Reply With QuoteThank youOriginally Posted by nickelcityhomes
That's what I thought.
Hey Mesue,
A heloc to fund a land purchase is pretty common. You get the benefit of negotiating with cash during the sale process, and you can deduct the heloc interest on your income tax.
Most of all I like bulldozers and dirt
Thank you
That's what I thought.
First Amendment rights are like muscles, if you don't exercise them they will atrophy.
Quote:
Originally Posted by zanna vaida
Answers accordingly:
1. Do your home work by talking to mortgage consultants. Compare
Choice1 Choice 2 Choice3 Choice4
2. For tax benefits it's always a best bit. Consult you tax advisor for either option.
Do your Home Work!! Save!! Save!! Save!!
I did my home work. And now I am asking those that are supposed to know.
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IF YOU wanted a straight answer...YOU WERE ASKING THE WRONG PERSON!
Where and how much? I might have a buyer. Waterfront development isn't cheap anymore.I have a lot for sale ...with an excellent view of the ...Skyway.
SORRY...I sold it to a lady that loves the WIND blowin' thru her ears!
Sounds real simple but I knew what area I wanted and went to the greasy spoons where the contractors and hunters ate. or go where the local campers stop and ask around. I found a real nice plot of 100 acres posted on a bulletin board in Franklinville. real cheap. sorry I sold it a few years back. Made a deal with the owner and let my lawyer friend handle the paper work
One good thing about growing old is your secrets are safe with your friends they can't remember them either
A good realtor for rural land in the Chautauqua County/eastern Catt County area is Roger Penhollow. I think he's with RE MAX in Jamestown.
Some things you should know about buying property in the country ...
- Never buy land on "seasonal highways" ... they aren't plowed in the winter nor are they likely to be in the near future.
- If you are planning on putting in electricity, scope out how far the nearest electric pole is to your land -- and then how far from that electric pole to your potential home-site/camp-site. It could cost you thousands to bring electric service to your property.
- Walk your potential property in the spring, preferably with somebody who can tell you where the swamps, bogs, and other assorted water hazzards may exist.
- Be sure that there's a safe, level access point into your property from the road.
- The seller pays for a survey. You will need one for a mortagage. You should get one, especially if you ever consider doing anything like selling timber or building pond or putting up a building. Always get one if you are buying a subdivided property to make sure that somebody didn't mismeasure and include the same piece of land in two different parcels. Sometimes owners of a big chunk of land (like 100 acres) will survey a "house lot" within their property to satisfy lenders' requirements that they have proof that their house is on their land.
- If you are buying a house on country property, it has to have a septic system, which usually includes a leach bed. In Chautauqua and Cattaraugus Counties, it's the seller's responsibility for having both the septic and well pass the local DOH's tests. A bad or inadequate septic system will cost thousands of $$$ to fix/upgrade ... and the house has to be occupied for at least 30 days prior to testing. That means that the seller has to put a sum in escrow to cover the cost of septic repairs.
- If there's a well on the property, get it checked out. You'll pay a lot more for land with a well on it, so make sure it's drinkable and that there's enough water there.
- You might consider what's next to or across the street from your potential property. That dairy farm might seem far away and rather picturesque on a March afternoon, but you don't want to be downwind on a hot July afternoon after he's spread liquid manure on his fields that are only a hundred yards from your camp or house.
- Every town probably has at least one, and probably more, group of residents who supplement their income by burglarizing seasonal camps. Rural Catt County is infamous for this -- and the more "private" the camp, the more likely a target it may be.
Last edited by Linda_D; October 7th, 2009 at 08:06 PM.
Get serious from the begining and don't waste your time. Ask straight questions from the begining, and one of them is," What rights are you selling?"
For those of you looking to buy land in WNY, walk on by this one:
http://www.realtor.com/realestateand...751_1103894845
I drove past this property on Sunday. The driveway with the gate in the picture disappeared under 1-2 feet of water about 50 feet from the road. In order to get a driveway that was usable most of the year, you would have to do what other home/cottage owners have done along this road: build pond upstream from driveway and run your driveway over the dam. That's very expensive.
It's also debatable how much of the 31 acres are NOT swamp and wetlands which means not only that there would be NYS DEC regs limiting what you could build, but also that you might not even have a reasonable building site.
Here is what my due diligence has learnted me:
Many properties are sold without the mineral rights. Basically that means the company who does own your lands mineral rights can come in at any time and drill away.
DEC Wetlands have various classes (1,2,3,etc) Some of those classes restrict you from using that property for anything. If the plot you're looking at has DEC wetlands on it, forget about it.
Most sellers will sell the timber off their properties just before they list it for sale. This equates to them making a nice healthy profit for themselves, and takes away that ability for you to make it for at least 10 years down the road. Thats all well and good, but the asking prices should reflect the fact the land was just stripped of some of its current value. However, that doesnt seem to be the case....
good post.
A lot of this stuff isn't listed in the realty ad. Most of us don't know to ask.
First Amendment rights are like muscles, if you don't exercise them they will atrophy.
I have a ton of black walnut trees on my property that I'd like to thin out. These trees are supposedly incredibly expensive. Does anyone know of a lumber mill, etc who buys these?good post.
A lot of this stuff isn't listed in the realty ad. Most of us don't know to ask.
Government is not the solution to our problem. Government is the problem. Ronald Reagan
You should contact a consultant forester to evaluate your woodlot. He or she will estimate the board feet, mark the trees to be taken down, and then bid out the contract. Generally, they charge about 10% of the sale. It's well worth it because a cosultant can frequently get you 2 or 3 times what a local logger or lumber mill will give you -- and you have peace of mind that you didn't get cheated with a low-ball offer. The last time I sold logs off my property, the difference between the high and low bids was thousands of dollars -- and it wasn't that big a sale! They also make sure that you get your check up front and that the loggers post performance bonds for meeting the clean-up requirements for the property.
The forestry consultant can also work with you on a plan for your woodlot based on what you want to do with it: ie, attract deer and other game species, grow timber faster, etc. The DEC also works with small woodlot owners (50 acres or less) to help them manage their trees.
If you are in the Southern Tier or even in southern Erie County, PM me and I'll send you the names/numbers of two consultants, one of whom handles smaller woodlot sales. I will also warn you about another one whom I did NOT like.
Timber has taken a nose-dive since new housing starts have diminished.
However, I have a friend that owns property. The local Amish approached him to take all the Hemlock trees off his land, and in exchange, build a log cabin on the property for even exchange!
Linda has provided some really good advice.
MarkLV -I missed it if you said it - what's your purpose for buying? Building, or timbering?
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