I have an opportunity

Discussion in 'Homesteading Questions' started by ruester, Dec 29, 2006.

  1. ruester

    ruester Member

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    I don't post here much, but I lurk a fair bit.

    My wife and I can purchase 2 1/2 acres with a livable house, and we are blessed to be able to do it with cash. That's not much dirt, but its a darned site better than the acre we're renting now. (47 quarts of beans here this season!!) The house will need some work, but I don't doubt that we can handle it. Land around SW OH is going like hotcakes now, and this is on the "edge" of the development zone. (Land is approx 20K an acre for building, 14K for farming).

    No mortgage, no rent, kids go to a school district next door to their current one, and I add 15 minutes to my drive to work. It has fair outbuildings too.

    Opinions?
     
  2. moopups

    moopups In Remembrance

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    Can you supply a more sufficant question? Not sure what your asking here.
     

  3. tamsam

    tamsam Well-Known Member

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    BUY BUY BUY if you can. The land factory closed and they say it will never open again. We bought our place and had to completely rebuild the house. We are still working on the house but we are proud of it and it is ours. Good luck with it if you decide to buy. Sam
     
  4. morrowsmowers

    morrowsmowers Well-Known Member

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    Unless you have the cash to go for more I'd be considering it -- especially the no debt part. With development around you will the taxes be jumping upward??? What about increased traffic and congestion??? You could even end up working from home in the future and home schooling the kids -- that would really reduce commuting expenses and travel times .... enough space to have a really decent garden, a few small animals, etc. and it looks good. Is all of the land usuable (i.e., no marshes/swamps, etc.)??? Will there be any restrictions on your use of the land from the county or township???

    Ken in Glassboro, NJ :lookout:
     
  5. mellba

    mellba Well-Known Member Supporter

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    Ruester, I'd go for it!
     
  6. ruester

    ruester Member

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    Thanks. Details

    Very rural area. Development is coming, but in about 1o years, my guess. It's right at the "50 minute" commute mark to any population; which is, of course, where the jobs are. 50 mins seems to be the magic number here.

    The no debt part is, of course, enticing. taxes are about 550 a year, and I'm sure they'll jump. Ohio's economy aint the best and the one thing you can be sure of is that a politican will raise taxes at the WORST possible time for the economy. Zoning no problem. Everybody around the prop has chickens etc.

    TThanks for your replies
     
  7. Alice In TX/MO

    Alice In TX/MO More dharma, less drama. Supporter

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  8. Rockin'B

    Rockin'B Well-Known Member

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    Sounds to me like there is sweat equity potential as well as being in an area that should escalate in value due to encroaching suburbia.
    If you have longer term goals of getting further away on a larger peice of property, this may be a good step.
     
  9. happycat

    happycat Well-Known Member

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    Another vote here for grabbing this opportunity. Your children may be able to stay in the school they are at now (if that is an option for you driving wise), and if you choose not to stay after the development begins you should be able to sell for a tidy profit.
     
  10. insanity

    insanity Well-Known Member

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    I'm trying to buy the house and 1 to 1-1/2 acre behind me now. The house needs to be totally redone inside. But if i can get the owner terms i want. It will be paid for in six years and worth twice what I'm offering.(after being remodeled)
    At that time ill have to decide if I'm happy with it or do i really need the 20+ acres i want. But either i cant loose as it has every thing i want except the extra land.

    Its a far better feeling to own some thing free and clear, than to rent anything.
    As long as you feel you can get your money back if you decide to sell later, id say go for it.
     
  11. edcopp

    edcopp Well-Known Member

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    If it's a good deal move quickly, before someone else does. Enjoy. :)
     
  12. marvella

    marvella Well-Known Member

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    go for it. being able to pay cash is a big plus. even if development is coming, you can sit on it until it does come then sell at a huge profit. maybe enough to get the place you dream of, free and clear.
     
  13. omnicat

    omnicat Well-Known Member

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    Is this a trick question?

    You can buy this outrgiht - no mortgage, more land, a decent building.

    Or you can continue to live where you are and pour money down the rent-hole.

    um....
     
  14. seedspreader

    seedspreader AFKA ZealYouthGuy

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    You don't say the price, but it sounds like if you can buy it for cash it's a good deal (unless you are wealthy)... It's an enviable situation to be in and that 2.5 acres can parlay you after a few years of working on the house into something bigger and better later if that's not enough land for you. But it's a 250% increase over where you are now (size-wise).

    Where in Ohio are you?
     
  15. Terri

    Terri Singletree & Weight Loss & Permaculture Moderator Staff Member Supporter

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    Think ahead to retirement: your income is going to drop.

    You can either be squeezing a rent payment out of your decreased income, or you can buy a place and only pay the taxes on it. Which decision will set you up better in your old age?

    If you do not buy this one, buy another.
     
  16. MaryNY

    MaryNY Well-Known Member

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    Be sure you grow and raise every plant, tree and critter that you think you will ever want, and keep at least one of everything every year or so, so you will be grandfathered in when the "development" comes and the community starts to legislate what you can do with your own land . . . like not raise chickens, etc. . . . and they will do it. All them city folk ain't got no idea that veggies grow in the very dirt they use antibacterial soap on their kiddies to get rid of, or that animals actually produce manure!!

    Sounds like a great deal! Good luck!

    MaryNY
     
  17. sewsilly

    sewsilly Well-Known Member

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    Yep, I'd do it, and if you're driving to where your kids are currently in school, and I was happy with the schools, I'd keep the kids there. This is often just a matter of paperwork with the local district and the 'out of district' district. My kids are out of district, because the closest school that i LIKED was in the city that we work in, NOT the one that we live in.