property has piqued your interest, you might want to start planning a weekend getaway and get away from the hustle and bustle of the city.
You can book the Royal Suite for up to six people, and explore all the secrets of Singer Castle as if you’re characters in an Agatha Christie novel. Fun!
3. Highlands Castle
Looking at Highlands Castle, you’d be tempted to think it’s a medieval-age structure that’s housed many generations throughout the decades.
From the outside, the castle looks like it’s been plucked right out of a Game of Thrones episode – nevertheless, Highlands Castle was built in the mid-1980s, by a loving father.
“Someday I’ll build a house where we both will live. A place where you can bring your friends and create special memories… Someday Jason, I will build you a castle.”
John Lavender, the man who built Highlands Castle
John Lavender once made a promise to his young son that one day he was going to build him a castle. Parents make all kinds of grand promises to their kids, but Lavender actually kept his.
John Lavender invested years of his life building this grand castle for his son. He did a great job picking the location, in Bolton Landing, overlooking Lake George in the Adirondacks.
It was a huge undertaking; builders reportedly used more than 800 tons of stone to construct the property for Lavender, and included a 2,000-foot-long driveway leading to a stone wall with iron gates guarded by lion statues.
The interiors are equally impressive, and stepping inside, you’d think you’re on a movie set, filming the New York version of Downton Abbey.
The good news is that you can rent the castle and enjoy the views for yourself; prices start at $5,700 per night, but they’re well worth it, if you ask us.
4. Belhurst Castle
Located on the shores of Seneca Lake, Belhurst Castle was built in 1889, designed by Fuller & Wheeler in a Romanesque Revival style.
All the materials used in the construction were imported, mainly brought over from Europe, which is one of the reasons why the construction took roughly four years.
The castle was used as a private residence until 1932, when it was sold to businessman Cornelius J. Dwyer. The new owner transformed Belhurst into a popular entertainment and leisure destination, turning it into an upscale restaurant and adding a speakeasy and a gambling casino.
The restaurant was reportedly highly popular during the prohibition era, when liquor was brought down from Canada using the canal system.
Nowadays, Belhurst Castle is a top-class, resort-style destination in the New York area. Guests and visitors can enjoy fine wine and craft beer, delicious steaks at the Edgar restaurant, various best-in-class services at the on-site salon and spa, and more.
Those who want to spend the night can do so at the off-site Vinifera Inn and White Springs Manor, or they can book one of the 11 rooms available inside the castle.
5. Lyndhurst Mansion
A National Historic Landmark, Lyndhurst Mansion is one of the finest examples of Gothic Revival architecture in the country.
Sitting on a massive 67-acre lot close to the Hudson River in Tarrytown, the imposing castle was completed back in 1838, with a design by renowned American architect Alexander Jackson Davis.
Its first owner was New York City mayor William Paulding Jr., but the property was expanded and nearly doubled in size under the helm of its second owner, businessman George Merritt. He was also the one to rename the property ‘Lyndenhurst,’ after the linden trees on the property.
Merritt added a new four-story tower to the castle, as well as a new porte-cochere, a servants quarters, a new dining room, and extra bedrooms.
The third – and final – private owner was American railroad tycoon Jay Gould, who owned the property until his death in 1892. Eventually, the castle was donated to the National Trust for Historic Preservation.
Lyndhurst mansion is now open to the public, and Gothic architecture fans can explore the grounds as they please, either on their own or via guided tours.
Depending on the tour you choose, you can visit the first and second floors, the observation tower, the kitchens, the gardens, and the swimming pool building.
And, if the estate looks somewhat familiar, then you might have already seen it on your screen. Lyndhurst Mansion was featured in numerous movies, TV shows, documentaries, and even housed a 2017 episode of Project Runway.
More palatial estates
The Thrilling History of The Breakers, the Vanderbilts’ Iconic Summer Estate in Newport In Colorado, $20 Million Will Buy You a Real-Life Castle Steeped in History Winfield Hall, the Historic Woolworth Mansion in Glen Cove Richie Rich’s House is Actually the Biltmore Estate, America’s Largest Home
Today, my friend Jillian, from Mini-Retirements Mastered course and Montana Money Adventures, is sharing a guest post about mini retirements. This subject is something I find to be super interesting and she is definitely the expert at it! Below is her story and advice.
