Contemplating a land purchase...
- Thread starter jagermeister
- Start date
Oh I believe it... there's plenty of land in Medina County that sells for that much and even higher. Especially up in the Granger and Hinckley Twp areas. The lot I'm looking at is in the boonies... amish country actually... so I don't have a problem with trying to low ball this guy. I'm just wondering why nobody has snatched it up in the past few years... makes me wonder what's wrong with it. :smiley_chinrub:
rgecko23
*Supporting Member*
Milo
Tatonka guide.
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i would do a land sales check and see what people have been buying property for in the area. armed with facts is a great way to bargin shop. plus you don't want to make a silly investment either. remember to discuss the situation with who ever your getting a loan with to buy it so they can help you get it purchased. the rules have changed so much over the past year i would speak with them first. raw land is a terrible investment banking wise(for them)....
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A couple years ago a house across the road burned down that is in the county. I called my agent and told her to keep an eye on it if the land comes up for sale. She said it would sell close to 56k... The lot was 3/4 of an acre! Fugg That! I can buy 40 acres in VC for that. lol
I guess it is all about location. We had a small farm sell at auction down the road within the last month or two. 230acres split in three parcels. Some of it brought expected prices $2-4k/acre. Last chunk (least desirable chunk to most) brought ridiculous money for what it was. Can't remember if they said $5k or $7500k, but for what it was it was about double what it should have been. You just never know. Then again, my buddy bought a property on a state route just two miles off the interstate a few years ago for $30k. Came about half wooded and half open. 7 or 8acres with a decent building I think 30x40 for $30k? I am still kicking myself for not buying that one.
Wanna laugh? Take a look at land around me. It has become frakin rediculious.
http://www.realtor.com/realestateandhomes-detail/South-Galena-Rd_Sunbury_OH_43074_M43910-41250
Most is around $20k and acre. Building lots are running 52k...ugh. Soon I won't be able to live here due to the taxes. They are going up, up and up. We are going to be New Albany before long.
Beentown
http://www.realtor.com/realestateandhomes-detail/South-Galena-Rd_Sunbury_OH_43074_M43910-41250
Most is around $20k and acre. Building lots are running 52k...ugh. Soon I won't be able to live here due to the taxes. They are going up, up and up. We are going to be New Albany before long.
Beentown
Is that property approved for septic ? That would be a huge issue if it's not. Another issue you could run into down the road would be the cost to run electric and water lines. It's always the " Other Things " that people forget about and some of those other things can get pretty pricey.
I have had a few people run into a good deal on land and in the end they sold it because they couldn't afford all the extras that you need.
Good luck and I hope you can snag it
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I have had a few people run into a good deal on land and in the end they sold it because they couldn't afford all the extras that you need.
Good luck and I hope you can snag it
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Redcloud makes a good point Jim. You might check into what the permits to cut in a driveway and things like that might run you. Whether it is this property or another, there are always things to sneak up on you which you might not have expected.
Some of the woods may be selective timbered if the are desirable hard woods. Either for veiner or a diameter cut. That may pay for the cost of improvements... (water,elect,septic driveway)
Putting in a pond or small lake as a long term water source could be considered. Typically, pond water is a more reliable source than a well.
Putting in a pond or small lake as a long term water source could be considered. Typically, pond water is a more reliable source than a well.
I didn't see it but do you get the mineral rights ? If I'm thinking correctly on that issue if somebody else holds the rights they can come onto the property at anytime and decide to open a strip mine anywhere they please.
Lots of homework to do and I'm sure you have done alot already. I just know that sometimes buying plain land is more work then buying a house on a small city lot lol.
Again, Best of luck and I hope it all goes well for you.
Lots of homework to do and I'm sure you have done alot already. I just know that sometimes buying plain land is more work then buying a house on a small city lot lol.
Again, Best of luck and I hope it all goes well for you
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Is that property approved for septic ? That would be a huge issue if it's not. Another issue you could run into down the road would be the cost to run electric and water lines. It's always the " Other Things " that people forget about and some of those other things can get pretty pricey.
I have had a few people run into a good deal on land and in the end they sold it because they couldn't afford all the extras that you need.
Good luck and I hope you can snag it
LOL... I'm actually the guy that does the approving for sewage systems... so, although I doubt it has an approval currently on file, there's nothing that I can see that would prevent it from being approved. An up-to-date site evaluation and approval would definitely be conducted before I decided to roll with it, though. Good points nonetheless, RC.
I haven't walked the property yet, so I don't know what kind of timber it holds, but that is a good idea. However, there's no way I'd install a pond as a private water source. Pond water harbors MANY more contaminants than well water... as a result, these systems require thousands of dollars worth of disinfection and filtration components in order to be approved as a potable water source. Luckily, this property has rural water right out front... so a private water supply wouldn't even be an issue.
I didn't see it but do you get the mineral rights ? If I'm thinking correctly on that issue if somebody else holds the rights they can come onto the property at anytime and decide to open a strip mine anywhere they please.
Lots of homework to do and I'm sure you have done alot already. I just know that sometimes buying plain land is more work then buying a house on a small city lot lol.
Again, Best of luck and I hope it all goes well for you
Truth be told, no I haven't really done any research on this lot... yet. I've only spoken with the owner once, basically just trying to find out how much he was asking. Since he basically left that open for discussion, it has really peaked my interest. Once I figure out how much my raise is going to be in a week or two, I'll be doing some more research and figure out just how much I want to spend on this place.
The only regret I have with our home is the land. I purchased a 30x50 pole barn and the approx 1/3 acre it sat on for $10k from a neighbor 8-10yrs ago. Could have bought the field behind it (3-4 acres) for another $10k. Huge mistake. I regret it to this day. At the time the barn was something like $125/mo for 10 yrs. The land would have cost me $250/mo for 10yrs. They both would have been nearly paid for by now. At the time our house payment was $425/mo. We have added on since as we decided this is where we are staying. The extra few acres sure would have been nice. Everyone I have ever talked to that bought land or had opportunities to buy land adjoining their property kicks themselves down the road if the chose NOT to do so early on. Seems to be a common regret when these opportunities arise. Just my experience with it.