U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > U.S. Forums > South Dakota
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 12-27-2020, 12:25 PM
 
28 posts, read 21,441 times
Reputation: 94

Advertisements

Hello,

I have been looking to purchase some land for my retirement which probably won't happen for 20 more years. I am eligible to retire from my current job in 5 years and my goal is to have the land completly paid for before I retire. I currently live in Tennessee and have looked at places in East Tennessee, S. Dakota, Wyoming, Idaho, and Montana. I spent a week in September in Rapid City and drove across the entire state of Wyoming. I thought Wyoming was beautiful but it was to remote. I plan on coming back to Rapid City in the next couple of months to further explore. I really enjoyed the Rapid City area. I am trying to keep it under 100k and looking for around 5 acres. I have looked at places in Canyon Rim Ranch around Custer and am open to Spearfish also. Can anyone give me any advice? What do I need pay attention to when looking at land? How are property taxes in SD? And does anyone know anything about Canyon Rim Ranch? Thanks
Rate this post positively Reply With Quote Quick reply to this message

 
Old 12-27-2020, 06:16 PM
 
Location: The Southern Hills
192 posts, read 77,335 times
Reputation: 380
The climate is a lot drier here than in Tn. Consquently local fire protection should be a larger consideration than in Tn. The next thing would be available water. Rural water has put in water lines in much of the Black Hills, but not all of it. If the property you are interested in does not have rural water, will you want to all water from the closest municipality or will you want to drill a well. If you are going to drill a well, how deep will you have to go. Some of the ranchers have 1400 ft wells. I found good water at 560 ft. Point wells are useless here. Property taxes are going to vary with the school district, county, and other factors. I think my taxes are reasonable, but I have no idea how they compare with Tn. The closer you are to the Interstate, the higher the price for any kind of real estate. Good Luck!!
Rate this post positively Reply With Quote Quick reply to this message
 
Old 12-27-2020, 08:36 PM
 
Location: Indianapolis, East Side
2,084 posts, read 1,043,953 times
Reputation: 5113
Are you planning to live on this land full-time in retirement?
Rate this post positively Reply With Quote Quick reply to this message
 
Old 12-29-2020, 01:17 AM
 
28 posts, read 21,441 times
Reputation: 94
Yes, that is the plan. Any info about the area and what to look for would be greatly appreciated.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 12-29-2020, 06:20 PM
 
Location: Indianapolis, East Side
2,084 posts, read 1,043,953 times
Reputation: 5113
I don't have any info about the area, but the Retirement, Real Estate and probably Rural Living forums have a lot of insight into living in a rural area during retirement. TLDR: most posters recommend living closer to medical care and other amenities at that stage of life.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 12-31-2020, 01:32 PM
 
Location: We_tside PNW (Columbia Gorge) / CO / SA TX / Thailand
27,076 posts, read 45,168,934 times
Reputation: 31268
If retirement home, consider hanging out on retirement forum and early retirees web site for home / location suggestions.

I only do rural view places (I have 3 + 10 rural view rental homes in tax free destinations I like to visit. (deductible travel between places, cabin for me at each location)
Everyone is different, but for SD I would look from Piedmont to Spearfish areas (Close enough to services / WY & MT) but far enough away from traffic / busy commerce.)

I prefer college towns nearby for events / economy / services / shopping / libraries / music...
I like to be within 40 min of airport (I travel a lot, fly nearly every week).
Nearby Medical can be important if in treatment for concer / PT. (Thus WY got bleeped from my favorite choice for retirement destinations.)
On a paved county road (less dust, more snow plowing)

Beware of CC&R / HOA's +/-
I only want 1500sf max home (including basement) but prefer a 5,000+sf shop (with apartment and RV connections for traveling friends)


MUST have for me in retirement is a great view, preferably south facing (warmer in winter) on a hil so you get sunrise and sunset view also. (30+ yrs of evening shift work ... I missed sunsets).

