Unlocking the Legal Jargon: How AI Legalese Decoder Can Simplify the Process of Owning a Bare Land Lifestyle Property
- May 8, 2024
- Posted by: legaleseblogger
- Category: Related News
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## Interested in purchasing rural property for potential future construction
I have been actively searching for a property in rural areas that I can potentially build a house on in the future. I am interested in understanding the costs associated with owning and maintaining this property without any construction for an extended period, possibly 10-20 years.
### Costs of owning bare property in rural areas
Aside from the initial purchase price, I am curious about the ongoing expenses such as city rates and maintenance of plant life on the property. Are there any other costs that I should consider in this scenario?
### Investing in bare rural property
I strongly believe that investing in this property would be a wise decision, but I am open to hearing any differing opinions or comments from others.
AI Legalese Decoder can help in this situation by analyzing the legal and financial implications of owning the property without any construction for an extended period. It can provide insights on potential costs, taxes, and maintenance requirements to help you make an informed decision about your investment.
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AI Legalese Decoder: Simplifying Legal Jargon
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You could always lease your land for grazing to offset costs. Assuming you have water abs adequate fencing.
very much depends where – one thing u could possibly do is rent space to someone needing a place to locate a tiny home or similar. On the understanding that you will ultimately be taking over the land again for your own home. The other thing to keep in mind is that if you buy ‘bare’ land, you might want to spend some of your time planting it up with trees that will be very well established by the time you get to building or living there. In which case, think about what that might require, for example some kind of basic irrigation, cost of the trees themselves, regular visits to look after things, do weeding or spraying etc.
Rates you will be able to look up on the council website. The biggest cost is your time. Depending on what/where it is, if you leave it completely unattended, will someone start using it as a dump/weed patch/who knows what? If it looks like it is attended to, you will likely have less issues.
Other than rates, there isn’t any cost to owning a patch of land.
If the land is fenced, you can lease it to farmers. But would need a water source and water troughs. And the fences, depending on age, will need maintenance. Sometimes the person leasing can be responsible for that tho.
You can also get a contractor to cut it for hay. Sometimes they’ll pay you per bale and take it away.
You probably also want insurance. If something happens on your land, e.g. a tree falling on someone or they drive off a poorly maintained road, or if you don’t keep grass cut during summer and and a fire starts, then I believe there are liability issues.
As others mentioned rates are also a thing, even if you don’t have any services to the property.
Weeding. Depending on where, and certainly up north, your property will likely be invaded by gorse, pampas, moth vine and tobacco plants since these are more vigorous than natives. It will be hard for you to maintain the motivation and presence to deal with these if you are not on site.
If things get too infested, then your neighbours and/or council may have issues with you, and if they get really bad then you may have no option but to literally bulldoze the land to get things back under control (almost happened to neighbours after they rented their property for a few years and left it to tenants to manage the weeds).
I have considered the same for myself but a few things turned me off. The first thing is fencing. Remember you are liable for half the costs of fencing with your boundary neighbors.
Land is hard to resell.
The money you will get for grazing is peanuts really.
They tend to bleed money, forever cash flow negative, they may often have limits like a max 20 sheep 5 cattle etc to ensure they are always a hobby farm and not commercial.if it were to get rezoned as residentail maybe you can resell to a devoloper and get rich.
Not sure where you are looking, I brought a large section on Kawau Island. There’s still relatively cheap land there, many ferries a day. I have built a tiny type home, with compost toilet system. Taken me 10 years. If you think outside the box you can find cheapish land, with a view. The provinces are more expensive for rates, generally. Like someone else said, Wolly nightshade, pampas and gorse need to be kept down hard, I would say you need at minimum someone doing section maintenance of some sort at least quarterly. Plus it will show you are around and people tend to stay away from property that’s used.
Also my dream. If it’s affordable for you and your dream I would go for it. Doubt prices will go down.
Being a few years out from building I would have a plan for what the property would look like and start planting trees.
Excuse my ignorance here but I always assumed rates were associated with the services being provided. What services do you have to pay for on a bare piece of land?
be aware that Banks wont lend much if any on bare land if you do not plan to build on it within 1-2 years. So you would need to buy it with cash/outright and be prepare to hook up services (power/water etc.) at your own cost in the future.
I live rural and love it. Good luck!
Maintaining driveway access in event of slips and erosion. Preventing pest plants establishing. Rates. Anything caused by other people like dumping, fires, weed crops, squatting. But yeah, nice to go camping in peace.
Keeping it bare is silly though you may as well at least get your trees started. If you want to live rurally why wouldn’t you just get started as early as possible?