Fifteen years ago, I fell in love with my husband and we started planning our life together. But I had this crazy idea. What if we took mini-retirements? Mini-retirements go by many names: Sabbaticals, Gap Years, Time Off.
Essentially, it’s all the same idea: taking time away from the 9-5 to focus on things that really matter to us. It could be for a year or two, or just a month off.
The problem? We were in NO place to be thinking about mini-retirements! That first year we had over $50,000 in debt and only earned 12k. The next year was a little better, but not by much. Still, I held on to that dream.
I just turned 35, and we are currently in our 5th mini-retirement. We have taken a few short ones (month long), some medium (6 months) and this one is going on two years now. Mini-Retirements might seem almost impossible, until you understand how to plan, prepare and execute them. After that, you’ll be able to sprinkle them in every few years and just maybe grow your net worth in the process!
Related content:
Four common misconceptions about mini retirement
1. You have to be a high-income earner
This just isn’t true! Our combined income averaged between 30k-60k over the last 15 years. Without a high income, you might need to start with shorter one-month mini-retirements. But there is a LOT of really cool things you can do with an extra month off. When I was 24, I took a month off from my job to travel cross country with my best friend. It was an incredible trip! And we did it for under $2,000.
2. You need to be self-employed
All five of our mini-retirements we either negotiated off from a regular employer or walked away from traditional employment. In my free video training, I walk through the exact process to negotiate a month off from an employer, even if your company doesn’t have a sabbatical program. This can be scary if you have never done it, but with a little preparation, it’s totally possible!
3. You can’t take time away if you have debt
It might take you ten years to pay off your student loans, or 30 years to pay off your mortgage. If there is something you are passionate about pursuing, I don’t suggest pushing that off until you turn 65. If you have a lot of credit card debt, it will be really helpful to pay that off first. It will help supercharge your savings rate and lower your monthly expenses once that bill is gone. But there is no reason you can’t have an amazing month-long experience if you still have a mortgage payment.
4. Taking time off will postpone financial independence
Maybe. But it doesn’t have to! During two of our mini-retirements, we also bought and renovated houses. Taking that time away actually greatly increased our net worth and passive income! If you really want to increase your income and net worth, simply add some of those activities to your mini-retirement. There are no rules about what you can or can’t use this time for.
There are so many incredible things you could do if you had a bit of time away from the 9-5. The first step in my full Mini-Retirements Mastered course is to help you narrow down what you really want to focus on in the next mini-retirement! Which things are very time-sensitive and if you don’t tackle it now, the opportunity might pass you by.
Four Mini-Retirement Options
1. Once in a lifetime opportunity
There are a few things in life we just don’t get second chances on. Sometimes because the timing is never right again or life just changes. We had a chance to move overseas when I was in my 20’s for four years. While we were there, we traveled almost every month. I took art classes in Amsterdam and literature classes in Rome. Everything was close by and made it affordable. Because we had made financial sacrifices earlier in our marriage, we had the resources to invest in those experiences.
I have known people who took time off to hike the entire Appalachian Trail or bike along the Croatian coast. In our current mini-retirement, we are traveling in a pop-up camper in the summers with our five kids. They are between two years old to ten. It just wouldn’t be the same if we waited 20 years! Seeing all the US national parks has been an amazing experience and we just didn’t want to miss this time with them.
2. Passion project
People often have that ONE THING they want to do. Maybe it’s volunteer overseas for a year. Design and build a house with minimal help. Start a non-profit. Or adopt a sibling group from foster care. These are the things that, if we do very little else with our life, at least we can look back and say, “But I did that!” And these are the perfect things to fit into a mini-retirement!
By saving an extra 10-15% of your income a year, you would have enough to take a year-long mini-retirement every decade!
3. Build Financial Freedom
When we moved back to the US from Germany, the housing market had crashed and was at an all-time low. We took time off two more times to buy and renovate our primary home and then two rentals. There were other people who might have wanted to do that but didn’t have the free time to make it happen. Taking those two mini-retirements actually helped us build $1,200 in passive rental income and grow our net worth. Instead of derailing our path to financial freedom, it sped it up!
4. Grow a business
This last mini-retirement has been focused around family/travel and growing a creative and entrepreneurial business. We carved out this time, starting with one year as a test. We wanted to lean into our interests. Test some ideas. See if we could find a project that we were passionate about and was a perfect fit for our lifestyle. Something that would leverage our talents and really help people. If there is a business you want to grow and see if you can scale up, a mini-retirement might be exactly what you need!
