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In my sorority's case, we did buy an existing house and while it's been great having the house it's also been a big hassle. For one thing the sorority that lost the house in the first place (no we didn't buy it from them, we bought it from the school) won't drop the fact that we live in "their" house. It's begining to stop since we've now had the house longer than all the girls have been around, but it's still a pain. Plus the house is shaped like the greek letter of the sorority (i'm keeping names out of this because i don't want it to seem like i have a problem with these girls...) We don't have this greek letter so it really doesn't mean anything to us.
So yeah given the choice of land or house....we would have gladly taken land.
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