Benefits Of Buying Home On Acreage Versus Home On Lot
This Article Is About Benefits Of Buying Home On Acreage Versus Home On Lot
There are many things for a home buyer to consider when buying a home. Buying a home is not like buying a car or motor home or other high-ticket items. The acquisition cost of buying a home is much greater than buying anything else. Even though a home buyer is not responsible for paying the real estate commission of 6%, that cost is already figured in to the cost of the home purchase. Plus there are closing costs on a home purchase.
Closing costs can be anywhere between 2% to 6% of the home purchase. Bottom line is that right off the bat, a home purchase will have more than 10% of costs, whether those who are buying or to sellers.
In this article, we will discuss and cover the Benefits Of Buying Home On Acreage Versus Home On Lot.
Cost Of Buying A Home
The hidden costs of commissions and other fees are already figured in the price of home purchase:
- So if home buyers buying a home and decide they do not like the home they purchased or do not like the neighborhood, they cannot just list it back in the market and come out break even
- Plus, cannot sell a home in a matter of days
- It takes time to list a home, gets a home buyer to purchase it, and once the real estate contract is signed, it may take anywhere between 45 days to 60 days to close on a home
- One of the most important things to consider as a home buyer is whether to purchase a home on acreage versus home on a lot
There are pros and cons in buying a home on acreage versus home on the lot. In this article, we will go over the pros and cons of buying a home on acreage versus buying a home on a regular lot.
Buying Home On Acreage
Buying a home that sits on acreage has many benefits. Many homeowners like privacy. Buying a home on acreage offers privacy where neighbors do not know whether they are leaving home or whether they have guests or not. Depending on how many acres the home sits on, privacy can be an important factor to many people.
There are communities that have one-acre zoning. Other communities have five-acre zoning. Homes that are on five-acre zoning allow horses. Horse lovers can enjoy having and raising horses if they purchase a home on five acres.
Adding On To Existing Home For Space
Another advantage of buying homes on acreage is homeowners have the luxury to add on to existing homes if they need more space as well as add outbuildings. Homeowners can also plant a large garden, build a pond, install an in-ground pool, build a tennis court, or just enjoy the land home is on. There are so many possibilities with homes that are on acreage than there are on homes that are on lots.
Privacy is one of the greatest benefits of owning a property on acreage. You can have dogs barking and/or multiple children playing without getting neighbors complaining. Homeowners can add multiple sheds and/or a pole building for added storage.
Most homes on acreage are zoned for horses. Animal lovers can have horses as well as other animals.
Maintenance On Larger Property Versus Smaller Lots
Disadvantages include maintenance.
Homes on acreage require maintenance. Times when there are rains for days, grass will grow like weeds. Needs to be mowed more than once per week. The cost of lawn equipment and fuel is not cheap. It may take someone more than 5 hours to mow a five-acre property. Besides mowing, homeowners need to maintain the landscape of the property as well such as trimming around the shrubs, fences, home, and driveway. That takes a lot of time. Need special landscaping equipment to do those tasks.
Maintaining a lawn tractor, a lawnmower, and other landscape equipment and tools can be costly as well. Those who do not have time to do the work themselves can hire a professional landscape company. That can cost several thousand per year. For homeowners who have a pond, the cost of maintaining a pond can cost upwards of more than $2,000 per year. Homes on acreage offer great benefits. However, with those benefits comes the price.
Homes On Lots
Homes on lots have their benefits and disadvantages. Benefits with homes on smaller lots are having neighbors close by for those homeowners who like to be around people. Maintaining a home that sits on a small lot is easy. Do not have the time to maintain a home, landscape services on homes that are on small lots are inexpensive.
Disadvantages with homes that sit on small lots are they are limited on what can be built:
- Maybe homeowners may want an inground pool
- But due to the landscape and size of the lot, they may not be able to install one
- Maybe they may want a garden but due to the lot may not be able to have a vegetable garden
- Maybe may need more space but due to the lot size may not be able to add on to the existing home
- Other disadvantages include neighbors
- If you do not get along with the neighbor next door, you are stuck with them until they move
- Privacy is another issue with homes on lots versus homes on acreage
- Cannot blast stereo because it will disturb neighbors
- Neighbors will know when you are leaving home and when you are home
- Neighbors may have multiple dogs that may bark at all times of the day and night
Homebuyers, especially first-time home buyers, should seriously think about buying a home on acreage versus a home on a lot. Serious consideration should go into the home buying process.