Buying a New Place

[Desdinova]

So I figured I'd make a post here because I'm trying to figure out if I'm headed down the right path.

I've been wanting to re-locate for a bit now, and I finally found a piece of property that is intriguing to me. The owners have accepted my offer, so I've been moving forward with the plan to buy it.

The positive to my new place:
- It is on 7 acres of land
- It is $30,000 cheaper than what I'm selling my current house for, and it's in better physical condition
- It has a small building on it that is currently being rented out to a small business for $200 per month
- Lower bills
- I get to keep my decent paying job without extra costs

The only negative to my new place is that it's a bit smaller (at least in the number of rooms) than my current house. However, I'm thinking that I can put $20,000 toward an addition that would give me the space I want.

My ultimate plan is to make this place my home until I'm too old or physically incapable of living there.

Any thoughts?

 

[Bible_Belt]

I meet a lot of hippie chicks who are into farming and local agriculture. 7 acres is plenty big enough to have a microfarm. Find out what grows in your area, ie zone hardiness. If you plant the right fruit crops, they can be very low maintenance.

 

[resilient]

Wow. 7 acres is a ton of space. Could you add extra properties onto the land for tenants as an income property? That would be nice addition to the cash flow...

 

[Desdinova]

7 acres is plenty big enough to have a microfarm. Find out what grows in your area, ie zone hardiness. If you plant the right fruit crops, they can be very low maintenance.

This is an eventual plan. From what I can tell, a significant portion of the 7 acres is trees which doesn't really bother me because I don't want to mow all that 5hit. I was thinking of chopping a bunch of them down and replacing them with fruit trees.

Could you add extra properties onto the land for tenants as an income property?

I was sorta contemplating that as well. I don't know how much of the land is trees or if there's something on the other side of them. I didn't get to see the entire seven acres. Regardless, it's all land and it's going to be mine.

 

[Billtx49]

Think about planting some grape vines also and having your own private winery.…

 

[Desdinova]

My goal with this place is basically to be as self-sustainable as I can possibly be, and as low-cost as possible. I'm eliminating one thing that's been a royal pain in my ass for the last few years, and that's my water & waste bill. I'm much happier to deal with my own garbage, and there's not one, but TWO wells on the property.

Not only that, the house is cheaper to heat than my current one, and I'm planning on eventually installing solar & wind to reduce my power costs.

Think about planting some grape vines also and having your own private winery.…

I've been aiming for that for quite some time now. Buying alcohol is expensive, so if I'm drinking stuff I made from my own trees, I'm saving a ton of money. I have all the stuff to make my own wine already.

 

[Plums]

Yes go for it and plan to extend the property as and when you can afford it. Can you rent the land out as well?

 

[speed dawg]

I don't see a downside here.

- You want to live there until you die
- Passive income automatically built in
- Cheaper and better

Am I missing something. I'd love to have this situation. Is it a horrific commute or something?

 

[Desdinova]

Am I missing something. I'd love to have this situation. Is it a horrific commute or something?

Commute to the city is one hour. However, my company is (supposed to be) province-wide and the head boss is anxious for me to do work in rural areas. My workplace gives me a vehicle and pays for my gas.

 

[logicallefty]

Sounds like a no-brainer to get this place. I am getting ready to put my house on the market too, downsize, and move from the country into a small town about 10 miles away. My daughter wants to be closer to her friends and my place now is way too big for two people.

 

[Desdinova]

One of my reasons for moving is the current state of our country (Canada). They're letting in a ton of immigrants illegally, and our prime minister is going to implement a carbon tax. It's going to be an increased cost for everyone including businesses. If our businesses go under or move to the US, it's going to ruin our economy and cause more unemployment which will add to the unemployed immigrants. Canada's going to be in some deep 5hit in the coming years, and I feel it's in my best interest to re-structure my life accordingly.

I can only see housing prices (which are currently plateauing) drop due to people being unable to afford them. My new place cost me about $40k less than what I sold my current house for. I made a total of $80k selling it with how much the value went up.

I feel like I've made the right move. With the threat of the cost of living going up in January 2018, it makes total sense to reduce my own cost of living. The province of Alberta, which very recently was one of the best provinces for plentiful jobs and a low cost of living is now one of the worst for jobs, and the carbon tax is just going to put more holes into the sinking ship that it is. I've spoken to people who moved here from Alberta to escape their own financial ruin.

I honestly believe it's a sign of things to come for this country.