Advice, Thoughts, and Opinions on Buying Land

BarredBuff

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For the past several months, I've been shopping for a small farm to buy. It's largely been unfruitful at best, and stagnant at worst. What advice do y'all have for me as I shop for land? I need help!
 

wyoDreamer

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What are you trying to find? how much land, what amenities, know your market.
Look on Zillow and see what is out there and how fast things are selling.

It took us over a year to find the right place for us - and we only got it because our realtor was actively working for us. Another realtor from her office was the realtor for the person selling our place. We heard about it before it was "officially" listed for sale. 2 buyers looked at the place on the first day the seller was willing to let anyone in and both of us put in an offer that day. That was on Saturday - on Monday, she had accepted our offer. On Monday, she had another 4 buyers wanting to look at the place.
 

FarmerJamie

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@BarredBuff good to see you again! We are struggling with this right now, too.
My thoughts to start with
1. What is your budget
2. What are your must-haves
3. What are your dealbreakers
 

Lazy Gardener

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It's a seller's market right now. So, you'll need to be pro-active and act quickly when you see what you want. Get pre-approved for your mortgage. Look for unconventional options: repossessed property by bank or tax lien. Network. Let everyone know what you are looking for. Ask all of your friends to pass the word. What do you want? Be sure you look at land first. Homes can be changed. But, if you don't start with good land, in an area that does not restrict your property use, it won't matter how nice the house is.
 

BarredBuff

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@BarredBuff good to see you again! We are struggling with this right now, too.
My thoughts to start with
1. What is your budget
2. What are your must-haves
3. What are your dealbreakers
Good to be back around for a little bit!

1. My budget is dependent on the potential of the land. If I thought I could pay for it with investing in the land, I would definitely be inclined toward. A smaller piece would need to be more manageable I suppose. I really hadn't though much about he budget.

2. Any property has to have some wooded area, usable ground water for a well, and needs to provide secluded area for a home. I want to be in the woods. I want areas for pasture, and some garden space as well. A pond or water access would be great but not a must have.

3. Direct neighbors that can see in my immediate house site. I want privacy.

Here are some scenarios that I could live with:

Scenario #1: A small farm (25 to 50 acres) with an existing home, barn, etc. with areas to graze livestock and grow a garden.

Scenario #2: A larger farm (100+ acres) with the potential to make some money to pay for the purchase. Area to access for a farm stand, greenhouse, or nursery to provide retail space. Land to graze cattle, hogs and poultry to sell for slaughter.

Scenario #3: A large undeveloped and secluded area with all the must haves at a cheap price.

Just some thoughts.
 

baymule

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Where are you looking? Is the area growing or depressed? What are land values? What would your budget/payments be? Could you put up a small building to live in for the time being?

We bought a HUD repo. It's a doublewide on 8 acres in a rural neighborhood. We have good neighbors and a good community. In a SHTF situation, you cannot stand alone, you need community, so pick a good one.
 

wyoDreamer

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Also, be aware that farm properties have different requirements for loans than residential properties do. Since our place is a farmstead - barn, calf shed, machine shed, etc. (9 buildings total) AND the land if zoned AG, our first loan application was a no go and we had to go with a company that deals with farm loans.

If you can get pre-approved it will give you an edge over someone not pre-approved in a bidding war situation. You don't have to tell anyone what you are pre-approved for, but it will help to know that info while you are searching also.
 
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