Page 1 of 3 123 LastLast
Results 1 to 15 of 35
  1. #1
    Walk On
    Points: 7,225, Level: 25
    Level completed: 35%, Points required for next Level: 325
    Overall activity: 0%
    Achievements:
    Veteran5000 Experience Points

    Join Date
    Nov 2007
    Posts
    169
    Points
    7,225
    Level
    25
    Thumbs Up
    Received: 0
    Given: 0

    Opinions on buying land....

    My wife and I are young and own a home in bondurant. I have been looking into buying an acre north of town to eventually build a house on. Buying an acre with a nice sized home out there would cost well over $300k! I'm thinking if we buy an acre at approx. $45k and start paying on it, we could build on it in 10 years when we can afford to do so! I don't see land values going down anytime soon around a community that is growing so much.

    Opinions?

    Thanks for the insight!!!



  2. #2
    Starter
    Points: 16,489, Level: 39
    Level completed: 5%, Points required for next Level: 761
    Overall activity: 2.0%
    Achievements:
    SocialVeteran10000 Experience Points
    heyguy85's Avatar
    Join Date
    Nov 2007
    Location
    Iowa
    Posts
    867
    Points
    16,489
    Level
    39
    Thumbs Up
    Received: 5
    Given: 6

    Re: Opinions on buying land....

    I will give you my opinion. Let me start by saying I think buying land is a very smart investment. My only concern is that $45K an acre is very expensive. I think you should look more into the country; 5 miles north of town. Maybe land is more affordable out there. In that case, you could buy multiple acres of land so that when the town expands you don't have neighbors right out your door.



  3. #3
    Walk On
    Points: 7,225, Level: 25
    Level completed: 35%, Points required for next Level: 325
    Overall activity: 0%
    Achievements:
    Veteran5000 Experience Points

    Join Date
    Nov 2007
    Posts
    169
    Points
    7,225
    Level
    25
    Thumbs Up
    Received: 0
    Given: 0

    Re: Opinions on buying land....

    This is about 5 miles out... There are plenty of lots way more expensive... If you look at what they want for an acre outside of Ankeny you will laugh..



  4. #4
    Pro
    Points: 29,565, Level: 52
    Level completed: 84%, Points required for next Level: 185
    Overall activity: 0%
    Achievements:
    Veteran25000 Experience Points
    CyPride's Avatar
    Join Date
    Oct 2008
    Posts
    2,508
    Points
    29,565
    Level
    52
    Thumbs Up
    Received: 0
    Given: 0

    Re: Opinions on buying land....

    Quote Originally Posted by heyguy85 View Post
    I will give you my opinion. Let me start by saying I think buying land is a very smart investment. My only concern is that $45K an acre is very expensive. I think you should look more into the country; 5 miles north of town. Maybe land is more affordable out there. In that case, you could buy multiple acres of land so that when the town expands you don't have neighbors right out your door.
    agreed.

    also, lots can change in 10 years.

    i'd think long and hard about buying a piece of land with the thoughts of not doing anything on it for that long of time. How about doing the opposite - how about figuring out how you can raise the money faster, instead of thinking about how to make it more affordable. lots of things you could do to raise chunks of cash outside the workplace.


    “The American people will never knowingly adopt socialism, but under the name of liberalism they will adopt every fragment of the socialist program until one day America will be a socialist nation without ever knowing how it happened.”
    – Norman Thomas, American socialist and six-time presidential candidate for the Socialist Party of America

  5. #5
    Rookie
    Points: 18,634, Level: 41
    Level completed: 65%, Points required for next Level: 316
    Overall activity: 1.0%
    Achievements:
    Veteran10000 Experience Points
    Cyfan4good's Avatar
    Join Date
    Jul 2009
    Location
    Ankeny
    Posts
    568
    Points
    18,634
    Level
    41
    Thumbs Up
    Received: 7
    Given: 1

    Re: Opinions on buying land....

    Typically real estate is a good investment. My wife and I bought a few acres in NE Polk County several years ago and are very glad we did. At the time it was quite a sacrifice but has paid off well.
    Just be careful and make sure that you are buying a build-able lot with access to water, electricity, and or sewer depending on how far out of town you are. A visit to the Polk County Planning and Zoning office to ask those questions would be a good start.
    Depending on how long it would be until you build you'll have real estate taxes to pay as well, not to mention weed spray, mowing, etc. all things to consider.
    Good luck!!



