PERSONAL READINESS > Hide Site

Advice on buying land

(1/3) > >>

moto123:
Well I find myself all of a sudden with an opportunity that does not appear often and need some of your thoughts on the topic.  My primary residence is 7 acres and is situated among several other 3 to 8 acre residential parcels.  Directly behind me (we share approx. 650 linear feet) there is a man that owns 80 to 100 acres.  As a result of a divorce, he is offering to sell a 10 acre section of land, half of which borders with my land.  My neighbor has offered to split the 10 acres with me because the other half of the land borders the back of his land.  So we would each end up buying 5 acres, my rectangle would basically turn into a square.  His new parcel has road access, mine is land locked except through my own property making it hard to resell in the future unless I re-divide it the other direction making two 6 acre parcels.

Price - he is asking a reasonable price for the land compared to everything else available nearby and compared to prices in recent history.  I think we can do a little better which would make it pretty competitive, but not the cheapest price land has sold for around us.

The trade off - we had been saving up to do a garage addition on our house in the next couple years.  If we purchase the land, the garage addition would likely be pushed significantly further into the future.

The alternative - about 10 years ago a company tried to rezone this property so they could build a sub division.  We are not very far from town, so this is happening all around us.  At that time, the residents tried to fight it.  Finally the current owner purchased all of it to avoid the sub division.  Now that it's available, I have to assume it could be purchased for the same reason again.  If that happens, my back yard view would become the backside of many homes.

Anyone else made decisions like this or any thoughts?

Flyin6:
I have dealt with that

The 5 acres of land would not be of much use in my view. Not adding to the value of your home, not turning it into a bug-out site, and not a great investment.

Being close to town suggests it will get developed sooner than later. As you age you will probably want to be further away and not crowded in.

I've made a ton of assumptions with those thoughts of mine, so its really your circumstances which dictate the call you'll make

moto123:
I agree, the additional land would not be of much use compared to what I already have.  I would just hate to regret it 5 years from now as my view turns into construction and new housing.  Then I definitely would have to move.

Flyin6:

--- Quote from: moto123 on August 24, 2015, 01:37:43 PM ---I agree, the additional land would not be of much use compared to what I already have.  I would just hate to regret it 5 years from now as my view turns into construction and new housing.  Then I definitely would have to move.

--- End quote ---
I think with the way our economy is starting to unravel, 5 years from now just might look a lot different than any of us might suspect...

I'm thinking this a time for caution. Buckle down and make sure you are prepped both with respect to a place, food, and financially.

Given the choice between spending money on land or buying silver and gold, I'd choose door #2

Dawg25385:
If you've already got 7... seems like planting some trees would be a more cost effective way to maintain privacy.

Your call though! Land is one of those things that are highly illiquid...

Navigation

[0] Message Index

[#] Next page