Family Farm - A Question

[newbury]

Well I guess I'll be the contrarian.

If the taxes are not too bad and the property grows trees well, has decent road frontage, drainage, percs, etc. I'd keep it.

I bought 73 acres in Vermont in 1978 w/ intentions of moving from Northern Virginia, never happened, think I paid ~$15K. Last year they were getting about $200K to $250K for similar parcels. It's got several good house sites, percs, and 1200ft of frontage on a main road. We use it for about 1 campout a year.
Get an occasional timber cutting.

We've acquired about 400 acres down in Mississippi, including 1 small 70 acre lot w/ house and 5,500 sq ft of workshops. It's 820 miles away (12 to 16h drive) and we drive about once every two months. We were going to relocate down there this year, but my son & his wife had a child, now it's going to take longer.

There's about one place in the US where they are still making land, and that's Hawaii. If you can get it free or cheap with a little woodlot management it should pay for itself. Plus it's another excuse for a tractor, trailer and truck.

As far as the house goes see if you could get somebody of QUALITY to live there (school teacher, nurse, ?) for the cost of the taxes on the house. I had a renter for 30+ years who paid below market rate but virtually NO hassle, and the appreciation on the property was worth it.

 

[dave1949]

How is the OP going to share his youthful memories with his wife if his house has renters in it? He can drive by and say, "Lot of good times there when I was growing up." Then what? I don't see the utility of that given the reasons the OP might want to keep the place.

He can approach it strictly as a "does this make financial sense" question, but I thought he was asking something different. I had the idea that the OP felt (or wondered if he should feel) some sense of responsibility to keep the place in the family given its history.

They aren't making new land, but it's for sale everyday. Property that appreciates can be found anywhere, 900 miles away or 30 miles away. Speculating on property and keeping a family property are two different goals that could easily conflict in my mind. I have nothing against either, but it pays to be clear-sighted about personal goals when making choices.

 

[Piston]

I would never let that land leave the family! You never know, maybe it would be one of your grandkids dreams to fix up an old farmhouse or manage a small slice of the forest.

There are few things you never do, one of them is give up family property.......ESPECIALLY if you don't have to buy it!

I can't believe so many people are trying to steer you away from it.

 

[jimpen]

Another question is what is your job? Is there anyway you could telecommute to do it? If so that could be a possible solution.

If not then I would say let it pass. Why give up a good stable job to try to maintain someplace that you will rarely see, and probably won't be able to live in after you retire.

 

[s219]

Is it something you'd want to pass on to your kids or grandkids? If so, keep it in the family.

I understand the comments about maintaining the land, but I would still want to keep it in the family even if I had to let things go. Worst case, someone will have to start from scratch in the future to re-improve the land.

If you can get a renter or someone to lease part of the property, that kind of kills two birds with one stone.

 

[KiotiKowboy]

I would never let that land leave the family! ........... I can't believe so many people are trying to steer you away from it.

Piston, I really empathize with your position. It would be painful for me as well. Still, as a matter of practicality, maintaining such distant property could become quite cumbersome. Some have suggested renting and, perhaps, that would be a viable solution. Otherwise, the property must be maintained to a degree so as not to abridge the local ordinances and/or offend the adjacent property owners. I've got trouble enough with local owners who are too lazy to control weeds - can't imagine getting anything done by someone 900 miles away.

i still say, unless he wants to be a road-warrior, it's best to let it go.

 

[TomSeller]

Would any of your kids possibly be interested in it if it is willed to you and from you to your kid? Or just will straight to one of your kids? I don't know the age of your kids or if they have a desire to move north. I don't know if I ever saw what state we are talking about.

 

[buckeyefarmer]

My grandfathers farm has been in the family since the early 1800's, a cousin owns it now, but he lives 2 hrs away and never visits. They have not kept up maintenance on the house and barn, and it is falling apart. It tears my dad up to see it falling down. My cousin has no other relatives to leave it to, I've thougt about offering to buy just to keep it in the family. If nothing else, just for the timber. It's hard to give up on land that has been in the family so long.

 

[dave1949]

I would never let that land leave the family! You never know, maybe it would be one of your grandkids dreams to fix up an old farmhouse or manage a small slice of the forest.

There are few things you never do, one of them is give up family property.......ESPECIALLY if you don't have to buy it!

I can't believe so many people are trying to steer you away from it.

Maybe this gets to the heart of the matter. Why would you never give up family land, especially free land? It seems like "you never know" grandkids, this or that, is a long shot and maybe setting oneself up for disappointment that no grandchild comes along that shares your enthusiasm or unfulfilled dreams.

Unless the land is within commuting distance of employment, 40 acres isn't enough to make a living on in almost all cases. If there is little or no employment, that means there aren't many people about either, so where is the market a person would need to earn a living from growing something low volume but higher profit?

What if the land was in the path of development sometime in the future? Let's say an offer of $20K per acre comes along. Technically, it isn't free land anymore since it will cost $800K to keep it. Is it $800K important to keep land in the family?

I admit, I've never been sentimental about homes or land, nor does genealogy hold that much interest for me.

 

[Piston]

Piston, I really empathize with your position. It would be painful for me as well. Still, as a matter of practicality, maintaining such distant property could become quite cumbersome. Some have suggested renting and, perhaps, that would be a viable solution. Otherwise, the property must be maintained to a degree so as not to abridge the local ordinances and/or offend the adjacent property owners. I've got trouble enough with local owners who are too lazy to control weeds - can't imagine getting anything done by someone 900 miles away. i still say, unless he wants to be a road-warrior, it's best to let it go.

Good point about the ordinance or community. I was assuming this was land in a semi rural area. I should not assume this.

If it is though, and there are no rules for keeping your grass leads than 2.43 inches high, or needing a permit for a birdhouse or something then I still say there is no way I think you should let this leave the family.

You may not be able to maintain it, that's understandable, people may trespass, they may hunt, they might even cut down a tree. Regardless, that land is still in the family.

Let's say worse case scenario, you can't get up there for 20 years. The house is beyond repair, you let it go but hang on to the land.

You still own land that was passed down generation to generation. It will always be your land!


Unless you have to purchase the land for a price you don't feel comfortable with, I HIGHLY recommend you think long and hard about not accepting this property. I guarantee that you WILL regret this decision if you choose tim pass it up.

As far as maintaining it, do what you can, but remember that Mother Nature doesn't need your help.
(The house may, but the house can be replaced or rebuilt, the land can never be replaced. Once it's gone, you, or your grandkids, will never own it again. Boom! Family heritage gone! Just like that)