Forums - General Discussion - Opinion on Purchasing Land

Okay to knock this out of the way I am asking on here because of anonymity.

 

My Grandmother is selling her land up north. It is a Cabin in the Woods (through in some good puns). The cabin itself is complete crap and I'd probably tear it down if I bought it. I'm assuming the thing is covered in mold and honestly it is about to come down itself. Land is decent, covered by pine trees in every direction. Still need to find out how much acres they have, but I need to know the benefits and disadvantages to owning land. She does still have payments on the place yet since they took out a loan (I think 12,000 loan). Anyone have advice?



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Nobody can give you advice of this sort without knowing the location of the property.



What ya can do with the land depends on what the property is zoned for and local laws. Ya would have to look that stuff up to know for sure. Ya could likely build a house or another cabin if you wanted. If something like oil or a mineral deposit is found by some miracle, it's yours. Ya can also sell for more than ya paid for it. Those are the advantages rhat I can think of.

The main drawback to owning property is taxes. Could be low. Could be high. Depends on the value of the property. If you build anything on the property, it will increase the taxes on it.

You'll have to look into this stuff to know anything for sure which I recommend that you do.



I don't know about where you live, but here in aus

have to pay

- yearly council rates based on land value
- water and sewerage fixed yearly costs (if they run past your land) even if not connected and using the service.




 

 

How much do you have to pay? Sort of important. Also, do you view it as an investment, or do you intend to use it for something?