Buying a piece of land

[Winchester Farms]

I've lived in my apartment for a while and I'm trying to save up for a house, but I can not afford anything with a farm established already, so I came up with the idea of buying a piece of land with nothing on it with a couple acres, that I can start to pay off while I still live in my apartment and eventually build from there. I know having electric, sewer systems and well water is important, but when I meet with realtors what kind of questions should I ask? What is important to take notice of? What should I avoid? I don't want something big, just a couple acres I can put a small house and tiny barn on. I'm totally new at this, so sorry for my ingorance. OH! Thank you for your time!!!!

 

[Charley]

I would ask... what it is zoned? Was the land perk tested? Are there any restrictions on the property? Can it be built on and horses allowed? Is there a sewer system in the plans for the area? Are there any easements on the land? Is public water available or will you have to put in a well?

 

[eagles ring farm]

talk to the electric company

to be sure you can run electric to a barn without a house

for a reasonable amount.

 

[shelia]

Keep in mind that it costs a lot of money to develop bare land. Be very careful on your selection. It might be a good idea to get property that used to have a house on it and no longer does. This way way you could get property with a driveway maybe some fencing with well and septic. (Whatever water source is in your area) Be sure it is zoned for horses. It cost more to add these things than what your property may be worth in the end. It can turn into a money pit very quickly! I don't know what area you are in, but in some areas the permits will eat you alive! I would hold out for a place that I could live in. There are a lot of properties out there right now and I bet there is one that can fit your needs. Take your time. Tell the real estate agent what you really want and they may just have it. If they don't, it will probably come up soon. The house may not look like much, but if it is sound you can do a lot with paint and hard work. (Buy good paint)

Shelia B.

P.S Make sure you have acces to a public road. Make them put that in the contract if it is questionable.

 

[kaykay]

Sheila has great points. especially about buying land that once had a house on it. Much much better.

Keep in mind that the further you are away from a street the more it costs to bring in utilities. They charge you by the foot. So that can add up very quickly.

I know a lot that buy land and then once its paid for get a loan to put a manufactured or double wide home on it. In order to obtain financiing though it must be built on a foundation

I know around here a septic tank runs 20-25000.00 wells run 10-15000.00

 

[Minimor]

Make sure that you ask what the local law is regarding septic tanks. Are you allowed to put in a tank & a field, or must you have just a holding tank and then get a truck in to pump it out as needed? Around here more and more areas are changing the requirements on that. I would not want to be paying for pump out once a month or once every 3 weeks, however often the holding tank needs to be emptied--it's just one more extra expense I don't want or need. Keep in mind that while the current law may allow for a field, they could change that by the time you go to build, and in that case you could be subject to the new requirement. Around here properties less than 5 acres are likely not allowed to have a septic field.

 

[Cathy_H]

You've gotten some good advice. Seems there are more restrictions on less thatn 5 acres around here also.. We committed to & paid for 5 acres about 5 years ago. In the meantime we decided we did not want to build in that area as that was the fastest growing illegal area in Kentucky. I started looking for land again & found what we had been looking for before we bought the first property. We sold the first property at a small profit, put that on the new property loan & should have it paid off the end of this year..The second piece did cost us more money but it was tree lined, flat & in an ideal area with no through traffic - exactly what we wanted...... If you buy right the first time you can always sell if you find something you like better...If we had not bought the first piece of land we would have spent all of that money & perhaps would not have wanted to buy the more expensive second piece of property............ Some places won't run the electric until you also start the house so you need to check on that. We may need to start our barn first if our house sells quickly so we can move the horses - you need to find out what your area requires.

 

[Magic]

Consider whether the property is fenced (and is good fencing for horses or would need to be fortified or torn down and re-done). Fencing is really expensive, along with everything else. Out here, in the west, you have to have irrigation water for your fields or they'll end up drying up to nothing, so one of our main requirements was having irrigation water when we were looking for land. Also check to see what the surrounding area is zoned as, and what new construction will be going on. You may start out in a rural area but if you are near commercially-zoned areas, you may end up being surrounded by businesses, or who-knows-what, eventually.

I agree with those that have said to look at places that either HAD houses on them, or that still do, even a small, older house that is rather inexpensive and needs fixing-up can be cheaper in the long run than having to run utilities to a new home site, plus buying and setting up a mobile home, etc.

Look at LOTS of different places, and you will learn quite a bit about where you'd like to be, where you don't want to be, and what you can't live without.

Good luck!

 

[Marty]

Location Location Location will have plenty to determine price

All great advice here and make sure to ask if its in a "flood zone"

Around here in the valley it is all considered flood zone and very difficult to get homeowners insurance.

If you are on a private or small road, ask about taxes and who has to maintain it.

I would like to add is please do NOT consider barren land just because it's cheaper. It is really not the way to go because you will pay out plenty in the bulldozing which can take forever and buring off the mess and having to get some of it hauled off. Then you might not be able to grow a blade of grass on it either. Get cleared acreage.

 

[RobinRTrueJoy]

Hey Sarah! So good to see you here. I REALLY miss you!!! LOTS!

I don't know the answers but may I suggest that when you think about building a house, to look at Modular homes. The new ones are very hurricane safe, and are gorgeous. You can get a lot of bang for your buck too. Beautiful homes at reasonable prices. I have been looking on line at them and they are amazing! Keep in touch!!!

Robin