Buy land or small acreage with house?

[ChicksterJo]

My boyfriend and I are seriously thinking about purchasing land in the Upper Peninsula of Michigan once we have enough money to do so. His dad has offered to pay for half the land, and when he passes away, he will give the land to my boyfriend. The problem is now deciding what kind of land to buy. We are thinking in the Escanaba area and surrounding townships, all around that northern Lake Michigan part, because the area gets the least snow.
However there is a lot of inexpensive housing with a little bit of acreage near the Iron Mountain/Crystal Falls area, but I don't want to move there because it is much colder (it's more inland) and the acreage is too small (around $40,000 for a house with 2 acres). I was thinking of getting at least 10 acres and building a cordwood house.
Which would you recommend:
1) That we purchase the small acreage with the already-built house
2) Buy land that we can build a small cordwood house on (maybe 1200 sq ft to start), in the area we want
I'm obviously going towards #2, which will cost a little more, but I think we will be happier in the long run. Has anyone had a similar experience, and what did you do?

 

[BetterHensandGardens]

I'd go with the land, and with the warmer area. I've lived in the UP near where the 2 acres are, and it's too cold and snowy for me. Also, we've lived on smaller parcels of land, but are much happier with our current 10 acres. That's my two cents worth!

 

[SourRoses]

We're hunting for a place too.

I say the second option for sure!

Buy yourself something with enough room to do whatever pleases you... and add a house that suits your needs and preferences.

My logic is, if I dont... I'll just be wanting to move again afterwards anyway....

 

[theoldchick]

My husband ignored my request for land and built a brick home on 3 acres. Hated it. Hated the neighbors. Neighbors hated me. Husband was miserable. We now live on 36 acres. Love the distant neighbors who think I'm a harmless nut. Husband is much happier and so am I!

My advice is if you want land buy land. Build a small home and add on as you need to.

 

[NottinghamChicks]

We purchased our first home on a postage stamp lot(8,00 sqft) and loved our home but not the close proximity to the neighbors. Sold it for twice what we paid after five years and have since bought land 2x and built our own homes both times. Lots of satisfaction in logging your own land and building your own home. We are content living in the woods with our chickens and dogs and frequently have wild visitors of every type. It's not for everyone but you sound as though it is for you, so go for it!!

Edited to say that while building our homes we lived in our 30ft Fifth Wheel camper year round. First time it was 9 months and the second time it was 14 months as the lot needed to be logged. Sold the camper as we are camping everyday now just in our beautiful home

 

[Mac in Wisco]

Quote:
Is this land for a "someday" dream? What are you going to use it for, a regular place to live? Is there work in the area or this just someplace you might want to live someday, perhaps after retirement?

I wouldn't just buy land on a whim for a house that you want to build "someday". In the meantime, that land will be sitting there taking a chunk out of your income every month (or at least every year for property taxes) on something that you aren't even using while you need additional money to maintain a household elsewhere, all so you can dream about it and visit it a few times a year.

Does affording this mean using both of your incomes? What happens when he is neither your boyfriend nor husband? If the land has to be liquidated because you go your separate ways you are both going to take a bath on this deal.

Sorry to be such a pessimist, but you really need to take a good hard look at these plans and see if they are realistic.

 

[SourRoses]

I'm sure adults are perfectly capable of making their own decisions regarding their finances. The prospective home was mentioned by the OP.

 

[Mac in Wisco]

Quote:
Yet millions prove otherwise everyday...

I was just throwing some thoughts out there. They may be applicable, they may not. The part about "when we have the money" got my spidey senses tingling.

Feel free to ignore me.

 

[LittleChickenLady]

Quote:
Yet millions prove otherwise everyday...

I was just throwing some thoughts out there. They may be applicable, they may not. The part about "when we have the money" got my spidey senses tingling.

Feel free to ignore me.

Never hurts to plan ahead.

 

[Whitehouse Quail]

I live in Michigan.... Just remember, the economy is not exactly booming.

(Hopefully it will turn around, but the fact can't be ignored if you plan to work here.)