There is a piece of property between our home and the next road over the ridge. It’s 35 acres. Husband and I have wanted land to hunt and potentially to build on for awhile. This piece just listed. It borders the back of our property. It also has road frontage on the opposite side. The listing price seems pretty fair given our local market. I’m just wondering how to go about purchasing it? We bought our house in 2021 and have a 3% rate so I don’t want to refinance and roll the price of the land into it. I figured a land loan through my bank would be best, I’m just concerned they won’t approve it when I tell them we probably aren’t going to build on it.
My main concern is this a smart investment? We bought our current house not intending to be there forever because it didn’t have much land. Now that we have lived there awhile, we definitely don’t want to stay there forever because we hate the layout and busy road. That being said, if we bought this piece of property and then sell our home along with the 35 acres someday, we could potentially make a large profit considering how expensive homes are going for now. Our current home would probably list today for $80k more than we paid 2021 based off of similar listings in the neighborhood (without the 35 acres). That makes me think that with the land added then we could make so much more from it when we are ready to sell.
I’m not set on buying it either. Just kicking tires and curious if my thinking is proactive or dumb?
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source https://www.reddit.com/r/RealEstate/comments/1n1bnpr/considering_buying_a_large_piece_of_land_that/
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