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Old 04-07-2009, 08:18 PM
 
8 posts, read 15,486 times
Reputation: 11

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Hi guys Im 25, and pretty ignorant when it comes to real estate and such things. I live in Buffalo NY.
I want to buy some land, not sure how much maybe 10 or so acres if I can afford. 25k is my rough limit.
Im going to use it during the summer to drive up and camp/hunt and do some trarget shooting, do lots of target shooting actually and possibly down the road build a small cabin on the land.
Will I have to pay taxes for the land itself?
Maybe years down the road when Im done with grad school I will move to vermont. Im also considering getting my degree in Norwich univercity. Still not sure if its worth it.
Farther away from civilization is better.

Words of advice and wisdom?
Im 25 not terribly wise in the ways of the world, so even it might seem obvious or trivial feel free to mention it, because I probably dont know it.

Thanks
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Old 04-08-2009, 03:19 PM
 
47 posts, read 96,916 times
Reputation: 34
Look at property tax rate by county first. Not sure what you will do for work if you have all of that education, not much for work up here. You do realize the real estate market is in the suck?

You will have to pay escrow, appraisal fees, etc....

How much will you really use it. I mean, really most jobs give you maybe three or four weeks off a year and they don't and most will not let you take four weeks off in a row. Unless you have a ton of money and don't need to work or are some sort of educator and get summers off.

There is a decent article in Game & Fish magazine in a 4 part series on buying or leasing hunting property.

I would personally buy a very small parcel...under five acres and have close by access to state forest. No need in paying for more (taxes) than what you use. Five acres is a good buffer from everyone else if you have neighbors. Build a fence around it and post it heavily. You only need a well drilled for water. Everything else can be done off the grid. I had the same dreams and have a small place in SC just like you are talking. Best of luck.
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Old 04-08-2009, 03:29 PM
 
Location: The Woods
16,962 posts, read 22,282,742 times
Reputation: 9075
You won't get much with that money in VT, and yes, you'll need to pay taxes, and VT property taxes are high. Then to build something, lots of regulations and permits to deal with...one reason I'm leaving the state, among others.
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Old 04-08-2009, 07:52 PM
 
8 posts, read 15,486 times
Reputation: 11
Holy crap! Thanks guys I think Ill pass.
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Old 04-09-2009, 06:57 AM
 
Location: The Woods
16,962 posts, read 22,282,742 times
Reputation: 9075
VT is an expensive state, your money would go farther in a different state.
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Old 04-09-2009, 07:59 AM
 
Location: hinesburg, vt
1,574 posts, read 4,422,643 times
Reputation: 395
If you were to buy land it would be absolutely critical to make sure you fully understand covenants that come with said land. It is also absolutely necessary to make sure that the land is in fact suitable to be built on in the future as we are heavily laden with regulations, especially when it comes to putting in septic systems. I have heard a couple of horror stories were owners were unable to realize later dreams because due to regulations they could build due to restrictions concerning proximity to borders, natural feature preservation, or simply not being able to pass a perc test. Of course, the taxes will still be due on the land year after year even if it becomes worthless to you. Buying larger parcels in acreage may alleviate some of the above concerns, but as others have stated the land itself may be quite expensive and then you would have to figure in the costs of developing it for building. Putting in driveways and power is not cheap.
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