Are we crazy???

dragonfly1113 · #1 09/30/08, 12:09 PM

I was going to buy 9.6 acres that had power, electic and water. But now DH has ran across 31 acres that is all woods that he is dying to have. The road that goes to it is an old abandoned county road. Basically it is hard packed dirt. The deed has easements on it and we told them if we bought it, that there would have to be a untilites easement included. I stood and those woods and heard nothing but nature. They want 50,000 for the 31 acres. The 9.6 acres is listed at 44,900 dollars. On the 31 acres we already told him that we want it and a contract is being drawn up so neither one can back out and stating that the easement for utilities is to be in place by the closing. I called today to find out how much it would cost for power to be ran to it..... $15,176+ I am now leaning towards clearing out a good size spot and have solar. We are going to build a pole barn type building to live in for a while. Our power will have to come after we have it logged. Are we crazy to go to extremes to get what we want. We would be giving up everything at first. We would have a generator for power, hauling water, using a port a potty and building a shell of a building to get us started. Then we would go from there. For me it will be like an adventure. Something different from the everyday grind. I know it will be a very hard adjustment. And I also know that at times I will probably be miserable. But in the end, it will all be so worth it. so.... are we crazy??? Just to let you know.... no children will be living with us. My 15 year old daughter just moved to daddys house for a while. So she will come on weekends and so will my 18 year old daughter along with my step daughter who is 14. The 14 year old is excited and loves exploring, she would be in heaven. My girls on the other hand are spoiled and there is no way they could find fun in anything that didnt have internet, tv, and a pool. I would be hearing all the time.... whats to do?
Susie

Kazahleenah · #2 09/30/08, 12:12 PM

Sounds wonderful!!!

I don't think you are crazy at all....

Enjoy your dream!!

MaineFarmMom · #3 09/30/08, 12:40 PM

Go for it! I wouldn't buy land for children not living with you or living with you for a short time. This is your dream. They will find things to do in spite of themselves!

city2country · #4 09/30/08, 12:43 PM

Sounds great... I'm looking at a few similar properties myself.

Cande · #5 09/30/08, 12:44 PM

Go for it !!! It will be hard, but will be such an adventure!!

JW Parker · #6 09/30/08, 12:44 PM

You're not crazy at all. You're just a little ahead of me. I just haven't found the spot that I want yet. I'm looking at sometime in the next three years to make my move. I have to put togather a little more money and locate the land first.

Madame · #7 09/30/08, 01:00 PM

Go for it!

watcher · #8 09/30/08, 01:01 PM

I speak from experance. Going with raw land is going to be tough and expensive. First off getting money for raw land is tough. There's nothing there the bank wants and they know how tough it is to make raw land worth something. But if you have or can get the money read on.

Take a look at the ground and think about how much work its going to be to clear out the trees, stumps, brush and roots JUST to get a spot clear enough to start putting in a foundation and floor for a building.

Next you have electricy. As you found out it cost quite a bit of money to get the power company to run a line but (I'll get hammered for this but. . .) if you check you will find out solar will cost you more and you get less. The biggest draw back for me is its very difficult to have a solar powered shop due to the power draw of the tools.

Then there's water. Hauling water gets old REAL fast. As well as having to limit your water usage (and w/o power to heat water its a pain to shower BTDT). Putting a well is also expensive unless the water table is close and there's no rock. I don't know what part of KY you are in but all of I've seen doesn't fit that. The odds are you will have to drill two to eight hundred feet through rock to find water. When and IF you hit water you then have to have a pump. Then you will need to get the water to the house. Digging trenches ain't fun by hand and costly if you do it by machine.

Heaven help you if you have a standard 'you own nothing, its all ours and we just let you rent it' government. You will find yourself dreading finding out what code demands of you and how much it is going to cost to meet those codes. Also there are probably things you are too stupid (according to the government) to do yourself so you will have to hire a government approved pro to do it, can you say more money?

Now with all that said. If it all possible I'd go with the larger chunk of land if there were anyway I could do it. With real estate bigger is better, always!

blufford · #9 09/30/08, 01:22 PM

I wonder if the utility easement is to run electric to you or to you and others. If the power company needs to go through your property to maintain other power wires then now might be a good time to make a deal for free or discounted installation. Your settlement lawyer might be able to help you out on this.

blufford · #10 09/30/08, 01:26 PM

I don't know what county you are in but 31 acres is a nice piece of land. If there are hills then maybe there is a spring bubbling out somewhere. There are maps sometimes on line or in county courthouses that show springs.

