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  1. #1
    Join Date
    Mar. 9, 2006
    Posts
    1,162

    Default Land or save for property - 5 year plan

    My husband and I have a small horse farm now. We've been here going on 5 years and if we try to sell now we'd get pretty screwed so we are not really in the place to sell and buy right now.

    There is land for sale about 1/2 mile away that looks pretty nice and I've visited a few times. I don't know all the details but 1/2 of 30 acres cleared and in crops. It was also timbered last year, but there are still a decent about of trees for privacy.

    Any stories of buying land with intention on building a home/farm in about 5 years? We developed our land from corn fields so I do know about farm maintenance. We also built a barn and put in fencing and the ever money hogging arena. I don't know about home building though.

    The other option is the just put away the money for a house/farm property that is more functioning. But the cons for that as 1) not as fun 2) probably won't be exactly how you want it. Or pro it could be exactly what you wanted!

    It would be exciting developing the land as we wait (for me), but I also know probably ends up more expensive than buying. We are not looking for a crazy big house for anything so we'd be building something rather modest but nice.

    Thoughts? How much of a PITA is building?



  2. #2
    Join Date
    Jun. 4, 2001
    Location
    NW Louisiana
    Posts
    674

    Default

    I built my current house and would gladly do it again. You get what you want or you compromise on what you want and what you can afford but it's your choices not some other builders choice. My farm and my house are 10 miles apart but the house is paid for and the land is almost paid for. I would love to live on my property but just haven't made that move. I'd buy the land and work on it little by little and then lease out the little place when you move in the new place.



  3. #3
    Join Date
    Jan. 21, 2010
    Posts
    2,170

    Default

    Quote Originally Posted by Serigraph View Post
    The other option is the just put away the money for a house/farm property that is more functioning. But the cons for that as 1) not as fun
    This quote tells me it totally depends on the person. Because building from scratch on a piece of land definitely sounds not fun to me! I suppose if I was extremely comfortable in money it may be different, but right now I've recently purchased a beautiful place that only required relatively "minor" upgrades, and it has been incredibly stressful. I feel like I'm hemorrhaging money, and I can't wait for it to be over. I hate dealing with the people doing the work; I've had countless electricians and carpenters and fence people completely blow me off, which has added weeks onto my timeline. Not to mention figuring out what to do with the horses while I'm making these upgrades. They're in a sub-par situation while I get the place together. I couldn't imagine being in this situation for longer than a couple months.

    I had little to no problem finding exactly what I wanted, especially in this market. And in all honesty, these minor upgrades are definitely enough to make the place feel "mine" and make it functional.



  4. #4
    Join Date
    Jan. 9, 2006
    Location
    Maryland
    Posts
    375

    Default

    Buy it now. If you can swing another mortgage and the property is only 1/2 mile away, buy it. As someone once said to me "they aren't making any more land so buy it when you can".

    Things to look at:
    1. Does it perc for a house lot?
    2. Is the cleared land suitable for crops or pasture?

    If so, it will increase in value over the years, so if you can swing the mortgage now, buy it.
    Alison Howard
    Homestead Farms, Maryland www.freshorganicvegetables.com



  5. #5
    Join Date
    Sep. 29, 2009
    Posts
    2,576

    Default

    Sounds like a GREAT idea. This way you will know the land really well from year to year, and will put your barn and house and drive way etc in just the right spot. Or, if you do not like it in the end, sell it. Land and houses are less right now.

    We also want to sell and move to different property, but we would also be hosed on price if we sold now. So, we wait. sigh. We want to move to an entirely different state, far away from this one. We are thinking of retirement property. So we can't do what you are doing now. Gonna have to wait a few years.

    You can work on the new land as time goes on. Also, maybe in a year or so, you could fence and put some horses on it, or cows or?



  6. #6
    Join Date
    Dec. 18, 2011
    Posts
    518

    Default

    If you have the funds and cash flow to afford buying the property right now, prices are very low and that will likely change over time. And the idea of building to your own spec in the future is very appealing to me. If you buy now, you can likely offset some of your monthly cost (taxes & any loan if you have one) through the crop lease, but be careful with the duration of those leases. Very often, they are multi-year.



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