kenny chaos said:
BIGFISH- You always mention the money aspect of it. Here's my take on that; Save every stinkin penny you make, everyone, and pay cash for your little piece of heaven and you'll be where you want to be. Too many people spend too much money on the glossy magazines that glorify their dreams when they should be learning carpentry, mechanics, and welding. It wouldn't hurt at your age to pick up a second job and you don't really need a cell phone. :coolhmm:
I agree. Many people could take the money they spend on a few year's worth of vacations and "toys" and own a 20-30 acre farmstead, with house outright - i.e. pay cash for it.
I'm not preaching here, just stating a few facts. I know people (including my MIT PhD brother) who make 200K plus per year and claim they're broke and can't buy anything. To the converse, I know many who have jobs at 30K - 40K and do very well.
I also have to warn that owning outright - isn't exactly the dictionary-definition of ownership. The first farmstead I bought in 1979 had a $120 per month mortage payment for 10 years. I paid it off in 5 and was miserable until I did. Taxes were $700 per year. Now? That same property, now owned as a vacation getaway by some city people, has a $3200 tax bill every year, i.e. $266 per month JUST for taxes. Then there's house/property insurance that can easily add another $50 per month. Even if you own land with no buildings, you're asking for trouble unless you have insurance. Somebody sneaks in and breaks their neck in an ATV or snowmobile crash, and you the property owner gets sued.
If you want to buy a place, try to envision the entire picture, and . . . there's a lot to know. Climate, all taxes, work availability, farm-friendly area or not, building and zoning regulations, etc. Is the area even property -rights friendly? Yeah, sounds silly - but some areas protect ownership rights and don't allow friviouous takings by emminent domain. Other areas PROMOTE it. There is an awful lot to know. It's easy to get used to one area of the country, and think certain aspects of living apply all over the US - but they do not. Some areas have extremely high fuel taxes. Some areas charge personal property taxes - even on old farm tractors or antique cars and trucks. Some areas tax your cash savings principle, e.g. CDs and Money Market accounts. Some areas have almost Nazi-style building regulations. Some areas are absolutely anti-farming. Some areas have lousy ground water. Some areas have high-acid soil and you can't hardly grow a thing without buying tons of lime every few years.
I've lived in the northeast my entire life (New York and Vermont) - so I'm not really up on all that goes on out west, down south, etc. I have two sons living in Colorado though, and was kind of amazed how regulated things are there. I say that since I constantly here that New York, my home state, is the worst. No, it's not. John Denver also said Colorado was the best.
Let me give just a few small anecdotal examples of possible pitfalls. I recently almost bought a bunch of woods and farmland in northern Michigan, just below the Mac bridge. I was ready to close on a 60 acre piece of farm-land - cash deal. Closing was contingent on a few things I wrote into the purchase contract - e.g. no lease encumberances, must have ability to build a barn, etc. Then - after meeting with the head of the county code enforcement dept - was told that no buildings of any sort allowed unless a complete residential home is built first. Keep in mind this was in a rural farming area, very remote. Not in a city. What was their reason and mindset? I was told that county planners were afraid city people would buy properties for vacation uses, sneak in "pole barns", and then . . . fix them up to live in. So, had I bought the land - I would not have been allowed to stick a barn on it - unless I was willing to build a house first.
I could tell you many stories about potential homesteaders wanting to build small rural homes and not being allowed due to new residential building codes. People buying farm lands and not being allowed to have animals. People buying land only to have it partially siezed by eminent domain (including me).
Do your research. Think out your present lifestyle, and the one you wish to have. Think about what your everyday life would entail and how it fits in certain areas. If you have skills in the building, wiring, plumbing trades - make sure you'll be allowed to use them . . . or buy something private enough where you won't get caught. And yes, some regs are rediculous and I have no problem with violating them. Laws and regs are made by men and woman - not some supreme being somewhere. As a result, some are just plain stupid as are some people.
Right now, prices on many rural properties are finally coming back down to where they ought to be - except for here in central New York where property values are still stable.
My general buying advice? Don't even consider trying to build from scatch. Buy an old but solid home and property and that way, get grandfathered in as far as many building regs go. I'll add that there are many foreclosures on the market at great prices. I just bought two properties in Northern Michigan, side by side. A very solid ranch-house with drilled well, new septic, twin garage and also two large pole barns on 5 acres and paid $32K for it. Also bought the adjacent 33 acres of woods and ag. fields for 52K. so, that's $84,000 for a pretty decent house, several barns, and 38 acres of woods and farm land. Not a bad deal for a fairly pricey area in Michigan.
Nearest two citys are 15 and 20 miles distant. Also recently bought 33 acres of dense maple/oak hardwoods here in New York for $18,000.