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Pros and cons of purchasing vacant land
Posted on 3/2/12 at 7:48 am
Posted on 3/2/12 at 7:48 am
I have this overwhelming desire to purchase multiple acres of vacant land...if I can find the right deal, I will probably do so. Thing is, there is nothing in particular I want to do with it in the immediate future. My boys can ride atvs, have bonfires, shoot guns. Is this strange? I've never been a big outdoorsman, but maybe its bc I am approaching 40 the serenity of it seems appealing. The work would be done a little at a time, clearing, driveways, and eventually some sort of structure. I think I need to do this...plus I can look at it as an investment right?
10
Posted on 3/2/12 at 7:53 am to mpar98
Only con i see is the financing. When I purchased my 7 acres many banks didn't want anything to do with more than five acres of unrestricted land. Also the loan terms are not as good as if your would be purchasing a lot in a development. That said i do not regret my purchase. It isn't like they will be making anymore land 
Posted on 3/2/12 at 7:59 am to mpar98
Assess the following first:
1. Can you get electricity to the site and what will it cost. (This can be THOUSANDS)
2. Cost to connect to water or drill a well.
3. Try to get info about your neighbors. Talk to as many people as possible.
4. Courthouse research is vital. Avoid properties that have been bought and sold numerous times. Anything with drilling or mineral issues can lead to a mess with the EPA.
5. Expect to put a very large amount of cash down to finance any unimproved land.
1. Can you get electricity to the site and what will it cost. (This can be THOUSANDS)
2. Cost to connect to water or drill a well.
3. Try to get info about your neighbors. Talk to as many people as possible.
4. Courthouse research is vital. Avoid properties that have been bought and sold numerous times. Anything with drilling or mineral issues can lead to a mess with the EPA.
5. Expect to put a very large amount of cash down to finance any unimproved land.
Posted on 3/2/12 at 8:02 am to mpar98
buy the land and do some research on government programs. i don't know if they still do it or not, but they used to pay per acre to plant pines on it. my pow pow had the foresight to get out of the cattle-game when he needed 10k+ in new fences rebuilt and planted the property in loblollys. our deer population doubled or tripled.
Posted on 3/2/12 at 8:03 am to mpar98
quote:
multiple acres of vacant land...
It can be a money pit. Look seriously at what it will cost for driveway,dozer work/dirt work for house pad,water well, electricity,barn,septic. If you could fence it off and put a few cows on it then you can write alot off.Look for land with some improvements and pick your neighbors wisely
Posted on 3/2/12 at 8:04 am to mpar98
Buy it. They aren't making anymore and it won't burn. Land is the best investment a person can make. IMHO
Posted on 3/2/12 at 8:07 am to mpar98
Vacant land is an awesome thing to have. Better investment than gold IMO.
Posted on 3/2/12 at 8:13 am to mpar98
By "vacant land", do you just mean undeveloped rural property, or do you mean open land with no timber on it?
Posted on 3/2/12 at 8:41 am to mpar98
Finance rates on vacant land is pretty high. I really, really want to do this too, but I'm not near about in the position to do so yet.
Posted on 3/2/12 at 4:39 pm to mpar98
I see no cons,
It will take some work and money to do what you want with it, but you will have a blank slate to do as you want. Even if it doesn't have power you can drill a well and set up a small generator to pump water and camp if you would like.
It will take some work and money to do what you want with it, but you will have a blank slate to do as you want. Even if it doesn't have power you can drill a well and set up a small generator to pump water and camp if you would like.
Posted on 3/2/12 at 4:46 pm to mpar98
quote:
Pros
because you want to do it.
quote:
and cons of purchasing vacant land
Make sure it's what you want to do. If it is, you can't go wrong. If it's some passing thought that you act on, you could be stuck with something you really don't spend any time with.
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