Lizza · #11 09/30/08, 01:36 PM

All I can say is: Building Codes. Don't just take whoever is at the window's word for what the Codes are down at the County, ask to see the rules/regulations yourself. I know a lot of places still don't have very many or any building codes but you had better be very sure! Like someone else said just make sure you are ready to meet those Building Codes. This can be very very expensive depending on your County. There are a lot of horror stories out there from people that didn't do the proper research. Not that I want to rain on anyones parade. I think it's a great idea, just be prepared ahead of time. The rewards for when you are done will be huge!

unioncreek · #12 09/30/08, 01:37 PM

I would rent a trencher, buy underground electrical line and bury the line myself and save quite a bit. You would probably need to talk to an electrical inspector to find out what you would have to do.

Bob

dragonfly1113 · #13 09/30/08, 01:59 PM

The land cost 50,000 I am putting 25,000 down and then putting the rest on a note. I will sell the timber to pay for electric or solar. I have enough money after my down payment to pay to have my pole barn building with concrete floor built. Then I am out of money until I see how much I will get for timber.
There is no one else around us. Other people own land (trees and a little field ) on that road but no one lives out there. the dirt road that runs through the woods runs from the main road to our place is six tenths of a mile. The only thing I have seen out there are turkeys and deer.
Susie

Shygal · #14 09/30/08, 03:13 PM

Quote:

Originally Posted by dragonfly1113

The land cost 50,000 I am putting 25,000 down and then putting the rest on a note. I will sell the timber to pay for electric or solar. I have enough money after my down payment to pay to have my pole barn building with concrete floor built. Then I am out of money until I see how much I will get for timber.
There is no one else around us. Other people own land (trees and a little field ) on that road but no one lives out there. the dirt road that runs through the woods runs from the main road to our place is six tenths of a mile. The only thing I have seen out there are turkeys and deer.
Susie

Who maintains the road, you? What happens in poor weather?
Logging is fine, but it can't always be done when you want it done. What happens in the meantime when you are waiting for the money from logging? How do you pay your mortgage on the land?

What about jobs?

15 thousand dollars for electric is........horrific.

What about a septic system when you do finally build? How far will you be hauling water every day? And yeah, that DOES get very old.

You said something about a portapotty, a commercial one? Or one you will be digging holes and moving every so often?

MushCreek · #15 09/30/08, 03:28 PM

I'd learn all I could about the local Building Codes. There are often loopholes. The key is to find the answers without letting them know who and where you are. In rural SC, for example, you can build a barn for agricultural use without permits or inspection. But if you announce that you are going to live in it for a while, they'll make you meet all the codes for a house! So- don't volunteer any information. I'm paranoid, so I call, but not from my own phone, and I don't tell them who I am or where I'm calling from. I don't want to alert anyone at City Hall that I might be considering something that might be technically illegal. If you have the energy, I say go for it. It's too bad that people who just want to homestead have to either sneak around, or jump through all sorts of hoops to do what they want on their own land!

Maura · #16 09/30/08, 04:16 PM

Where we are, you can't get a permit to build a house until the property has been perked. You are going to need a well and septic no matter what you do, so think of this first. Is there water? Can you put in a septic field? Talk to a couple of well drillers in your area.

And, yes, I'd go for the larger parcel.

Callieslamb · #17 09/30/08, 04:25 PM

You're asking US if we think YOU are crazy? We define crazy here. We do the impossible. We make it work. I like the pole barn idea. We almost did it this year. It will make a great home. You might even decide to just stay in it and build something else for the critters.

CJ · #18 09/30/08, 05:07 PM

Can you do it without logging it? Have you seen property after it's been logged?

It's horrible. And if you don't have the equipment to clean it up...

dragonfly1113 · #19 09/30/08, 06:49 PM

Quote:

Originally Posted by Shygal

Who maintains the road, you? What happens in poor weather?
Logging is fine, but it can't always be done when you want it done. What happens in the meantime when you are waiting for the money from logging? How do you pay your mortgage on the land?

What about jobs?

15 thousand dollars for electric is........horrific.

What about a septic system when you do finally build? How far will you be hauling water every day? And yeah, that DOES get very old.

You said something about a portapotty, a commercial one? Or one you will be digging holes and moving every so often?

No one maintains the road, it is an old abandoned county road. The road is bumpy but good and hard packed. We will probably have to maintain it. gravel ect. Bad weather, hopefully we can get some gravel in before then.
I took into consideration that logging may not get done when I wanted so I gave myself time by getting it approved to set the balance up on a note and pay the interest every three months. We will do this until the logging is done and our house is sold. I am trying to avoid two big payments (our current house and the new land) after it is logged then we will decide where to go from there. portapotty will be commercial as we can not have outhouses here in kentucky. Hauling water will not be everyday. DH will haul it on a trailer to a holding tank when we get there.
Susie

agmantoo · #20 09/30/08, 07:01 PM

Regarding the logging....have the timber appraised prior to cutting it and within a year of buying the property. In so doing, that amount of income from the timber will not be taxable as you used tax paid money for the purchase of the trees and now you are converting the trees that you paid your money for back into money. This makes it your money coming back in and not capital gains.