Property purchase

dbodkin · Jul 29, 2010

I'm getting ready to buy some land/house to retire on. I'm looking for 20-40 acres. Now I'm finding either some nice land with a 100 year old farm house that would need major renovation, land without a house meaning I'd have to build along with everything that goes with that... well, road, utilities... And finally some nice mini farm without a lot of land but a great house for $$$$$ more then the other two options.

I've built 4 homes and I can say I really dont want to go through it a 5th time. Unless there's no other route. The old farm house seems like a money pit. Other then the well, utilities etc are in place... Whats your thoughts, opinions.. all are welcome this will be my retirement property and they will plant me in the back yard....

I should mention.. It's back to basics.. I dont owe a red cent will bring a suitcase of cash to the closing. The goal is to be semi-sufficent with raising chickens, maybe a pig or steer, veggies. Hoping the rest of the land is huntable.... :biggrin2:

Jim Baker · Jul 30, 2010

dbodkin said:
I'm getting ready to buy some land/house to retire on. I'm looking for 20-40 acres. Now I'm finding either some nice land with a 100 year old farm house that would need major renovation, land without a house meaning I'd have to build along with everything that goes with that... well, road, utilities... And finally some nice mini farm without a lot of land but a great house for $$$$$ more then the other two options.

I've built 4 homes and I can say I really dont want to go through it a 5th time. Unless there's no other route. The old farm house seems like a money pit. Other then the well, utilities etc are in place... Whats your thoughts, opinions.. all are welcome this will be my retirement property and they will plant me in the back yard....

I should mention.. It's back to basics.. I dont owe a red cent will bring a suitcase of cash to the closing. The goal is to be semi-sufficent with raising chickens, maybe a pig or steer, veggies. Hoping the rest of the land is huntable....

I have lived in a 100 year old house that was remodeled before we bought it. The upkeep and maintenance were still constant chores and costs.

I would offer 3 words of advise. Bulldozer, double wide.

rjcruiser · Jul 30, 2010

Check out bank owned properties. Property values are continuing to go down and Banks are all fearing a double-dip. Was talking to a banker friend of mine and he told me an investor had contacted them offering them 40% of appraised value on raw land and 63% of appraised value on residential. Now...they weren't considering the 40%, but the 63% was something they were thinking about.

Where are you wanting to find the property? Cumming area?

dbodkin · Jul 30, 2010

Looking at North GA. But... other states like Northern WV, and Southwest PA are not off the radar.

SGADawg · Jul 30, 2010

Definitely a buyers market right now. One of my kids just had an offer accepted at less than 60% of what the bank was owed on the house/land. The house was less than 5 years old and well-maintained, not your typical trashed foreclosure.

Luke0927 · Jul 30, 2010

I live in my great grandfathers house now ( rent from my grandparents) I'm in my early 20's so its about 80 years old....I'm building my new house now the old house is a lot of upkeep. If you have all the facilities there and can buy the land and the house goes along with it. I would probably still go that option and just build you a nice small easy house 1 floor nice and open simple roof layout and be done with it. But i do know where you are coming from this is my first house and I don't think I would ever want to build another one. If I do it would be to a quality builder and just be a turn key job where I can come by check on it and then just move in. I've saved a good bit doing it myself being the contractor but its been stressful

dslary · Jul 30, 2010

Since you are retiring, I'd suggest that you examine the state's tax structure. Property Tax and Income Tax. That's why I'm leaving Ga. when I retire. Property taxes in Al. for retired people are great. It's based on your income.

dbodkin · Jul 31, 2010

As it turns out the ideal property may be in WV or real close to OH/PA line. I'm looking at 45 acres with a 100 YO farmhouse. Plan is to build a ranch style probably log for me and the Mrs. and down the road my son & his rugrats will build. Once the new places are built we'll rent out the farmhouse. The other big consideration up there is mineral rights which do go with this farm. I wouldnt buy without those rights. If we decide to lease gas could be an added benefit. Just lots more stuff to sort out...

FritzMichaels · Aug 1, 2010

wv

i've been lookin at WV for a long time. you cant beat the prices there. not sure about taxes and retirement... but for land / homes i would look at united country... heres a short search i did...

http://www.unitedcountry.com/search06/SearchResults.Asp?SID=85293955&Lcnt=&AU=N&RF=N

like this one... a 4bed 2bath on a 100 acers for $295k... sweet deal.

http://www.unitedcountry.com/search...&Page=1&Office=47041&No=47041-08230&AU=N&FT=P

Property purchase

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