How to Find Your Dream Homestead

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Buying a parcel of land with friends also can be a cost-saving option if everyone shares the same long-term objectives for the property and there’s a written agreement detailing a way for a partner to exit if the need arises. “Such arrangements work where they’ve created a legal document to satisfy not only lenders but future purchasers,” GeRue says. Before you buy a property with others, you’ll want to check local zoning ordinances if you plan to subdivide it legally, and determine any restrictions that may apply.

Ask the Right Questions

Of course, it’s wise to approach any land purchase thoughtfully, and GeRue cautions buyers to look beyond the appeal of cost alone. “Those who focus on low-cost land risk shortchanging their lives,” GeRue says.

Hollis agrees, noting that some people who initially accepted the offer of free land backed out after they realized the challenges and costs of building — and living — in rural Alaska.

GeRue suggests that buyers first make a list of criteria to guide them in their decisions. Are you planning to farm the land, and if so, is the plot large enough, and is the soil fertile? Are there any signs of contamination, wetlands or flooding? A quick search of a property’s environmental history through Web sites such as Environmental Data Resources will help you avoid potentially contaminated well water, leaking underground tanks and other potential hazards.

Think about what you’d like from a community. Is the rural life right for you? How will you support yourself? While today’s small towns have better access than ever before to cable, cell phone and high-speed Internet service (making more room for work-at-home careers), rural life can be isolating at times. You might want to consider the commuting distance to larger communities, where jobs and amenities may be more available.

More isolated rural areas may also lack services to support you or your family. Will being near a quality hospital be important to you? Will your children be attending local schools?  

Thorough research is the best guarantee of purchasing land that fits your needs. The Web sites (below) will get you off to a good start.

Top 10 Tips for Finding Your Affordable Homestead

1. Make a list of your required criteria, along with what you’d like but isn’t necessary.
2. Focus on a particular county or region where you’ll begin your search.
3. Research free land opportunities.
4. Spread the word that you’re looking for land.
5. Scour local newspapers and Web sites for available properties.
6. Drive the back roads — knock on doors and ask questions.
7. Research foreclosure properties and government land sales.
8. Consider teaming up with friends to buy property.
9. Think of your long-term plans as you search for property.
10. Make an educated offer based on the market.

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