Riverfront Property

Discussion in 'Homesteading Questions' started by Balancedmom2003, Dec 17, 2003.

  1. Balancedmom2003

    Balancedmom2003 Well-Known Member

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    I have a slight chance of buying riverfront property. It is one acre of land with a small 2 bedroom singlewide on the property now. The view is fantastic and sitting down by the river is so peaceful. Now the flooding problem. With all of the extreme rains that we had last year the place flooded. Up the road about 8 miles is a very posh gated golf community and the property was in danger of flooding so they opened all 7 flood gates and the river over flowed. This was the first time this has ever happened. (spoke to neighbors who have always lived in the area and have no vested interest in the land that I would buy). The mobile home walls had to be redone as well as the flooring. After doing this the owners put it on a brick foundation. My plans are to rent to own and use it as a weekend vacation spot until I could start building. When I start building I will build on pilings as to hopefully avoid too much damage to the structure. Does anyone have any experience with building on pilings or living on water front property in general and can share pro's and con's on the issue. All information would be greatly appreciated.

    Thanks!

    Also want to add that property is only about 20 minutes away from where I live now and would be easy to maintain when not living there so free time during the week could be used to work on the property.
     
  2. oz in SC

    oz in SC Well-Known Member

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    I have no specific info but around here almost ALL new mobile homes and a lot of houses are built raised up about 10'....
    This entire area is in the 100 year flood zone and no-one on these islands would survive a direct hit from a hurricane :eek:

    It can't be THAT difficult simply because the mobile home set-up crews do it pretty quickly.

    You might want to look into how much your flood insurance would be-we HAVE to have flood insurance as well as regular homeowners(and of course a seperate policy for wind and hail in case of a hurricane :rolleyes: )

    Anyway good luck and it sounds nice,I'v always loved the idea of a nice creek/river flowing alongside my land.
     

  3. I have lakefront property and I have had times during high rains when the water coming into the basement has reached heights of over 2 feet (despite the best efforts of the sump pump) but the house is on pilings so I don’t think it can wash away. The basement (dirt floor) is damp all the time so storage of anything in the basement (except mold) is impossible. All appliances need to be kept up on the first floor (washer, dryer, furnace, hot water heater) and this take up a lot of room. Storage is always at a premium. View in the summer is excellent, wildlife abounds and nights are cool. In the summer the place is always damp, the mosquitoes are wicked, rude fishermen and jet skis are a constant bane.
    Ice-skating in the winter is fun, ice-fishermen with power augers at 6am are not, and the wind is always blowing. When I first bought the place, I lived about 2 hours away and would spend every spare weekend moment swimming, boating, fishing or just staring at the water. I now live 2 minutes away and I used the boat once last year and never went into the water. Seems crazy but if you have access to it daily, you seem to appreciate (and take advantage of it) a lot less. You might be better off just renting a place to get away for a week or two during the summer. Let someone else worry about rising rivers, maintenance and taxes.
     
  4. deberosa

    deberosa SW Virginia Gourd Farmer!

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    My old place was in a lake side community, although I was not on the lake. I had bought it in 1999 and no problem. I bought the land next door in 2002 and built a shop with a second mortgage. Then they decided I had to have flood insurance. That was $300 a year on a $25,000 mortgage. They had remapped my land after I bought the original lot. This is a federal insurance requirement and is expensive so be aware of it if you are financing....



     
  5. Beeman

    Beeman Well-Known Member

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    I would do some heavy investigating before building on land like that or buying it with plans of building. it is probably perfect for a getaway but to build your "dream home" might be a mistake. In some cases you might not be able to build at all, existing structures can stay but no new ones may be built. Also what does it use for a septic system? this could be a real problem and an expense. If there is a septic now it still might have to be hooked to some other system in time.
     
  6. RAC

    RAC Guest

    A couple of options if you're doing it solely as a vacation getaway--buy it with someone else and divvy up the time evenly (you would want a contract for this, and provisions to buy out the other party in case of unforeseen circumstances), or get rid of the existing mobile home (sounds like they ought to have gotten a new mobile out of it with that much damage) and just keep the hookups. Get a cheap trailer/RV and that way it isn't there to be damaged when it does flood again--may get you out of flood insurance that way, I don't know.

    If you buy it as a rental, look at the surrounding community. Depending on the economy, some places that seem like they would be great rentals turn out not to be. Some areas we've looked at for property attracted either welfare or fixed income retirees, because there were no jobs other than waitpersons or clerking in the local stores. You can't get the rent you think you should in such a nice area. Maybe you can stay in it while fixing it up between tenants.

    Trouble with vacation homes (and timeshares to a certain extent) is that they tie you down to visiting one place. On the other hand, they have some tax advantages, as well as hopefully appreciation down the road.
     
  7. Balancedmom2003

    Balancedmom2003 Well-Known Member

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    Thanks for all of the replies. I still have not heard from the realtor about the "rent to own" situation. It might just be an impossible dream. The river is a very small river and the property is on the dead end of the road with a house on each side and one across the street. It is a no restriction area. Across the river bank is Ft. Bragg Army base. Ft. Bragg owns all of the property and does not have anything built on that particular area. (Ft. Bragg is huge, it takes up property in 5 counties .) I will check into the aspect of an existing dwelling and building another one. It is on a septic system and has its own private well. I will also call my insurance company to find out about flood rates. I am somewhat awed by the area and the tranquility of it. After digging information and researching I will be able to decide if it is worth it. Keep any thoughts coming.

    Michele