Dang, I'm really glad I bought when I did. Just over 40 acres, enough of it with mature hard wood trees that I can heat my house for just about ever if I'm smart about it, lots of cleared land to farm and raise livestock, which we do, a couple acre pond that is stocked with largemouth bass, bluegill, sunfish, and crappies. I think my pond is big enough that I'm going to try Walleye this spring and see if they take. I have completely remodeled every room in my house, and I love it. It's big enough for a family of 7, and we're going to be empty nesters pretty soon, so certainly don't need anything bigger. I have a barn, a woodworking shop, storage shed, and machine garage, all heated. Well, the barn is sorta heated. I've got chickens, geese, ducks, goats, pigs, and have had cows. We also have almost 4 acres of food growing, you name it, we have it. Plus almost 5 acres of fruit trees. I made a below-ground cold storage for apples, potatoes, and everything possible to can. We eat off grid quite a lot. I have about 20 acres that is heavily forested, and this year for the first time I'm going to hunt it. And I mean really hunt it. I'm getting tags for every family member and I'm prepared to buy as many freezers as I can fill. Free food, and as delicious as venison? Yes please. I'm going to buy an industrial sausage maker. I've been saving goose fat as we've been cooking them so I can add it to the sausage. It's great.
Last night I had friends over for dinner. The wife is a realtor and this thread made me think to ask what she thinks the place is worth. It was gorgeous weather, we actually ate outside, and went for a walk and I showed her the whole property. With all the improvements, outbuildings, landscaping, and such she quoted me a figure that I could sell for that staggered my mind. All the previous estimates for property value were just based on the house and the fact that it had land. But with everything included we are talking well into 7 figures. That blows my mind. I have certainly put a lot of money in to the buildings/land, but had no idea the return on investment would be so great. And because I did the work myself, and did it in a way that I didn't have to accrue more debt I have the place paid off. Well, I get a $5K mortgage every 5 years or so in order to claim the Homesteader exemption on my property taxes.
I write all of this to demonstrate a couple things. Many people could have purchased my property back 20 years ago. House was out dated (1977 house), badly in need of a lot of repair, and the land was untouched. So anyone COULD have bought it, but very few people have the mean, the skills, knowledge, and time to completely refinish an entire house and build barns and such. Young couples have too much work time. Or they have children that are demanding of their time. They can't put four or five days a week into their own place. And many would have purchased the property and been house poor, so the funds wouldn't be there. I'm able to do electric, plumbing, gas line, carpentry, finishing, flooring, whatever needs doing. There are fewer and fewer people who have those skills, so there's a rise in companies like "Mr. Handyman," because people just don't have the knowledge to do it themselves. Add to that nearly 7% interest on mortgages, and diminishing tax rewards for being home owners, add the fact that salaries have absolutely not inflated along pace with housing costs, and add to that condos, apartments, and rentals that people can walk in to and have someone else do the upkeep, and here we are.
Imagine in 1950 a young man and his new wife bought a house. They were affordable, and people made about 50% of their home's complete value in one year. Most likely single salary, stay at home mom, all the traditional things. Now one large difference is that the dude probably knew how to change a light fixture, fix a hole in the wall, and all that basic shit. Housing was proportionally cheaper, materials were absolutely cheaper, and people had more home-ownership skills than they do now.
Honestly, I didn't expect to write this tome, but this is something I'm fairly passionate about. I genuinely feel badly for the 20 or 30 somethings that are trying to buy houses. They're making compromises like living 2 hours from work so they can afford a house. Sacrificing hours and hours a week in their car instead of with their family. It sucks balls, and it's not going to change any time soon.
I'm sure no one is reading anymore, but I'll keep on. I'm checking out building a foundation that helps younger folks purchase their first house. Helping with a down payment, then helping with things like taxes and home ownership (because no one teaches that). Teach them basic skills around the house, and once they are established, they can get a home line of credit at a good rate to pay back the down payment made on their behalf. It sounds risky, but I like some risk in my life. If they screw their credit and can't secure a line of credit, we sell the house and recount our costs. It's a new idea that is fresh to me, but I'm seriously considering it. I have four financial backers who are interested in this. Lord help me, I may be wading into something too deep.
