Question Details

Omar, Home Buyer in Hanover, VA

Are there any big cons against owning a lot in a neighborhood with only 10 acre lots?

Asked by Omar, Hanover, VA Tue Aug 14, 2007

I have lived in a nieghborhood most of my life with only half acre lots and I have felt like I want to live in a place where I have some land. I am just seeking if there are any big cons to having this much land.

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Depending on the location, you may have large utility assessments for water and sewer if these services are not already available and the assessments paid. Check with the city or municipality where you are thinking of buying to see what fees may be charged. Also, of course you want to look into tax rates for land before buying.
0 votes Thank Flag Link Tue Aug 14, 2007
One risk I see in my marketplace now is taxes. Twenty-25 years ago people moved to my market area with exactly this idea. Big lots, trees, horses for the kids. Now values have gone up tremendously. Some owners have sold off and small subdivisions have been created. This has pushed up land prices and therefore taxes. Now some people have taxes much higher than house payment ever was. Sometimes the pain is that this change in value is uncontrollable by you and some people are forced to sell for financial reasons. When you purchase do your best to anticipate what the future might hold. If needed could you sell off pieces of the land. That might determine where you put your home. Smack in the middle of the 10 acres, or at one corner? Where are the roads and access points? As mentioned in another post, care can be costly if needed. Will the lot need to be watered and mowed? Is there a well? One other issue I have seen lately is drainage. Some lots have a nice creek running through the back. It was pretty at the purchase, but now with development expanding to the North of the lots and change in the watershed, it's dumping a lot more water in that creek and creating flooding in what was before a small winding peaceful creek.
Web Reference: http://www.teamlynn.com
0 votes Thank Flag Link Wed Aug 15, 2007
Bruce Lynn, Real Estate Pro in Coppell, TX
MVP'08
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One potential con could be: is it a 10 acre minimium (example). At some point could you do a lot split or parcel if off? Land that you no longer enjoy or able to take care of can be an expensive burden.
Web Reference: http://pamwinterbauer.com
0 votes Thank Flag Link Tue Aug 14, 2007
Pam Winterba…, Real Estate Pro in Danville, VA
MVP'08
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Hi Omar: Some drawbacks that my consumers talk about are the fact that they are responsible for the taxes, maintenance and insurance on these large parcels of land, when they don’t actually use and enjoy it all.
0 votes Thank Flag Link Tue Aug 14, 2007
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