I've been doing more research, and I've decided it's time for an update.
First things first, however...some backstory
My girlfriend and I decided it's time to get out of the city and even the suburbs. We decided it's time to move to the country.
As our relationship develops, we are finding that we have more in common than we think, but there's a few disagreements as well.
We both want a place off the beaten path, very warm and inviting in terms of our home, but we want to be within an hour drive of some "creature comforts" like groceries and a few shops.
We are looking for a simpler way of life.
In terms of the property, we initially wanted around 10 acres. As we researched the land sizes more, what's really important for us is a plot of land that actually produces for us. Our research is now leading us to a plot between 2 and 5 acres. The further we research this, the more we will narrow down the land specifically for our needs. At this point, we are looking for the following:
- Land that has natural barriers (trees, shrubs, rock formations)
- Vegetation with a medium density.
- Trees that can be harvested for firewood/food forestry
- A decent soil makeup to help improve for veggies/fruit trees
Let's not get ahead of ourselves, however. We have to find the land first, and that's proving to be a huge task all by itself.
Financially speaking, going from a renter to a homeowner is a big jump that's been made "simple" by mortgage companies and realtors. Nothing against them, but I've learned something incredibly over the last 11 months by Jack Spirko and Dave Ramsey...
Debt is CANCER. You must kill it as soon as possible.
Say what you will about using debt as a tool to get your wildest dreams responsibly financed, but that rarely happens anymore. Our grandparents handled money a certain way (provided they too were responsible). We would do well to follow their footsteps.
We were tempted to jump right in with the offers we received on financing pre-approvals and supposed deals we almost immediately were saturated with. We had to resist at all costs until we paid our previous debts from student-loans and car payments. Getting on a cash based budget using a zero balance method is the best thing we could've done to pay down debt aggressively and have our monthly costs managed. As we watch the saving grow, we have more leverage and will be able to responsibly finance something within our budget, and more than likely look specifically for something below our means to improve to our liking as opposed to the new tradition of buying the turn-key dream home right out of the gate.
Buying a smaller home that can be improved on a decent plot of land will be beneficial for a number of reasons, most importantly the knowledge that the property you've purchased is something that you will make your own to specifically suit your needs. This includes the ideas for our place such as the outdoor space with firepit, bbq, smoker, and pizza oven. The large, raised gardening beds for veggies will be suited to grow a large percentage (if not entirely) of our vegetable needs, fruit trees, and utilization of vertical growing space for vined veggies and fruits. Outbuildings, such as a space for a hot tub and barn with a full gym and area for podcasts (coming soon!) will be utilized and customized to fit our needs. As far as the food storage and gardening aspects, I'll be touching on more of that when the plans for the raised beds and agriculture planning gets solidified more.
As I speak with the realtor and finance company I've chosen for this life-changing purchase, I realize that if I make a well informed, financially sound decision, the better chance I've got for this to be successful. I want the land to not only fit our needs, but to produce for us as well. It's a big investment on all fronts, so it has to be planned carefully. Financially speaking, the first step is knocking out that debt and save save save!!!!
Feel free to comment below, I'll be responding to any questions you've got.