Property value vs Personal value

Discussion in 'Homesteading Questions' started by nana-san, Nov 27, 2006.

personal values or market values?

  1. personal values

  2. market values

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  1. nana-san

    nana-san Well-Known Member

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    I recently had a conversation with my SIL. I mentioned to her that I was not interested in property value. I would much rather purchase land that makes me and my family feel whole instead of the market value down the road. Land that hubby and I can pass down to our children. That would mean no subdivison, outside of town limits, acreage, woods and outside of "civilization" as she calls it.

    How many of you consider/considered personal value over market value and why?
     
  2. sisterpine

    sisterpine Goshen Farm Supporter

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    We definately consider personal value to be more important. DH just returned from a trip to AZ and NM where he was gonna see if there was any land he liked for use as a winter retreat from MT. Thankfully he returned and said there was no place he liked or felt safe and at home at more than the place we have now! I was so happy I cried cause I really want to spend my last days here. I want to have a safe place for my children and family to come if needed also. Sis
     

  3. Pony

    Pony Well-Known Member Supporter

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    The real estate we own right now has a higher monetary value than the property we are looking for. But that does not necessarily give it much personal value for us!

    We live less than 30 minutes away from the world's busiest airport. One of the largest Midwestern malls is even closer than that. There are convention centers, "culture" and night life, and every time I turn around, some corporation is putting up "MORE."

    "More what?" you ask?

    More of what is already there. Just more. That's all the people around here seem interested in... More, more, MORE!! We hardly have any open space left! And now they are going to extend the commuter railway even further into our area. So we can fit in MORE.

    We are interested in finding land out of the flight path of major airways, away from what some deem "civilization" and closer to things that are less developed.

    Believe me, I am not ungrateful for a roof over my head, food in my belly, clothes on my back, and all the other accoutrements that come with living here. I'm just overwhelmed by all this progress.

    "Progress" is a very subjective term, I've learned.

    Pony!
     
  4. moonwolf

    moonwolf Well-Known Member

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    personal value is why I chose the land where I live.
    One can't always control development, especially if you choose being close to a big city that will sprawl inevitably. The further away, the better in my minds eye. Thus property values aren't that much of a factor to consider over personal values when you choose less convenience of what the city life has to offer, and yet live your comfort level with less population stress further out where values won't likely appreciate for a while.
     
  5. Ravenlost

    Ravenlost Well-Known Member Supporter

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    Personal value is why we bought property that is mostly in a flood plain. My MIL, a former realtor, thinks we are insane!
     
  6. bostonlesley

    bostonlesley Guest

    I don't give a fig about property values. The farther I live from a major city, the happier that I am..the farther that I live from a small town which has some kind of "need" to act like a big city, the happier I am. The more inconvenient it is for people who are accustomed to big cities to move there, the happier that I am.

    the only person that I have to please with the "value" of my property is myself. :)
     
  7. Deb862

    Deb862 Well-Known Member

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    We buy for personal value but have found that we are very "picky" when it comes to the land we want. We have found that usually better quality land is more expensive or has more "market value" to it by nature.
     
  8. Terri

    Terri Singletree & Weight Loss & Permaculture Moderator Staff Member Supporter

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    DH, the city boy, turned out to care very MUCH about the dollar value of a property, which I only found out AFTER I had located 5 acres with a spring-fed pond. Man, that hurt when he backed out at the last minute! I was not concerned with property values because it makes the taxes go up, and because I did not intend to sell it.

    To my great relief, he LIKED the next parcel I found. So did I: it has 5.5 acres and a tiny spring-fed creek. He likes it because it is between 2 cities and is reasonably close to a main road. And, it is closer to our home.

    It is good to have BOTH of us satisfied!!!!!!!!
     
  9. Ramblin Wreck

    Ramblin Wreck Well-Known Member Supporter

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    Personal value is why I keep the farm I inherited from my Dad, although from a market perspective, it would make "financial sense" to sell to developers and move elsewhere. If I can pay the taxes, I'll keep this place until I die, but I've invested in other land just in case and to provide something for the kids.
     