Of course, there are logistical challenges that scare us. You might be nervous about healthcare. Or scared that you won’t be able to find another job when the time comes. It might simply be the unknown cost! How much would this month-long adventure cost? How much would it cost to start a business, or travel the world for a year?
Once you decide you want to move in this direction, you will find, for every logistical challenge, there are multiple logistical solutions. Then it’s just the matter of finding the courage to live a life that perfectly lines up with everything you value, are passionate about, and meets your goals.
I want to dive into one of the logistical challenges that be top of mind for you. How can I afford this!?! This is the first logistical stumbling block for a lot of people. I want to show you how you can get started with any budget. Even a once-in-a-lifetime experience doesn’t have to break the bank to become one of your most cherished memories in 10 or 20 years.
Let’s start with the idea that you negotiated a month off from your current employer or find yourself between jobs for a month.
How to Budget for a Month Off
Find your Baseline Budget:
If you have been tracking your expenses and budgeting for a while, this might be an easy number to find. Maybe you spend $2,000, $3,000 or $6,000 a month. Now, this won’t include any investing or savings you do. We are going to put that on hold for a month. If you want to take multiple mini-retirements like we have, simply adjust your yearly investing to cover your off times. An extra 1-3% investing a year, could cover your investing during your mini-retirements.
Then subtract any extras from that baseline. Let’s say you normally spend $200 a month on entertainment. If you are going to be traveling for a month, that expense would be put towards your trip entertainment.
Now you have your month off baseline number. Let’s say it’s $2,500. (Even if you earn $4k a month, after taxes, investments and extra expenses, your core expense might only be $2,500.)
Find your Dream Budget:
What is it you want to do with this time? I like to focus on things that could only happen in this season of life. Things that, if I waited another 10 or 20 years, the opportunity might pass me by. I’m 35 now, but the trip I did at 24 isn’t something I could do again. I have five little kids at home. My best friend is now CEO of a large non-profit organization. There is simply no way we could both escape for a month long road trip! Plus, I have given up sleeping on the frozen ground or in the front seat of my Honda Civic. I’m in my thirties, I now require a mattress of some kind!
Once you know what your next month-long adventure will entail, it’s time to figure out the cost.
As I research each cost, I add them to an Excel sheet I name my dream budget.
A dream budget will serve two purposes. First, in the planning, your adventure will get better. You will refine and customize what you really want to do. Second, you will have specific prices for each piece. If you decide to start a side hustle to help save up for your mini-retirement, you will know exactly what your extra $100 earnings will bring you.
Your extra $100 might buy three nights at a youth hostel or national park campground. $20 will pay for food for the day. $80 will pay for a yearly science museum pass for the whole family.
Open up a dream budget checking account, and stash all the extra dollars in there. Each dollar is getting you closer to building that dream experience. Even $1 will buy you a scoop of gelato in Italy.
Let’s say you settle on a US road trip for two people. You plot it all out and come up with a dream budget of $3000 plus baseline expenses of $2500. $5500 is your total cost. If you want to do this in the next 18 months you will need to save about $300 a month between now and then. Maybe that’s in your budget or maybe it’s not.
Then the question becomes how do I hustle for $300 a month to put towards something I really care about? Or maybe you would be willing to give up your eating out budget to make this happen?
Once we narrow down exactly what the challenge is, we can start to problem solve and find solutions for that challenge.
This week I will be hosting a free training on how to take a month off. I’ll be teaching the three essentials to negotiate a month from an employer who doesn’t typically offer that benefit. I’ll also talk about how to pack a mini-retirement go bag for those unexpected opportunities. With all of this leading up to the only time this year my full Mini-Retirement Mastered course will be open.
If you ever want to be able to do something like a mini-retirement, you won’t want to miss it! Now is the perfect time to start laying the foundation!
What do you think of mini-retirements? Do you want to take one?
Frank Lloyd Wright is undoubtedly one of the most influential architects of all time.
A champion of organic architecture, a philosophy he promoted throughout his career that focuses on the harmony between human living and the natural world — incorporating buildings into their surroundings — Lloyd Wright designed more than 1,000 structures in his lifetime, out of which 532 were actually built.
