Ok, it literally just hit me that I should look into buying some property mainly for hunting purposes. I already own a home with about 1.5 acres (not paid for by the way...still have 20 or so years left if I keep paying extra principle). So keep that in mind since I probably can't afford 100+ acres. I'm also lucky enough to have access to a 1000+ acres (free of charge) of land that belongs to the company I work for. Its bowhunt only and only a handful of people hunt it. I still would like something I could call my own though. Anyway, I'm shouting out to all land owners out there who have a modest amount of acreage and who hunt/manage it. See following questions.... 1. What do you believe to be a MINIMUM amount of land suitable for hunting? I realize I could get a variety of answers with this. I live in Southwest Virginia to give you some perspective . 2. How much is required down these days for land? Is it less than a home? 3. Am I allowed to "tramp" all over a property I'm interested in before buying? 4. Would you prefer to live comfortably and not have an extra payment to worry about or scrape by paycheck to paycheck to eventually own something to call your own? They aren't making more land ya know. 5. Is there anything else I should be asking? :D
I've always been in this position (looking to buy land), and while my parents own land, as does my sister, I've never had to purchase it myself, but I can offer a little insight from when I've been looking. 1. What do you believe to be a MINIMUM amount of land suitable for hunting? I realize I could get a variety of answers with this. I live in Southwest Virginia to give you some perspective This is location dependent. 15 acres with the "right" setup is better than 200 acres void of good bedding, water, food, etc. . 2. How much is required down these days for land? Is it less than a home? Unless you go through a land broker or refinance on your existing mortgage, most banks will be hesitant to loan on undeveloped land, and if they do, they will require a greater down down payment (often more than 20%), and the interest rate will be higher. 3. Am I allowed to "tramp" all over a property I'm interested in before buying? Most land I've looked at requires that the realtor be with you before accessing it, but I did look at one property that the owner said it was walk-on without appointment (that was nice not having the pressure of the realtor with you). 4. Would you prefer to live comfortably and not have an extra payment to worry about or scrape by paycheck to paycheck to eventually own something to call your own? They aren't making more land ya know. I've gone through this in my mind over and over, and with the economy the way it is, and the lack of stability even in my job field, I'm leaning more towards the former. My house will be paid off before I'm 40, and that's a nice thought. Around here, land is so expensive, I can easily tack another 10 or 20 years on top of it if I were to buy some, and while the land would be great, our area is in question imho for the long term with the gas development we're seeing in the area. At this point, I'm unsure. I know I'm not willing to give up some luxuries to strap myself with an additional payment. 5. Is there anything else I should be asking? As you probably know, check the topography thoroughly, and walk the ground, talk to the neighbors, etc. Get a good feel for a piece of property beyond just what the listing and realtor states. Land CAN be a good investment, but not always. Consider access, existing leases held by the owner, rights retained (mineral, gas/oil, etc) as well as any ROW issues that might come up. Find out if the neighbors hunt, you might be able to form a bond with them and gain access to even more ground. I'm sure others here will chime in with more experience than me.
Matt pretty much nailed it. Look at the area around the land in question, is it growing could the land be worth a lot more in the future. You have to look at it from an investment stand point even if you never plan to sell. With my property I have it set up so I can divide it if I have to some day. IMHO you can't go wrong with land unless you can't afford it. Good Luck
What you need to find is a farm credit place in your area. Here in Wisconsin it's Badgerland Finacial. http://www.badgerlandfinancial.com/index.php?option=com_content&view=article&id=19&Itemid=50 If you don't have one in your area, you might even be able to use them or finding a place closer from a surronding state. These are the same places that give farmers loans on farm land. MGH is right, a regular bank is not going to bite off on wooded undeveloped land very often. I would get preapproved if you can. That way you can use that to your advantage when make an offer and also actually know what you can afford and get a loan for.
Thanks for the responses guys...especially you Matt for your thorough reply. I think for now ill just be on the lookout for a good deal and go from there. Guess I should run this by the wife too. My father-in-law has a picture perfect piece of land with a little pond and his camper setup as a makeshift "cabin." Id love to have something similar.