  10. mightybooboo

    mightybooboo Well-Known Member

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    Personal value,but I know others who got both,cant argue with that.
    Guess I will never be rich,but contentment,I have more of that than many others.

    Looking for isolated land by choice makes market value less by location (works for me though) ,so thats where we are at on that.

    BooBoo
     
  11. Pink_Carnation

    Pink_Carnation Well-Known Member

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    When we were looking at possibly moving/building the agent we worked with kept telling us that if we build we needed to add in things to "retain the market value". I was anoyed because why should I spend money on a jetted tub if I don't want it.
     
  12. Jan Doling

    Jan Doling Well-Known Member

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    Pony,

    In the county next to mine, they are re-routing the flight paths to put the planes over country property so the fancy suburbs will no longer have to be inconvenienced! It is very inconvenient for those of us that bought land in the middle of nowhere so we wouldn't have to deal with noise polution.
     
  13. Beaners

    Beaners Incubator Addict

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    Personal value. I'm not looking for someplace to live to flip it in two years, my husband and I are looking for a place we can call home. What do I care how much someplace is worth if I have no desire to sell it? That doesn't mean I'd refuse a place because it would be worth more, it means it just isn't in the equation we're using.

    Kayleigh
     
  14. MICHAEL B OHIO

    MICHAEL B OHIO Well-Known Member

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    When we were looking for land we required afew things. Wife wanted a creek. I wanted a place to build a pond. it had to be 5acres or more. we didn't care about future value as we plan to never sell. Michaal B
     
  15. mayfair

    mayfair a yard full of chickens

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    Personal value- we would like to find a place and stay put not flip it or sell in a few years. Try telling that to a realtor...
     
  16. roadless

    roadless Well-Known Member Supporter

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    I can't wait for the day when I leave the 1 acre property with the big house to live in a small cabin on 53 acres. It is goofy to me that the one acre property has 3 times the market value , but not to my way of thinking! The small cabin is priceless, and that is what I personally value!
     
  17. Jenn

    Jenn Well-Known Member Supporter

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    Market value is the average personal value, or some known (personal) value of a definite buyer- who just bought it or is about to. Property is the same as any other good. If you want to buy my car but I love it so much I wouldn't part with it for the world (or a million$ etc) then the market value is immaterial. But perhaps if my car is the only such specimen in the world (more likely with an art object or gem) then maybe the personal price (ie priceless) is the correct market price.

    I sell my time. I am willing (if DH's schedule or some other definite reliable babysitter etc is available) to work anytime anywhere however the price for working far away and inconvenient is so high (my personal price) it only rarely is paid; only rarely does it turn out to be the market price. If I get hungrier and when I have less responsibilities my personal price will get cloer to the market price and I will work more.

    If you ever (and how can we ever tell?) have to resell then you should consider resell value when you buy. I could afford (according to the bank statements) a place for 4-5 times the cost of this one but I'd leave myself in big trouble if I couldn't get any of that (our retirement) money back if needed. At the price level of this place, though, if we misguessed the market price and lose money if we ever sell it, well the amount we are likely to lose will be affordable to us. And the first house we bought we offered $5000 more than the VA appraisal because it was worth that much (and maybe more!) to us. And yes we lost that much and more when we had to leave.
     
  18. Rockin'B

    Rockin'B Well-Known Member

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    There should be a selection for both. Having an eye open for financial value while serving the personal needs are not necessarily exclusive. We own a place of great personal value but the general area was selected with future value in mind.
     
  19. hoofinitnorth

    hoofinitnorth Well-Known Member

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    Sure, every user considers value in use vs. market value. Investors rarely do, unless it is a special-purpose property.
     
  20. jnap31

    jnap31 garden guy

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    Personal value is what is important to me if you saw my house you would understand that, even more so if I get raw land and build my own place shortly. I would like a more remote place but when you get to far away from the city then it is not feasible to truck in your produce to sell at the farmersmarket and since that is how I plan to live and make enough to rent my property from the government then I better stay atleast an hour from town.