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If available and financially feasible, land in a heartbeat. As Russell stated, the benefits of building can really outweigh the purchase of an existing house. Also, with building you can maximize your space as needed for your own GLO and not "retrofit" rooms or areas for your chapter's needs. (For those of you in houses with sufficient parking, for example, thank your House Corporations!) There's nothing like a chapter of 60+ before formal recruitment trying to fit into 18 parking spots, especially when 21 live in the house, but that's another story for another day.
If land is not available, then a complete interior and exterior remodel of an existing structure. Take the time to make changes to the property before moving in, treat it like a build in terms of layout, modificiations, improvements, etc.
Is anyone else actively involved with a local Housing Corporation, or on a regional/national/international level in this area?
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