Jump to content

Sign in to follow this  
Handsome Rob

An aside....call it a possible start off dream

Recommended Posts

Thinking about a few years down the road....trying to buy a plot of land.

 

Made piece with the fact that I'll never afford anything in metro-vancouver prior to winning the lottery, but just fooling around on the MLS website and seeing things like $40,000 for a 1/4 acre underneath the local ski resorts. Stuff on the coast line, 1/2 acre for $39,000 on the water, small town. Compared to the median house price of something like $650,000 around here, very affordable.

 

Not exactly what I would call an investment vehicle, but you never really know in BC it seems. Equity to stockpile money in, heck maybe even build a retirement home in 40 years.

 

At age 25, I confess to know nothing about buying real estate, mortgages and such. But it just seems like a really cool idea, and a target to save for. I mean, save $10,000, $30,000 mortgage amortized on 10 years is $100/week, often less. Property tax is nothing. Seems like something interesting, who knows, maybe even sell for a down payment on a real place, *Cough* I mean a typical Vancouver $800,000 800 square foot condo *cough*.

 

Just figured I'd throw it out there, might make for interesting discussion. In my case, definitely not something tabled right now, but hey.

Share this post


Link to post
Share on other sites

I've always wanted to do something like that. Who knows what the value is going to be in 5..10...20 years time. I can almost guarantee you, short of a nuclear waste facility being erected next door, that it'll increase in value.

 

I have a very good friend since childhood who bought about 30 acres on Cape Breton Island in Nova Scotia. He's got about 1000 yards of frontage right on the Atlantic. I have no idea why he bought it. It's uncleared. Unserviced. And I'm pretty sure there isn't even a road near it. The taxes are practically zero.

 

But someday when he retires he says he's going to build a house there. He only paid about $5k for it too.

 

When he bought it about 5 years ago he asked me if I was interested in buying the land adjacent to it. About the same size and same price. But at the time I didn't have a pot to lemonade in, so I had to pass.

 

If I had the chance now, I would probably go for it. But I wouldn't want something as remote as my friend bought.

Edited by Stu.Padaso

Share this post


Link to post
Share on other sites

There's something like 200 acres to anyone willing to build and live for 2 yrs in Alaska... free. LOL

 

And yes land in Cape Breton is cheap. If you'd been there you'd know why. There is nothing there. And I do mean nothing. The idea about not having a road is probably true. Seriously, nothing in Cape Breton. LOL The real land of any value here in NS is either in the Annapolis Valley or along the south shore. I can't even fathom why anyone would bother buying land in Cape Breton... even for $5K. LOL

 

Rob, one thing to think about when picking land particularly in prime areas like ski resort areas, is there is likely a clause in the deed requiring a structure of a certain size/quality to be built there within a specific time frame after the land is purchased.

 

I can think of a whole lot of better ways to spend $800K LOL Seriously, come east. We'll find you a mansion for half that! And I know of one for sale actually with aobut 25 acres of land waterfront land in a snazzy neighbourhood for just under $450K. :)

 

I definitely think it's a smart time for you to be thinking about that sort of future planning though. Definitely start considering and planning where you want to be in 5-10 yrs so you can start making it happen.

Share this post


Link to post
Share on other sites

Quasei....you have an answer for everything don't you. :mellow:

 

Fair enough, but something to keep looking into I think regardless. Maybe not a plan, but still....

Share this post


Link to post
Share on other sites
And yes land in Cape Breton is cheap. If you'd been there you'd know why. There is nothing there. And I do mean nothing. The idea about not having a road is probably true. Seriously, nothing in Cape Breton. LOL The real land of any value here in NS is either in the Annapolis Valley or along the south shore. I can't even fathom why anyone would bother buying land in Cape Breton... even for $5K. LOL

Oh, I know it wasn't a good idea. I thought about it, but like I said I didn't have any money anyways. If he ever does build a house there, assuming there's a road that building supplies can be delivered, I'd be proud of him and wish him well. Not my cup of tea, but I can't blame him for wanting to do it. He's kind of a loner anyways, so it would sort of suit his style.

 

I likely wouldn't have bought it even if I did have the money. I'd want something a little closer to civilization. Where this land is is the stuff that low-budget slasher flicks are made of. Remote house. Nobody around for a hundred miles. Creepy piano background music. Oh yeah, I wouldn't sleep a wink.

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Sign in to follow this  




About Us

Since 2003, creditboards.com has helped thousands of people repair their credit, force abusive collection agents to follow the law, ensure proper reporting by credit reporting agencies, and provided financial education to help avoid the pitfalls that can lead to negative tradelines.
×
×
  • Create New...

Important Information

Guidelines