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RE: To Finance or Not to Finance
There are so many variables. It's about weighting them very carefully. Can you make the the land pay for itself? If it can't then don't buy it.
Can you do a market garden? Sell eggs? How much do you pay in rent off someone else's mortgage?
Why are you buying acres? What to do if you don't get finance?
For me it would always be a business plan, buy land use the land to pay for itself. At least enough to offset the difference between buying food, paying rent etc. Vs the cost of finance. If you've got a good savings it not as much as you think. Or look to a more affordable block?
Good luck with what ever you decide to do. And remember it's not about faith it's about maths. :-)
So many good questions, all of which we've taking into consideration already.
Especially the rent part is on point for us. In the price range we're looking at, we would pay less or the same, and in rare cases maybe a couple hundred more each month than we do in rent and that is including the so called 'cost of owning' aka mandatory insurance, waste disposal, etc. But without utilities, which we also pay separately now.
It is crazy to think that for the same amount of money we could get growing space. We won't set out to make it a business, unless you would call lowering our grocery budget a business😋 There are a lot of laws to get familiar with and we want to take it slowly.
Most regular houses on a 400-800m2 lot are more expensive than the places we are looking at. That's why we might as well go for a small amount of acreage if we want to buy a place.
Good luck, I am sure you'll love it. the feeling of security, not having to move at short notice, being able to renovate and change things. Not to mention the long term investment of your money that is going into other folks pockets right now...
Go for I say!
Thank you. Yes, all of those things (and more) are what we long for.