Credited with building some of the most innovative spaces in the United States, Frank Lloyd Wright’s most famous works include the Solomon R. Guggenheim Museum in New York, the striking Fallingwater in Mill Run, Pennsylvania, Taliesin West in Scottsdale, Arizona, Hollyhock House in Los Angeles, California, Robie House and the Illinois Unity Temple in Oak Park, Illinois, the Tokyo Imperial Hotel in Inuyama, Japan, and the famous Blade Runner-featured Ennis House.
But of the hundreds of architecturally distinct homes he built in the span of his 70-year career, Lloyd Wright’s own home in his native Wisconsin has the most interesting — and downright tragic — backstory.
While undoubtedly one of the legendary architect’s best works, Frank Lloyd Wright’s Taliesin house was the site of a gruesome attack that took the life of Wright’s girlfriend and her two children.
It also burned to the ground (more than once), growing bigger every time the architect had to rebuild it. So let’s take a look at the storied history of Taliesin.
What is the story of Taliesin, Frank Lloyd Wright’s personal home in Wisconsin?
The American architect was born and raised in the Driftless Area of Wisconsin, which left a lasting impression on his young mind and inspired many of his most iconic works.
At the age of 29, in 1896, Wright built a windmill on the Taliesin estate, on land that belonged to his mother’s family.
The project, requested by his aunt, was the first in a series of developments that over the years became part of the 600-acre Taliesin estate as we know it today.
Wright would return to his homeland of Taliesin in 1911, under more controversial circumstances.
In the early 1900s, Wright was married to Catherine Lee Tobin, had six children, and was living in Oak Park, Illinois.
He was then tasked to design a house for his friend and neighbor Edwin Cheney when he fell in love with his friend’s wife, Mamah Borthwick Cheney.
In a daring and controversial move, the two lovers ran off to Europe, where their affair flourished, and when they returned to the U.S., they wanted a place to call their own, far from the judgmental eyes of the public.
That’s when Frank Lloyd Wright decided to leave his Chicago family behind, return to his roots and build a house for himself and Mamah in the secluded hills of Taliesin.
Frank Lloyd Wright’s Taliesin I — the “love cottage” with a harrowing story
Lloyd Wright’s Taliesin I, as we now call it, was completed in 1911 near Spring Green, Wisconsin, to serve as the home of Wright and Borthwick.
The home/studio that Wright created is the quintessential representation of the architect’s Prairie School design.
Wright described the 12,000-square-foot house as ‘low, wide, and snug,’ and that’s exactly what it is.
The house, which was named after the Welsh bard Taliesin — and translates into ‘radiant brow’ — was the result of Wright’s attempt to blend man-made structures and materials with nature and the elements.
The house had an open-space design, with windows placed so that the sun could come through in every room at every point of the day.
All the materials used in the construction were locally sourced, in an effort to seamlessly integrate the house with its surroundings.
Wright was a big fan of Japanese culture and architecture, and he was inspired to bring a taste of Japan to Taliesin, as well. The architect’s home included an artificial lake stocked with fish and aquatic fowl, a water garden, as well as a ‘tea circle’ in the middle of the spacious, green courtyard.
The home that Wright built was stunning, and to this day it remains one of his most beautiful creations.
The beauty of Taliesin, however, did not do much to impress those living in nearby communities, who disapproved of Wright’s relationship with Borthwick.
At the time the couple lived in Wisconsin, Borthwick had divorced Cheney, but Wright was still married, as Catherine Tobin refused him a divorce. Due to the scandalous aspect of their relationship, locals and media dubbed Taliesin ‘the Love Cottage.’
Nonetheless, the couple lived happily at Taliesin, joined by Mamah Borthwick’s two children and a number of household workers and employees.
Among those employees were Julian Carlton, a handyman and servant, and his wife Gertrude.
In 1914, the 31-year-old worker started acting strangely, becoming more and more paranoid and staring out the windows holding an axe. Given his strange behavior, Wright and Borthwick decided to let the couple go, and they gave Carlton and his wife notice in mid-August.
The events that followed the next day, on August 15, 1914, were so shocking that Taliesin will unfortunately forever be associated with them.
That August day, while Wright was away on business, Julian Carlton attacked Mamah Borthwick and her two children, ending their lives.
He then turned against the other members of the household, after which he set the house on fire.
His killing spree ended the lives of Borthwick, her two children, as well as two other workers and their young boy.
Following the attack, Carlton hid in the basement’s fireproof furnace and swallowed hydrochloric acid in an attempt to end his own life. Somehow, he survived, and he was arrested and taken into custody.
