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- Jul 17, 2019
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The Little Arrow That Could
I've had an idea forming for a while to buy a bit of land out west and develop it over the years so that down the road it could be a sort of peaceful, secluded vacation spot (and pick a spot where there's an airfield nearby of course!).
The prices on some of the land is incredibly cheap on a per-acre basis because it's (thankfully) far from civilization and has virtually no amenities, save some road access.
The thing is, while it's nice to look at pictures of various parcels, I have no practical experience owning or developing land. Much less land that's in the middle of nowhere, ~1000 miles from my primary residence. When I day-dream about doing this all I can see are the asking prices for the properties and none of the downstream costs/logistics for making it habitable/accessible.
I wouldn't be buying it as a financial investment. I'd fully expect I'll never see the money again. So liquidity or being able to sell isn't a concern.
But it's the kind of thing where if I did it I'd want to buy it and not have to give a second thought for (maybe) years at a time until I was ready to start building on it and maintaining a very modest vacation cabin there.
What are some of the considerations of pursuing this idea? Are there cases where buying land actually turns into a liability/headache even if you leave it undeveloped and don't touch it?
Any recommendations on things to consider / potential pitfalls? Trying to get an idea if this is a total pipe dream or reasonable. Any thoughts on the matter are appreciated.
The prices on some of the land is incredibly cheap on a per-acre basis because it's (thankfully) far from civilization and has virtually no amenities, save some road access.
The thing is, while it's nice to look at pictures of various parcels, I have no practical experience owning or developing land. Much less land that's in the middle of nowhere, ~1000 miles from my primary residence. When I day-dream about doing this all I can see are the asking prices for the properties and none of the downstream costs/logistics for making it habitable/accessible.
I wouldn't be buying it as a financial investment. I'd fully expect I'll never see the money again. So liquidity or being able to sell isn't a concern.
But it's the kind of thing where if I did it I'd want to buy it and not have to give a second thought for (maybe) years at a time until I was ready to start building on it and maintaining a very modest vacation cabin there.
What are some of the considerations of pursuing this idea? Are there cases where buying land actually turns into a liability/headache even if you leave it undeveloped and don't touch it?
Any recommendations on things to consider / potential pitfalls? Trying to get an idea if this is a total pipe dream or reasonable. Any thoughts on the matter are appreciated.