Buying rural property today doesn't have to be an unrealistic dream for the "average" person -- if you're willing to plan ahead and resist the urge for instant gratification.
The days of $50-an-acre land are gone forever, but then so are $1,000 VWs, a $5 pair of shoes and a 10 cent candy bar. Yet every day, throughout the country, folks who are far from well-heeled are buying rural land and homes. Some of them will be able to hold onto that land. Others won't.
Unfortunately, some people who buy rural property nowadays -- and maybe it's been like this forever -- seem to be motivated by a sense of desperation. They may hastily purchase the first "bargain" that comes along. Although it's one of the largest financial transactions most people make in a lifetime, buying land often seems to rival the purchase of a new pair of shoes in the amount of planning involved.
For instance, back in the 1970's and '80's the Idaho Panhandle was a very popular place to homestead. It had magnificent scenery, relatively unpolluted air and water, mild seasons and laws that didn't intimidate newcomers. But it was also a tourist haven, a region with a perennial high unemployment rate and high land prices.
People tended to buy land there on a "weekend binge." They would take a few days off their jobs elsewhere, rush to the Panhandle, look at a few properties and put a down payment on a piece of land that "looks" nice. For an inflated price, they bought land that had no water on it -- and no chance of obtaining water. Or they bought land that is accessible only by Sherman tank during the spring mud season. Or they chose land on which the boundaries hadn't been clearly defined. When they finally did move on to their land, they realized, too late, that they'd bought someone else's headache.
This scenario was repeated many times, and the result was a "For Sale" sign on nearly every mile of private roadside in the area. There were literally thousands of rural properties for sale in the two northernmost counties in Idaho alone.
Today North Idaho land has become more expensive and is attracting many people who have been able to maintain their big-city incomes. Technology has enabled them to telecommute from their own little slices of paradise in the Idaho Panhandle. Many country homes in that area now may be out of reach to would-be homesteaders who are not as fortunate as to be able to maintain their city jobs from a distance. But there are many other places in the country that have become new destinations for rural wannabes. These areas still have wonderful scenery, reasonable land prices, low population, little crime, and friendly people. The key is finding the place that's right for YOU!
PLAN -- PLAN -- PLAN AHEAD
Although the urge to get onto your own piece of property may be overwhelming, haste might well bring on a financial heart attack.
Case Study: How to do it right
Consider the more prudent approach. Harry and Jane have been planning a move to the country for several years. They have been saving for a cash payoff on a small acreage. They did their homework thoroughly before selecting a region of the country that suited their needs and fit their personalities. After reading a number of books about moving to the country, and speaking with friends and family members who had already done so, they sat down and listed the qualities that they were looking for in their new location. Their list included items such as the type of scenery and climate they prefer, proximity to colleges (their children are in high school), and job opportunities within a reasonable distance to accommodate Jane's career as a dental hygienist. Harry works as a consultant for a large corporation that has in recent years begun to encourage its employees to telecommute. When they finally selected an area, Harry's supervisor was delighted, as the company had been planning to expand into that area, and was in need of a local representative there.
Through many visits to the area they selected, Harry and Jane have become acquainted with the economy -- the "good" and "bad" land areas, exactly what kind of land they want, and what they should reasonably expect to pay for it.
After looking at several dozen acreages, Harry and Jane zero in on three that would fit their needs as far as water, access, soils, vegetation, utilities, distance from town and other factors. Rather than take the owner's or agent's word on the more important features of the properties, they spend time in the courthouse checking the legals. And, perhaps just as important, they talk to neighbors in the immediate area of the properties and ask a lot of questions that might embarrass the landowners.
As a result of their sleuthing, they find that the "shallow" water table on one property is probably 200-300 feet deep, through soils that offer less than ideal drilling conditions. On another piece, the neighbors have been squabbling for years over a boundary line.
Harry and Jane can find nothing amiss with the third property except the asking price. But they know it's a buyer's market and the asking price and the paying price are sometimes two widely different creatures. (The property was offered for sale by the owner, but Harry persuaded a realtor to show them a Multiple Listing Service book that lists what properties actually sell for versus the asking price.)
Armed with information on what comparable properties in the same neighborhood sold for, they approached the owner and made a cash offer. The owner came back with a counter offer, which Harry and Jane countered, and the owner accepted.
Harry and Jane now have a free and clear property. When they are ready to move onto it, they will be able to handle the expense of building their own home without the burden of monthly land payments.
Now that we see how its done, let’s look at Your first step: location.
Read on:
Buying Rural Land: Finding the Location
Good luck in your search! Rural Property Bulletin is a tool that can help you find the place of your dreams.
Copyright © 2004 Rural Property Bulletin
"Rural Property Bulletin -- The National Marketplace for Rural Property Since 1980."
Author info: Sandy Benson has published Rural Property Bulletin since 1980.