  6. #6
    Starter
    Points: 17,137, Level: 39
    Level completed: 86%, Points required for next Level: 113
    Overall activity: 0%
    Achievements:
    Veteran10000 Experience Points

    Join Date
    Jan 2009
    Posts
    645
    Points
    17,137
    Level
    39
    Thumbs Up
    Received: 1
    Given: 0

    Re: Opinions on buying land....

    Overall, I think it is a sound strategy, especially if it is a dream location for your family. A couple of things I would consider:

    The real concern is the opportunity cost of not investing in something else. For example, could you get a better return by investing in the stock market than investing in the land? Also keep in mind the seller is aware of the future growth and has likely factored that into the price they will ask.

    Also, Are you aware of the proposed extention of Highway 65 from the 65/80 exchange towards Elkhart? I'd make sure your acre is far enough away from that. At some point they will have to buy up the land for the road and I would guess a lot of the land near the road will be zoned for commercial or retail. You may want to see if Bondurant has a long range comprehensive long range plan to give you an idea of what that area might look like in 10, 20, or 30 years.



  7. #7
    Addict
    Points: 83,548, Level: 89
    Level completed: 89%, Points required for next Level: 202
    Overall activity: 18.0%
    Achievements:
    SocialVeteran50000 Experience Points

    Join Date
    Apr 2006
    Location
    Hudson, Iowa
    Posts
    8,016
    Points
    83,548
    Level
    89
    Thumbs Up
    Received: 25
    Given: 20

    Re: Opinions on buying land....

    Some of this talk is reminds me of the Tech boom in the late 90's and the real estate boom from 2002 to 2008.

    Land can go down in price. I've seen it.

    I own some farm ground. Yes it's been a good investment, but I bought it at a lot lower price then where we're at now.

    You can successfully argue reasons both ways why it could go up or down in value in the future. It just makes me nervous when the herd mentality starts going on if an investment is a good one or not.

    45K sounds like a lot of money to me for an acre of ground.



  8. #8
    Pro
    Points: 50,470, Level: 69
    Level completed: 52%, Points required for next Level: 680
    Overall activity: 0%
    Achievements:
    SocialVeteran50000 Experience Points
    Broodwich's Avatar
    Join Date
    Nov 2006
    Location
    42.186391, -93.598597
    Posts
    2,043
    Points
    50,470
    Level
    69
    Thumbs Up
    Received: 0
    Given: 0

    Re: Opinions on buying land....

    “Buy land, they're not making it anymore” -Mark Twain



  9. #9
    Legend
    Points: 378,897, Level: 100
    Level completed: 0%, Points required for next Level: 0
    Overall activity: 29.0%
    Achievements:
    SocialRecommendation Second ClassVeteran50000 Experience Points
    bos's Avatar
    Join Date
    Apr 2006
    Posts
    23,323
    Points
    378,897
    Level
    100
    Thumbs Up
    Received: 99
    Given: 110

    Re: Opinions on buying land....

    I am thinking about doing this at the lake sometime. Put a camper on it for a few years then build. I guess if its a peice of land that you like and you plan on being there for a long time, its an investment of sorts. If you are looking to buy land and then sell it, its riskier. But you sound like you have a plan to build a dream house.



  10. #10
    Addict
    Points: 85,332, Level: 90
    Level completed: 88%, Points required for next Level: 218
    Overall activity: 1.0%
    Achievements:
    Veteran50000 Experience Points
    BigBake's Avatar
    Join Date
    Mar 2006
    Location
    U'dale
    Posts
    5,524
    Points
    85,332
    Level
    90
    Thumbs Up
    Received: 0
    Given: 13

    Re: Opinions on buying land....

    I wish I had the cash on hand to buy some lakefront property. Values have dropped quite a bit.

    I don't think buying a parcel of property is a bad idea at all. If I could go back 3 years and drain my 401k and have that cash on hand today to buy land...



  11. #11
    Starter
    Points: 17,137, Level: 39
    Level completed: 86%, Points required for next Level: 113
    Overall activity: 0%
    Achievements:
    Veteran10000 Experience Points

    Join Date
    Jan 2009
    Posts
    645
    Points
    17,137
    Level
    39
    Thumbs Up
    Received: 1
    Given: 0

    Re: Opinions on buying land....

