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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 8:07 am to LSUEnvy
quote:
some improvements and pick your neighbors wisely
The one I am looking at has power at the road, excellent frontage and there has been some clearing/thinning out of the trees. Appears to be hi and dry land
Posted on 3/2/12 at 8:08 am to Flair Chops
quote:
plant pines on it
this also, unlike cows they dont need feed, water and they wont get out of the fence at 2am
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 8:39 am to hawkster
acreage...and I mean...eventually would like to be cleared mostly of the timber...one I am looking at has timber on it now. Know of any good deals?
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 8:45 am to 34venture
quote:
Buy it. They aren't making anymore and it won't burn. Land is the best investment a person can make. IMHO
My dad had the forsight to buy land. Not just undeveloped, but any for a good price and he never sells it. He has continued to do it through the years. Always tells me they quit making it years ago and price will only rise long term. Your kids will thank you one day.
This post was edited on 3/2/12 at 8:46 am
Posted on 3/2/12 at 8:47 am to Langston
quote:
Always tells me they quit making it years ago and price will only rise long term. Your kids will thank you one day.
Amen
Posted on 3/2/12 at 9:03 am to mpar98
quote:
acreage...and I mean...eventually would like to be cleared mostly of the timber...one I am looking at has timber on it now. Know of any good deals?
No, sorry if it sounded like I was a seller or dealer. Cleared land is high maintenance. Will take considerable time or money to keep it from growing up in brush. At first, it may seem like a great pastime to take care of it, but if you get distracted from it, it can get away from you in a hurry, and cost a lot to clean up the mess.
Some cleared land is a necessity, but don't clear more than you need or can maintain. Once timber grows up a few years, woods are better for recreation anyway.
If you buy some timberland that has been harvested, you need to make sure that the regeneration of good species is taking place. It'll look like a thicket either way, but if you let junk species take over and grow up, you're really looking at serious expense to convert back to productive land.
Posted on 3/2/12 at 9:39 am to Langston
My dad has done the same. He owns a little over 600 acres of virgin timber, I will sell it the day he gives it me and buy something that has ducks on it.
IB4 the your an idiot comments. I don't like deer hunting and that is all this place is. I will give you guys first right of refusal though.
IB4 the your an idiot comments. I don't like deer hunting and that is all this place is. I will give you guys first right of refusal though.
Posted on 3/2/12 at 9:50 am to hawkster
We just planted our cleared thicket with hardwoods. The forester had a team of Guatemalans that turned an open field of about 80 acres into a new hardwood bottom in four hours. Was pretty damn impressive. Spaced 12 ft apart so we can run the bush hog through it easily. Very happy not putting GODDAMN PINE TREES back in there. Now we just wait 20 years and play with tractors and we'll be pulling every deer in the area because everything else around us was cut and planted with pines..
Posted on 3/2/12 at 10:03 am to 34venture
Once my house is paid for I plan on buying a few hundred acres for me and my kids. I'll put a cabin on it as well.
Posted on 3/2/12 at 1:22 pm to bbvdd
quote:
Once my house is paid for I plan on buying a few hundred acres for me and my kids
yeah...its the simple fact that I wish my parents had bought land so I could go hang out on that is driving me a bit to do this...plus, I still want a place of my own to ride atv/hunt/bonfires etc
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