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Thread: Purchasing an acreage?

  1. #1
    Join Date
    Dec 2006
    Central Ohio

    Purchasing an acreage?

    My wife and I have found an acreage which is right outside the city limits. We’ve always thought about this but just never found the right place. We love the location and the land, but won’t be ready to build for at least another 5 years. Our kids are currently 4, 2, and 1 so living on an acreage now doesn’t make much sense to either of us. My question is whether this is a smart move. All of the acreages around this one have existing homes so there won’t be anymore bare land sold in this area. The price isn’t great but you can’t beat the location.

    I’m currently trying to get some more details on the cost of getting a well and electricity on the site. We’d like to do this sooner rather than later as there is an existing 33 x 40 pole barn on the land. Our plan would be to use the barn for storage and in a couple of years move my basement shop into the building. After this is all setup begin the house construction.

    Let me know your thoughts on owning some land and just sitting on it for a few years. The only holding costs on the land will be the taxes. At this point our positive and negatives list is pretty one sided to the positive.


  2. #2
    Join Date
    Nov 2006
    Constantine, MI
    I think this is probably a good time to buy as the market is depressed - you should be able to negotiate a good price. No one knows for sure, but it would be surprising if the market was not back to being strong about the time you want to build. Sounds like the iron is hot!
    “We all die. The goal isn't to live forever; the goal is to create something that will.” - Chuck Palahniuk

  3. #3
    Join Date
    Oct 2006
    The Heart of Dixie
    I know a little about Real Estate.

    But I know nothing about your market. Contrary to the Nightly (Bad) News things are not bad everywhere. But lots of people think it is and you can get some deals that way. So as Rennie said this can be a good time to buy. Especially if you can pay cash, what have you got to loose? Odds are slim of it going down in value, BUT contrary to the rumors as many people are learning, it does go down from time to time.

    All that to say I would consider it. Do your homework first, but if it is not a financial strain you probably will not loose a thing if you decide down the road you want to sell it for some reason. Odds are when you get ready to build you will be glad you bought it.

    FWIW I did the same thing. I bought my little piece of dirt and it took a 2 or 3 year before I could get things together and build on it. Never regretted it a bit.
    God grant me the senility to forget the people I never liked anyway,
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  4. #4
    Join Date
    Dec 2006
    Wes, if you can afford to comfortable buy this land, I would recommend it. Just be sure to do your due diligence to ensure that you can build on it. I have a couple pieces of land that I have purchased in the past. One of them we plan on building on in the next year or two. The value of this land has gone up dramatically. It still is more valuable now even with the recent downturn in real estate, but we did not buy the land for investment. We bought it with the same idea you appear to have, in order to secure that we would have it available for our future use.

    Again, just be sure you are taking a long approach in all of this. By that I mean, be financially able to sit on this for a while if you have to.

    I feel uneasy about giving any advice like this. I suggest you maybe approach a professional that is familiar with your financial state to advise you in this purchase. What worked for my wife and me may not work for you. Good luck.

    And the real reason for buying my land... someday a real shop of course.

  5. #5
    Join Date
    Oct 2006
    they don`t make more dirt......
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  6. #6
    Join Date
    Dec 2006
    RETIRED(!) in Austintown, Ohio
    Be sure you research the land regarding any forthcoming utility upgrades like water/sewage.

    Here in NE Ohio, where I live, I was looking at getting 3˝ acres adjacent to my existing. I could buy the land for around $25K, but there's a planned sewage installation that would cost me $45,400 in frontage fees ($102.65 per foot, 443 feet frontage) within the next three years.

    Since I'd only intended to buy the land to keep somebody else from eventually building on it next to me (Wife and I tend to be reclusive), I've gotta pass. I just can't afford a total of $70K for that luxury - especially since my existing property will also cost me just over $20K in frontage fees!
    Last edited by Jim DeLaney; 09-12-2008 at 11:46 AM.
    Jim D.

  7. #7
    Join Date
    Aug 2007
    Buse Township MN
    Do your homework and if it is it!

    BTW, how many acres are in an "acreage"?
    Every child deserves a family. Adopt. Foster. Get involved.

  8. #8
    Join Date
    Dec 2007
    lutefisk capitol, USA
    Land prices here are nuts. I was just offered $640,000 for the farm. It is only 160 acres. If you can afford to, buy it but do your research.

  9. #9
    Join Date
    Oct 2006
    ABQ NM
    Quote Originally Posted by Dale Johnson View Post
    ...It is only 160 acres...
    That's more room than a city boy like me can imagine. You can get a 4 bedroom 2 bath house here for about $640,000, give or take a couple hundred thou. (More likely give than take.)
    When the going gets weird, the weird turn pro. - Hunter S. Thompson
    When the weird get going, they start their own forum. - Vaughn McMillan

  10. #10
    Twain said "buy land, they don't make it anymore". If the price is in your range and you can satisfy yourself that you will not be prevented by law from using it in the way you want to, go ahead and buy. Market downswings are when people with liquidity make their money, upswings are just when they release it.

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