Any advice on buying land?

[elderboy02]

This land we are looking at is in the country, so I am not worried about shooting restrictions

[chippewastud79]

Originally Posted by elderboy02

This land we are looking at is in the country, so I am not worried about shooting restrictions

Despite thinking it is country, I would still check the restrictions. Just because you think you are miles from the closest person, doesn't mean you can just shoot anything you want. I know people who live 25+ miles from any 'civilization' who aren't legally allowed to have bon fires (not to say they don't, but it is illegal). Also, if you are buying the land for a shooting range, its probably not worth it. If it is a plot of flat land, with no water, you aren't looking at any appreciation unless developments start to pop up all over the place. Mineral rights are negligible, as you aren't likely to find any that weren't known about prior to the sale, SW Indiana is certainly not the hotbed of diamond or gold. The key to owning open land is getting in the way of progress, from the sounds of it, you won't be near any progress anytime soon. It sounds like it is too small for a ATV track or hunting, particularly depending on how it is plotted, so unless you are planning on building, I would probably pass. Unless it was less than ~$300 an acre, I wouldn't even consider it, sight unseen of course.

[elderboy02]

Originally Posted by chippewastud79

Despite thinking it is country, I would still check the restrictions. Just because you think you are miles from the closest person, doesn't mean you can just shoot anything you want. I know people who live 25+ miles from any 'civilization' who aren't legally allowed to have bon fires (not to say they don't, but it is illegal). Also, if you are buying the land for a shooting range, its probably not worth it. If it is a plot of flat land, with no water, you aren't looking at any appreciation unless developments start to pop up all over the place. Mineral rights are negligible, as you aren't likely to find any that weren't known about prior to the sale, SW Indiana is certainly not the hotbed of diamond or gold. The key to owning open land is getting in the way of progress, from the sounds of it, you won't be near any progress anytime soon. It sounds like it is too small for a ATV track or hunting, particularly depending on how it is plotted, so unless you are planning on building, I would probably pass. Unless it was less than ~$300 an acre, I wouldn't even consider it, sight unseen of course.

Yeah, it is in SE Indiana. I know my cousin's husband hunts on the property that they live on that is on the same road. I wouldn't primarily use it as a shooting range, just every now and then. We are hoping to pay only around $2k/acre max.

[chippewastud79]

Originally Posted by elderboy02

Yeah, it is in SE Indiana. I know my cousin's husband hunts on the property that they live on that is on the same road. I wouldn't primarily use it as a shooting range, just every now and then. We are hoping to pay only around $2k/acre max.

For SE Indiana, I would definitely not advise buying land that is more than $1000 an acre, particularly at an auction. You can probably find property for regular purchase for cheaper than that (maybe with some sort of water access), without the restrictions and extra auction fees. Unless there is a development eminent, that land will never be worth over 2K an acre undeveloped. Buying land to shoot on, with no other purpose, is going to be worth only the enjoyment you get from it, and not much else.

Also, not knowing your family situation, you should outline the terms of the agreement between you and your family before purchasing to know who gets what in a sale, buyout prices, sale prices and who owns what percentages. I know its family, but there are always situations where people will have problems. Particularly with the passing of one or more members of the agreement, as you will likely be purchasing the land for years and years.

[elderboy02]

Originally Posted by chippewastud79

For SE Indiana, I would definitely not advise buying land that is more than $1000 an acre, particularly at an auction. You can probably find property for regular purchase for cheaper than that (maybe with some sort of water access), without the restrictions and extra auction fees. Unless there is a development eminent, that land will never be worth over 2K an acre undeveloped. Buying land to shoot on, with no other purpose, is going to be worth only the enjoyment you get from it, and not much else.

Also, not knowing your family situation, you should outline the terms of the agreement between you and your family before purchasing to know who gets what in a sale, buyout prices, sale prices and who owns what percentages. I know its family, but there are always situations where people will have problems. Particularly with the passing of one or more members of the agreement, as you will likely be purchasing the land for years and years.

Thanks for the tips buddy

[forgop]

Originally Posted by chippewastud79

For SE Indiana, I would definitely not advise buying land that is more than $1000 an acre, particularly at an auction. You can probably find property for regular purchase for cheaper than that (maybe with some sort of water access), without the restrictions and extra auction fees. Unless there is a development eminent, that land will never be worth over 2K an acre undeveloped. Buying land to shoot on, with no other purpose, is going to be worth only the enjoyment you get from it, and not much else.

Also, not knowing your family situation, you should outline the terms of the agreement between you and your family before purchasing to know who gets what in a sale, buyout prices, sale prices and who owns what percentages. I know its family, but there are always situations where people will have problems. Particularly with the passing of one or more members of the agreement, as you will likely be purchasing the land for years and years.

No more than $1k an acre? You won't get anything for that price.

[chippewastud79]

So did you win?

[elderboy02]

Originally Posted by chippewastud79

So did you win?

Yep. We ended up buying both 11 acres of land. We paid between $2500 - 2700 an acre.