Thanks everyone, land is in Mississippi forgot to mention. Those ag credits I’ll check with over here. Yea interest rates are killing us. We are holding out on building our home due to these rates. This property has potentially popped up in the area I’ve always wanted/waited on. Borders my buddies place who has cabin etc. This has 3 acre pond and will be clearcut. Thinking 1k an acre for dirt but what y’all think? We can pay cash for it, but that dips out of our home building account!
If it truly is land you want, and
you are happy with the price, you need to buy it, as it may be the only time in your lifetime which it will be available for purchase.
Some properties are never available to purchase in one's lifetime, regardless of how much money you have to spend.
If the land isn't (available) for sale, you aren't buying it.
Property is always more valuable to an adjoining land owner, if they want it.
An adjoining landowner's total property which connects to the property bought, factors in to cost.
In other words, you have your current property of 10 acres in which you have $1,000 an acre invested.
You pay $2000 an acre for 5 acres of property adjoining you, which everyone else says is too high of a price.
Your current property and property bought is now 15 acres is $20,000 or $1,334 an acre.
And any benefit it has, which you currently didn't have, such as road frontage, water, electricity, better access, pond, lake, hardwoods, etc. carries over to the adjoining property you already own.
If you can pay cash for it, you may be able to get a line of credit on the property at a later time, for your home building.
God Bless,
David B.