I often buy trashed MH on a nice acreage and demolish the MH. (free (?) power, water (well), septic, road, fencing, landscaping, egress... (all of that will cost your $100k and at least a yr of your time to do it yourself). I buy a rural acreage with trashed home, and put up a shop w/ apartment in a couple months. Can live there, rent it, sell it to someone who wants to build their dream house. (BTDT too many times myself). Having a shop with apartment is good idea for future caregiver to live for free. Also a good place for grandkids and Grand-dad to play. Barndominium is very popular in my TX Hill Country location. Neighbor in WA State has a 120'x240' shop with a 3 story apartment (inside). Tax assessor only knows about the 'bathroom' in the shop. Huge deck overlooking a canyon. A nice spot for this person. (Single guy)

https://www.denverpost.com/2019/08/2...ervation-land/
this place looks nice, but check the rules and the commute for medical / shopping.
kinda expensive, and house mentioned is 3x as big as what you want to be paying taxes on. $1m for completed home and acreage ($85k) is above my limits. (I can still build for $65 / sf with very nice wood finishes and lots of stone (inside and out). Hiring that done by GC seems to run north of $250/sf. + they never want to have the build-ins and quality I expect, and they dislike building basements, which I require.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 01-01-2021, 03:25 PM
 
28 posts, read 21,441 times
Reputation: 94
That was one of the places I looked. It seems really nice and what I am looking for. Electric, rural water, and fiber is already installed to every lot and I believe septic is already there also. Its about 30 minutes to the nearest hosptial and Rapid City is about an hour and ten minutes away. They have all the major shopping stores and necessities. I need to say that I am currently 43 years old and can retire from my job on 4 years with full pension. If I stay and extra 3 years I can walk away with an additional lump sum and only be 52. I am looking for something to have the land paid off by then and all I have to do is build the house. This particular property the taxes were $1900 last year. Trying to decide if it is worth me paying taxes on land I wont be building on for at least 5 year. Thanks for all your advice. Wish I could build a house for $65 a sq ft.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 01-01-2021, 07:57 PM
 
Location: We_tside PNW (Columbia Gorge) / CO / SA TX / Thailand
27,076 posts, read 45,168,934 times
Reputation: 31268
Quote:
Originally Posted by Aj_TN View Post
That was one of the places I looked. It seems really nice and what I am looking for. Electric, rural water, and fiber is already installed to every lot and I believe septic is already there also. Its about 30 minutes to the nearest hospital and Rapid City is about an hour and ten minutes away. They have all the major shopping stores and necessities. I need to say that I am currently 43 years old and can retire from my job on 4 years with full pension. If I stay and extra 3 years I can walk away with an additional lump sum and only be 52. I am looking for something to have the land paid off by then and all I have to do is build the house. This particular property the taxes were $1900 last year. Trying to decide if it is worth me paying taxes on land I wont be building on for at least 5 year. Thanks for all your advice. Wish I could build a house for $65 a sq ft.
I left employment at age 49, so similar in that regard. (no pension, no HC for me, So I had to 'wing-it' for the last 16 yrs (now Medicare eligible).

This location and amenities looks inviting and likely very nice. I don't like the gravel road (so it appears). Winter on the prairie can be brutal and beautiful too (moonlit nights on icy, windswept snow).
1) What are taxes on the COMPLETED neighbor homes @$1m
2)Septic may be approved for system, but is unlikely installed, as that depends on your home location and elevation.
3)Do covenants allow you to rent out home / apartment for next 7 yrs?
4)Many things can change during that time
5)Having 'distant' rentals is +/-. Great to go visit, but a pain to handle emergencies (Freeze / weather damage).

30 min to medical and 1 hr to full shopping is too far IMHO (Marginally OK until age 80, IF you can drive that distance everyday if needed). I lived 1 hr out of Denver for 30 yrs and that was 1/ month trip. (if reluctantly required). Of course rural delivery is great for shopping, but tough for medical treatments.

