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 motorhome or other high ticket item. 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 is closing costs on a home purchase which can be anywhere between 2% to 6% of the home purchase. Bottom line is that right off the bat, you will have more than 10% of costs, whether you are responsible for or the home seller is responsible for, figured in the price of your home purchase. So if you buy a home and decide you do not like the home you have purchased or do not like the neighborhood, you cannot just list it back in the market and come out break even. Plus, you cannot sell a home in a matter of days. It takes time for you to list your home, get 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 your home. One of the most important things that you should consider as a home buyer is whether to purchase a home on acreage versus home on lot. There are pros and cons in buying a home on acreage versus home on lot.
Buying Home On Acreage
Buying a home that sits on acreage has many benefits. Many homeowners like privacy. Buying home on acreage offers privacy where your neighbors do not know on whether you are leaving your home or whether you have guests or not. Depending on how many acres your home sits on, privacy can be an important factor to many people. There are communities that have one acre zoning and other communities have five acre zoning. Homes that are on five acre zoning allow horses. Horse lovers can enjoy having and raising horse if they purchase a home on five acres.
Another advantage of buying homes on acreage is that you have the luxury to add on to your existing home if you need more space as well as add out buildings. You can also plant a large garden, build a pond, install an in ground pool, build a tennis court, or just enjoy the land your home is on. There are so many possibilities with homes that are on acreage than there is on homes that are on lots.
Disadvantages include maintenance. Homes on acreage require maintenance. Times when there is rains for days, grass will grow like weeds and needs to be mowed more than once per week. The cost of lawn equipment and fuel is not cheap. It may take you more than 5 hours to mow a five acre property. Besides mowing, you 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 and you need special landscaping equipment to do those tasks. Maintaining a lawn tractor, a lawn mower, and other landscape equipment and tools can be costly as well. For those who do not have time to do the work themselves can hire a professional landscape company but 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 offers great benefits, however, with those benefits comes the price.
Homes On Lots
Homes on lots has its benefits and disadvantages. Benefits with homes on smaller lots is that you have neighbors close by for those homeowners who like to be around people. Maintaining home that sits on a small lot is easy. If you do not have the time to maintain your home, landscape services on homes that is on small lots is inexpensive.
Disadvantages with homes that sit on small lots is that you are limited on what you can build. Maybe you may want an inground pool but due to the landscape and size of your lot you may not be able to install one. Maybe you may want a garden but due to the lot you may not be able to have a vegetable garden. Maybe you may need more space but due to the lot size you may not be able to add on to your 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. You cannot blast your stereo because it will disturb your neighbors. Your neighbors will know when you are leaving your home and when you are home. You neighbors may have multiple dogs that may bark at all times of the day and night.
Home buyers, especially first time home buyers, should seriously think about buying home on acreage versus home on lot. Serious consideration should go into in the home buying process.