    Quote Originally Posted by bos View Post
    I am thinking about doing this at the lake sometime. Put a camper on it for a few years then build. I guess if its a peice of land that you like and you plan on being there for a long time, its an investment of sorts. If you are looking to buy land and then sell it, its riskier. But you sound like you have a plan to build a dream house.
    Keep in mind some places, even in the country, have covenants preventing that.



  12. #12
    Prospect
    Join Date
    Jul 2010
    Posts
    3
    Thumbs Up
    Received: 0
    Given: 0

    Re: Opinions on buying land....

    I would think twice before doing this. IMO you are much better off buying a house that needs to be fixed up in a nice part of town. Work on the home yourself, and then if you still want to move, sell the home. Use this equity to put toward your dream home that has already been built.

    My brother in law did exactly what you are thinking of doing. He chose a poor location and is 15 miles from the nearest school, grocery store, etc..plus he lives on a gravel road that the county promised to pave 10 years ago. He lives SW of Des Moines around the polo grounds.

    Now he wants to sell the house to be closer to Des Moines, and will not recoup even 70% of his investment. He was raised on a farm and thought it would be great to live in the country again..until his wife got sick of the commute for day care, etc.



  13. #13
    Hall-Of-Famer
    Points: 69,322, Level: 81
    Level completed: 75%, Points required for next Level: 428
    Overall activity: 4.0%
    Achievements:
    Veteran50000 Experience Points
    isufbcurt's Avatar
    Join Date
    Apr 2006
    Location
    Des Moines
    Posts
    4,139
    Points
    69,322
    Level
    81
    Thumbs Up
    Received: 186
    Given: 379

    Re: Opinions on buying land....

    Quote Originally Posted by cornfarmer View Post
    I would think twice before doing this. IMO you are much better off buying a house that needs to be fixed up in a nice part of town. Work on the home yourself, and then if you still want to move, sell the home. Use this equity to put toward your dream home that has already been built.

    My brother in law did exactly what you are thinking of doing. He chose a poor location and is 15 miles from the nearest school, grocery store, etc..plus he lives on a gravel road that the county promised to pave 10 years ago. He lives SW of Des Moines around the polo grounds.

    Now he wants to sell the house to be closer to Des Moines, and will not recoup even 70% of his investment. He was raised on a farm and thought it would be great to live in the country again..until his wife got sick of the commute for day care, etc.
    Hell I want to move into the country for those reasons!!! I don't like having neighbors on top of me.



  14. #14
    Walk On
    Points: 7,225, Level: 25
    Level completed: 35%, Points required for next Level: 325
    Overall activity: 0%
    Achievements:
    Veteran5000 Experience Points

    Join Date
    Nov 2007
    Posts
    169
    Points
    7,225
    Level
    25
    Thumbs Up
    Received: 0
    Given: 0

    Re: Opinions on buying land....

    These parcels are 5 mile directly north of bondurant, 8 miles ne of Ankeny! Everything is within 5-8 miles and the new school was built on the north edge. The plans are to sell the remaining 5 of 12 acres and then divide up another part of the field for a cul-de-sac community! This acre would be bought to build on, not re-sell!

    Thanks for the insight, this is why I love the website!



  15. #15
    Legend Achievements:
    SocialRecommendation Second ClassVeteran50000 Experience Points
    DaddyMac's Avatar
    Join Date
    Oct 2006
    Posts
    14,375
    Thumbs Up
    Received: 1
    Given: 0

    Re: Opinions on buying land....

    Quote Originally Posted by isufbcurt View Post
    Hell I want to move into the country for those reasons!!! I don't like having neighbors on top of me.
    Same here.

    My only concern about this plan is the unknown of what else will pop up out there over the years.

    Not knowing the lay of the land, it's hard for me to say. But my concern is that you may have a Wal-mart parking lot in your back yard by the time you get to building.

    But if you have some reason to believe otherwise - I think you're making a good move WM. I wish I had done something similar about 8 years ago.



Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •  
  • Football
  • Iowa State vs. North Dakota State
  • August 30, 2014
  • 06:00 PM