Buying land, input needed

[Howboutthemdawgs]

I love my Quonset hut. Has so much space and for whatever reason it gets really bright when the shop lights are on. Easy to work in. Buddy looked at a farm where a guy had a 40’x60’ installed and it was around $150k.

 

[Tree Spud]

how much value does a quonset style barn add to a property. It doesn't look the best of shape (I will be checking it out today) Also, there is a lot of junk on the property - random pieces of equipment (that appears to not work) and other junk around. And there appears to be a lot of old wood ,hoses, broken shutters, ladders, 50 gallon oil drums (empty) and what not in the barn. If they leave a very old looking tractor (assuming it works) is that worth anything? Any input is appreciated with this information.

May be some concern with old oil barrels and if any oil or other chemicals got into the ground. You can always require a soil test with OTP.

Old tractors can be simple to work on, but brand will dictate parts and availability. They can also be money pits and unreliable. I got an old tractor when I bought my place. It was a nightmare to find a dealer and parts were scarce. It did start; however, I did not drive and it learned later that the transmission flywheel was corroded and frozen in place. Ask for keys and try to start and drive it on your walk through.

The Quonset hut would not be my choice, but at least it would be something to store stuff in out of the elements. Check the doors to see if they will close and can be locked. Check to see if it looks balanced side by side and is not lope-sided.

 

[Maddog66]

As far as junk laying around, I had the same. Old farm equipment, general junk, even a couple of cars and a destroyed semi trailer.

What I did was call the local junk dealer and offered every bit of it to him for free. I even helped him out by pulling a bunch of it out of the weeds with my grapple. He brought his big truck over 3 times.

Everything else got torched while drinking beer.

 

[hunts_with_stick]

I dont like of them either but it is a decent size. Dirt floor

 

[b116757]

Can always add clean rock or gravel to the floor for an on the cheap upgrade or go whole hog and have concrete poured if your going to use it for more than just equipment storage. I love concrete floors but really for some equipment/hay storage barns/sheds rock is plenty good enough and not worth the expense of concrete at $150 a yard plus labor.

 

[hunts_with_stick]

yeah, not too worried about the floor at this point. I would have loved to see a regular style barn that I could convert to a house/cabin. I feel they person is asking way to much especially considered what they paid for it two years ago.

 

[Brian662]

especially considered what they paid for it two years ago.

I just sold a property that I owned for about 2 months. I sold it for about $1,700/acre more than I paid for it. One of the people who was interested in the property when I was selling it, had put in a low ball offer based off of what I paid for it. I knew the value of the land, he knew the value of the land, and the guy who paid the valued price bought the land.

Point is, it doesn't matter what the (current) owner paid two years ago. Prices have gone bananas and he will get what he's asking, if it's fair, whether that's from you or somebody else remains to be seen.

 

[hunts_with_stick]

I gotcha, but i have a similar tract not too far away that I bought in 2021 and no way did it double in price. I have a pretty good understanding of what acreage is going for these days as well. I think he probably paid a fair price back then and I am willing to pay a little more, but not double what he paid.

 

[SD51555]

The old oil drums bother me. I’d be out looking for signs of contamination. Some guys used to just pour used oil on the ground ‘out back’.

That brings up another good consideration. I’d also be watching out if the ground was ever owned by a seed dealer. There is/was a problem with how to dispose of treated seed that was left over after planting season. I personally talked to a seed dealer who was burying it on his property. That concentrated neonic contamination over your well field is a sure fire way to super cancers for all who will ever drink the water there.


Sent from my iPhone using Tapatalk

 

[hunts_with_stick]

Interesting, ty

 

[RGrizzzz]

Assume all the junk is worthless or even an expense. If it has any value, the seller would have taken the value out of it. We ran into this with the place we bought last year. "It's worth something", but you never bothered to connect any of that value.... Right......

 

[hunts_with_stick]

I agree, I was looking at it more of a cost and would factor that into the price.

 

[Teeder]

4. Look at your toys and vehicles collection. Might be time for a garage sale and turn that unused stuff into land. I paid for most of my Can Am just by cleaning out the gun safe.

I paid for most of my can am with a guitar.

 

[hunts_with_stick]

Ended up passing. In addition to the field being littered with junk with high grasses covering a lot of it. There are also two dilapidated buildings just filled with junk and moldy things, Not worth my time or money.

 

[hunts_with_stick]

Plus the little "cabin" on the property was probably built by the owner and the eves are open to bugs and other creatures. Not sure if it was even property supported by the cinder blocks.

 

[Tree Spud]

Probably a good move, sounds like a mess to clean-up and deal with.

 

[Telemark]

Be aware that a 401k loan only makes sense if you can't get a better return from a different type of investment.

It basically only lets you pay more into your 401k. It doesn't earn you anything extra.