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| While land has always seemed expensive at the time, I think it has gotten considerably harder though for a young guy, or even an older guy like me, to be able to pay it off. Sure, if you already own 1,000 or 2,000 acres all paid for, it’s probably not too hard to buy another 80 or 1/4. When we bought our 1st land back in 96’ it was a quarter and an 80, and it was $550/ac, a whopping $132,000 for 240ac! I remember the banker saying we didn’t overpay, but it was definitely high enough, and that was a scary number for a couple of kids just got married! Turns out to be the best thing we ever did now. Fast forward 27 years and my son is trying to get started farming too, and the quarter right beside our home 1/4 comes up for sale and we buy it together so he can start owning/paying for land. Land is now selling for $5-8,000/acre around here, and trying to make that payment if you didn’t put down a large percentage of a down payment is pretty tough, especially for a 20 something with a young family. I’ve got other land paid for besides that first 240, and it’s still tough to do. I guess what I’m saying is, although that first piece at $550 seemed hard at the time, it was a heck of a lot closer to paying itself off than this high priced stuff today is. It was way easier for us to make payments on that situation back then than for my son at todays prices. | |
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Land Auction