While awaiting his trial and sentencing, he died of starvation, as the acid he swallowed had burned his esophagus to the extent that he could no longer eat.
Carlton’s wife was luckily not in the house at the time, as she was waiting for her husband to join her on a train to Chicago.
Taliesin II – Frank Lloyd Wright rebuilds his Wisconsin house
Taliesin I was, in large part, destroyed, and Frank Lloyd Wright was left heartbroken, losing the love of his life and the beloved home that they shared.
He was so devastated that he couldn’t even bring himself to hold a vigil or a formal funeral for Borthwick, instead burying her in an unmarked grave in a nearby graveyard.
However, Wright soon got back on his feet and decided to rebuild Taliesin.
By the end of 1914, he had built Taliesin II, and had found companionship in Miriam Noel, who sent him a condolence letter after that summer’s massacre.
Wright, however, only settled in at Taliesin II in 1922, after he finished work on the Imperial Hotel in Tokyo.
RELATED: Frank Lloyd Wright’s Ennis House also known as The Blade Runner House
He was finally granted a divorce by Catherine Tobin, and married Miriam Noel in 1923. The marriage, however, was doomed to not last, as Noel’s erratic behavior, later diagnosed as schizophrenia, led to a tense relationship between her and Wright.
Noel eventually left Wright and moved out of Taliesin II in 1924. One year later, in an eerie turn of events, Taliesin II burned to the ground due to faulty wiring, and Wright was back to square one.
However, like a phoenix, Taliesin would rise from the ashes once again.
Taliesin III – Wright rebuilds it once more, but the costs drive it into foreclosure
Even after two fires tried to destroy his work, Frank Lloyd Wright was not ready to give up on Taliesin, and he rebuilt it once again, as Taliesin III.
Each time the architect had to revamp Taliesin, the house grew bigger.
In its third and final form, Taliesin featured 37,000 square feet, and all the buildings on the estate combined totaled no less than 75,000 square feet on 600 acres of land.
The third reconstruction of Taliesin did, however, create a pretty big dent in Wright’s pockets, and he was severely in debt at the time work on Taliesin III was finished.
In 1927, the Bank of Wisconsin foreclosed on the property, and the architect moved to La Jolla, California, forced to leave his beloved hilltop home behind.
His fans and students, however, devised a plan to have the revered architect reunited with Taliesin.
Darwin Martin, a former client of Wright’s, formed a company dubbed Frank Lloyd Wright Inc., to issue stock on the architect’s future earnings. Various other clients and students purchased stock and ended up successfully bidding on Taliesin for $40,000, giving it back to Wright.
SEE ALSO: The Chemosphere House and 6 other striking John Lautner-designed homes
Thankfully, the innovative design and historic importance of Taliesin were recognized by Wright’s clients and admirers, and the efforts to preserve and keep the estate alive paid off.
In January 1976, Taliesin was named a National Historic Landmark District by the National Park Service. More than three decades later, Taliesin was one of the buildings included in The 20th Century Architecture of Frank Lloyd Wright, a UNESCO World Heritage Site featuring a selection of eight buildings designed by the architect across the U.S.
Today, Taliesin is a historical and architectural gem, and Frank Lloyd Wright fans can visit the estate on professional, guided tours.
If you’re an architecture fan, a student, or design aficionado and you’re ever traveling near Spring Green, Wisconsin, you don’t want to miss out on the chance to visit Taliesin.
Frequently asked questions
Where is Taliesin?
Frank Lloyd Wright’s house in Wisconsin, Taliesin, is located at 5481 County Road C, Spring Green, WI 53588, USA, about 2.5 miles south of the village of Spring Green in the Driftless Region of southwestern Wisconsin.
What does the word Taliesin mean?
Taliesin is a gender-neutral name of Welsh origin, meaning “radiant brow” made famous by a 6th Century Welsh bard who is said to have performed at the courts of three different kings. Lloyd Wright reportedly named his house in Wisconsin Taliesin to signal that was “of the hill,” not on it, building it below the hillcrest, on its brow rather than its crown.
Did Frank Lloyd Wright rebuild Taliesin?
The legendary architect had to rebuild his Taliesin house in Wisconsin twice. The first time was in 2014 after a gruesome attack by employee Julian Carlton who ended the lives of Wright’s then-girlfriend, Mamah Borthwick and her two children, and then set the house on fire. The second time was in 1925 when Taliesin burned to the ground due to faulty wiring.
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