Neighboring land for sale

[Foggy47]

Stair are a thing as we age! We built our "forever house" 9yrs ago. It's got a full basement but the master bedroom, bathrooms, laundry, living room, and kitchen are all on the ground level. The basement will be for future family and friend visits.

I can guarantee that you will be happy that you eliminate stairs travel for your "golden years". We built our home with this in mind too. 1/2 step at the garage is the only step into the main floor of our home which has all the rooms we need for day to day living.....and even the patio is ground level. We do have a small basement with a storm shelter area and utilities........and we have lots of extra bedrooms and bathrooms upstairs for family and guests. But we don't do much up and down the steps anymore.....unless we have to. Things have changed allot in the past few years. (whine....lol)

 

[Telemark]

My biggest fear about not buying a neighbors land if it went on the market is the riff raff that might buy it!

Definitely. And it does happen.

 

[swat1018]

I would buy the land. If going in with your son, I would just survey it in half and each of you buy a portion separately, I think it would be cleaner that way, especially if you have other children.

 

[cbw]

This morning my son asked if he can go in on it with me, and split it. Which would be nice, being when we are gone, he is the only one of our kids that want our land. I haven’t ever purchased with co-owners, so I am not sure how to go about it. But I am sure the bank and title place does.

My wife asked, what happens if he decides to build on it, being we do have other children, and will have to divide equally in the will. But we will cross that bridge when we get there.

Like some said, splitting is the safest/cleanest way to go.

That said, our experience was joint, and so far (3.5 years in), it is working well…. Quick story: My dad owned 113 acres (he was able to buy back part of the family farm he grew up on after losing it in the farm crisis in the ‘80–but that is another story). 295 ac came up for sale next door. I had just gotten into bow hunting and wanted to go in together with my father.

We ended up putting together an LLC for the 295ac. We put the value of the LLC to be the price of the of the down payment plus $25k to cover closing costs plus initial improvements. We offered shares to my other siblings, and no one else wished to participate. I own 15% of the shares and my father owns 85%. Each year, we determine together what improvements, etc. And we split the farm payment based on percentage ownership.

If we were to build on it, I would make an offer to buy part of the land the build on from the LLC to keep it clean.

Bottom-line, I would 100% buy it vs. the house, and if your son shows an interest, figure out some fair/equitable way to include him.


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[Kooch]

Stair are a thing as we age! We built our "forever house" 9yrs ago. It's got a full basement but the master bedroom, bathrooms, laundry, living room, and kitchen are all on the ground level. The basement will be for future family and friend visits.

This is our plan as well.


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[TreeStander]

This is my concern, I only own 25 acres, this land is 40. The current owner doesn’t hunt, and it is a great deer sanctuary, and my concern would be new owners will hunt it hard.

There is your answer

 

[356]

Another voice for "buy" but "make sure your wife is on board." II may have opportunity to add to our bottom property, and will be making whatever fiscal and remodeling adjustments that are needed to move forward if the seller proceed.

 

[4wanderingeyes]

Is there any timber value on the land? Have it logged to help offset some of the purchase price?

I say buy it!

Not really, about half was a pasture in 2010, then left to grow after that. It is a thick jungle of aspen now about 4” or less. The other half is a mixture of timber and swamp, with a creek going through it. The timber area is along my current property line now.

My plan is to dig out an area along the creek, and make a small pond about an acre, if the DNR lets me. It will give the geese and ducks a spot to hang out, it will also allow fish to over winter in the creek. Right now the DNR dumps a few thousand trout in the creek, but most years they don’t survive the winters.

 

[Angus 1895]

What kind of trout?

It’s a funny deal about my wife…..she meowed about expanding our property at first. But now she thinks it was her idea.

 

[4wanderingeyes]

What kind of trout?

It’s a funny deal about my wife…..she meowed about expanding our property at first. But now she thinks it was her idea.

I am not a trout fisher, but the fish they put in there is about 8” long. Not my thing, I fish for 50 pound fish, and an 8” fish is just small bait.

 

[buckdeer1]

When buying with any partner put it on paper.Also another thing is to buy an insurance policy on each other and then if one passes the policy pays the estate of the one that passed and the other partner becomes full owner.Make sure policy states thats it's to pay for the 1/2 of land.Another thing to think about is if one wants to sell.What I have seen is that you put in writing that you have to offer to partner first at a certain price if they give a stupid high price the one selling has to pay the partner that much for his.Keeps them from over pricing half of land.

 

[Angus 1895]

I am not a trout fisher, but the fish they put in there is about 8” long. Not my thing, I fish for 50 pound fish, and an 8” fish is just small bait.

Exactly

Trout are excellent bait especially channel catfish.

 

[DRG3]

It’s a funny deal about my wife…..she meowed about expanding our property at first. But now she thinks it was her idea.

I like this! Buy the land, get your wife to think it was her idea!
Seriously though- if you can afford it, buy the land. This coming from someone who has only owned land away from where I live- I would love to expand my holdings at home, so many more opportunities. And as someone who has had horrible luck with neighbors, you owning it is the best bet.