OK friends, I need your collective advice. I have found a property that I think I really like. I have super hard concrete evidence that the low end value of the property is less than $1100 per acre. I can prove that similar properties in the area listed for Around $1500 per acre don’t sell after a year or more on the market.
The sellers of this property must believe there is gold under the dirt because they have it listed at over $2500 per acre. After a lot of back-and-forth and many weeks I will not get them any lower than $1465 per acre.
I am used to buying things well below market value. I rarely pay market value. And I have never bought anything for more than it’s worth. My stomach is in literal knots over the price. I can definitely kiss any hopes I had of buying a tractor to play with on the property goodbye.
But as I soon as I try to walk away, I get the same knots in my stomach because I am missing out on what I think is a great property.
I argue with myself that it won’t take too long before the property reaches the value. And I believe there are options for me to be able to increase value in the future. And if I think really long-term, there are huge benefits, both for my kids and grandkids.
But also, paying myself back in a reasonable period would probably take me close to 8 years, which means even using the property monthly would cost me about $100 each time I camp there. That’s IF we actually use it that often.
But also, I’m close enough to
@Hickey that we could launch beer and Mountain Dew at each other with homemade cannons. That’s got to be worth something, right?
I doubt there is much ‘risk’ involved for me, or my family. Financially, physically, emotionally, I am pretty sure we can handle all the potential issues.
But, is there really enough upside? Is land one of those things that everybody wants to own, but really isn’t that great to do? Sort of like a boat? I’ve had grand visions in my head over a decade about owning property.
I’ve also sold every boat, and WaveRunner I have ever bought quickly because of the headaches associated. But I still look at buying new boats occasionally.
What say ye?