It is likely that at some point in your life you have experienced a desire to get away from it all. The dream of many Americans is to own a piece of property with a few acres to call their own, out of the way of the hustle and the bustle of the city. In these daydreams, it is a place where they can sit and swing on a front porch at night, watching the sun go down on the far side of fields or perhaps a lake. When it comes to making that dream a reality, there is a lot of planning and preparation that needs to go into the process.
Considerations before buying an acreage
Unless owning large pieces of property has been a part of your family lifestyle (in other words, you have grown up on a farm) then it is likely that you have not considered all of the angles of owning an acreage. This is even true of the benefits of having your own piece of land. Let's take a look at some of the considerations that put ownership of an acreage in a very positive light, both practically and when it comes to lifestyle.
• An acreage can make money for you. Smart acreage owners will be able to turn some of that extra land into a means of generating some income. Opportunities will be dictated by where your property is located, of course, and how much capital and time you have to invest in the project. Here are some ideas for making your land work for you.
o Hobby farms or larger farms. Many people invest in acreages with an idea towards owning a few animals and taking care of them. If your acreage is large enough, you may wan to consider specializing in a species and selling products on the market. Chickens and other low-maintenance animals are usually the first choice, but acreages can also be used for breeding dogs or horses; even planting a small orchard.
o Rentals. One area that a lot of people don't consider when it comes to making money on their property is renting. There are lots of different sources of rental income on an acreage. People who live in towns but who own horses or other large animals often look for good pasture to rent and board them. Movie and other production facilities are also constantly looking for locations to shoot, and if your acreage has scenic appeal you may find an opportunity there. Acreages can also be rented out to groups for special occasions, such as receptions and even retreats.
• Consider turning your property into something bigger in the long term. An acreage does not have to remain a vast amount of property with only a few buildings on it. If you are a person with vision and love long term planning, you may want to think about the prospect of turning your acreage into something more.
o Development: Acreages that are in reasonably close proximity to larger centers of population stand a good chance of increasing in value as urban sprawl catches up. Patient landowners will often find that their property skyrockets in price as people flee the city for outlying areas to live.
o Destination Vacation: A well-located acreage just might allow an owner to turn a profit on a small business such as a bed and breakfast or other tourist-oriented facility. Acreages with the greatest potential here are those located in scenic areas or along major routes, or that are in close proximity to a major attraction.
The lifestyle improvements of owning an acreage almost go without saying, as they are foremost in the mind of anyone who wishes to purchase a plot of land. Acreages represent an opportunity to get away from the busy life of cities; even if you live in a smaller town, you probably feel the need to get away from the traffic and the daily grind of life. Acreages give you the chance to achieve the dream of American since Daniel Boone; a little more "elbow room".
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