Consider drawing a 20 min radius from Spearfish and saturate the available property options. (Building from scratch will take 1 yr out of your life). I have done over 40 properties and used a realtor TWICE. I prefer to find my properties BEFORE they are listed for sale. I find my preferred area and get details on all desired properties, then whittle down an equation as to which ones I solicit to buy. I have about a 60% acceptance rate.

Building cheap can be tough if too rural. Thus I like to first build a shop, then fill it with treasures (future home fixtures / cabinets / windows bought at bargain prices), then I design home (myself) around my available supplies and terrain. Each of my kids did that during grades 8-10 as home school projects. Their homes turned out very nice for <$50 / sf. More sustainable, zero-energy cabins (~1500sf), rather than a sprawling 5000sf 'retirement' castle. Each on exquisite view properties within a Nationally Protected Scenic Area. 10 min to shopping, 20 min to international airport or major medical. No income tax state, next door to a no sales tax state.

Options are out there, so explore and consider all scenarios.
If you have a desired spot. I would buy a property with a livable MH and beautiful acreage, and rent it out + build a shop (with apartment and RV connections) while you finish your 7 yr sentence at work. If something changes (health, abilities, marriage, adult kids, elder care, ... you can sell / trade your "Income Property' and proceed with Plan B or C or Z. Alternatively... buy a large enough property to split up and build something fast and cheap (MH or shop) to rent out FT and develop your ideal property / homestead at your own pace during the next 7 yrs. A friend did the $500k capital gains thing every 2 yrs (9x) on a 20 acre place he split into 2's. Built shop with apartment on his final piece (moved his stuff there), then he built 9 homes (1 every 24 months) for the $500k tax free gain EACH, and finally built #10 on the lot with the shop.

I am one who would not want $100k sitting around 7 yrs as a 'non-performing asset'. Each of us are different in our perspective of 'working capital' (I make plenty of mistakes).
My personal home has never been considered an asset, but instead a liability. (even tho current home is worth 10x my cost basis, it is a very poor performing asset. (should it be an asset, which it is not to me))

If you buy a large piece that can eventually be split and sold off, it might be an asset and a way to keep engaged in the local RE market. (Inflation hedge for desired retirement location).

Having grown up near Estes Park, CO, I am very familiar with people who visit on holidays and desire to relocate and stay (for retirement). sometimes that works out, often it does not. My TX location is quite the same. Retiree haven. Place where many retirees vacationed / went to camp as a child. Many come back for retirement, many end up spending a bundle on a new home, only to have to sell and leave for various reasons. (Often health, mobility, eldercare, or they don't like the year round climate. Spouse misses family...) I have bought several bargain homes due to this 'mandatory change'.

Good luck, I trust something very ideal will work out for your situation.
*Hint: retire as early as makes sense... my dad got disabled at age 49 (for next 33 yrs), and several friends have died just [prior to retirement. Others wait until age 70+ and burn out (physically) while trying to create their heaven on earth. Listen to spouse and friends for a 'reality check'.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 01-01-2021, 08:32 PM
 
28 posts, read 21,441 times
Reputation: 94
I appreciate all the great advice stealth. I have known several co-workers who have died right after retiring. My father is trying to qait until 70 to retire just for the social security. I don't know what I will do when I can retire, but I know I am ready to go. Luckily I am single and have no children, but I do have some regrets about that. I have had been able to do just about everything I wanted in life. I don't mind being in rural areas but I completely understand what your saying. I need to research more how taxes work in SD before making a commitment like that. I know the minimum sq for that property is 1500 sq ft. I am not looking to build a million dollar mansion. I will also look into if the property could be rented. Again, thanks for all the great advice.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 01-04-2021, 09:17 PM
 
1 posts, read 236 times
Reputation: 10
I'm from SD and I can vouch our area - Sioux Falls. I live here for almost 35 years and this cant be compared to other places where crime rate is high.
Rate this post positively Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:




Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > U.S. Forums > South Dakota

All times are GMT -6.

© 2005-2021, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37 - Top