According to last month’s LANDTHINK Pulse, 37.0% of our audience indicated that they would be willing to travel 100 miles to use their recreational property. It’s a hot land market and buying a recreational or investment property can be an alluring prospect. There are also some solid economic and emotional reasons why buying a recreational property can pay off now and down the road. But when it comes to evaluating recreational land for purchase, it really is all about location, location, location, as verified by this month’s survey results. Buyers don’t want much distance between their primary residence and their recreational land.
Last month, the June Pulse asked: How far would you be willing to travel to use your recreational property?
Determining the best location to buy rural land isn’t easy, but thankfully there are experienced land agents who specialize in rural land sales that are available as a helpful resource for buyers. Whether you’re using the services of a land broker or going it alone, before you decide to purchase recreational land there are a number of issues to consider. It’s important to uncover your motives and end goals for buying land. Ask yourself the hard questions, like, “Why do I really want to own property here?” and “What would I do with it if I were to make it mine?” This article, by Jonathan Goode, is a short primer on a bare minimum of things you need to know that will help you get started with your land purchase.
Recreational land can provide several uses:
- Spending more time outdoors, in a place you love, with family and friends
- Specific types of recreational land can provide an ideal investment vehicle capable of producing income now and after retirement, while appreciating in value
- Gives you a place to eventually build on and move to when you retire
The typical recreational land buyer is usually buying for hunting, camping, weekend getaways, family time, or to simply enjoy the great outdoors- landowners can use and enjoy their recreational property in countless ways. Most owners of recreational land don’t mind driving 1.5 to 2 hours to get away from the hustle and bustle of daily life, but what constitutes “too far” to travel is different depending on who you ask. While the thought of owning a recreational hunting tract in the one of the top states for producing the finest whitetails can be incredibly alluring, if it’s too far, too expensive, and requires complicated travel to reach within a few hours, then the property will likely be underutilized and all too often maintenance is neglected. If you plan to keep the land up yourself, consider the time it will take to care for the property from a distance.
The results of last month’s survey showed that buyers’ opinions vary in terms of how far they are willing to travel to enjoy recreational land that they owned. It was a mixed bag of results, but the largest percentage (37.0%) indicated that they would be willing to travel 100 miles to use their property, followed closely by 28.5%, who indicated that they would be willing to drive 200 miles or more. Only 21.8% of respondents said that 50 miles would be their travel limit and just 12.7% said they would drive 25 miles.
Another reason to buy recreational land is an investment opportunity. Our last Pulse survey revealed that 61.5% of respondents say their retirement plans and goals affect their motivation to purchase rural land. Investing in income-producing land, such as timberland or farmland, can help you save for retirement, with the added bonus of owning a piece of property that you can enjoy for years to come.
All in all, making the decision to buy recreational property can be very rewarding for you and your family. Most land agents will agree- their most satisfied clients are the ones who took the time to do the research, answered the right questions, created priorities, and usually purchased their recreational land as a lifestyle enhancement. To justify the investment, buyers should commit to being there and using it, whenever possible. If creating memories with your family is what you value the most, then how the property performs in your investment portfolio isn’t of utmost importance. Land is an asset that grows in value while providing added benefits.
LANDTHINK often collaborates with a wide network of land industry experts to help us analyze and examine the current state of the real estate land market. We asked several Mossy Oak Properties land specialists for their perspective on why the results of last month’s Pulse question indicated that most buyers would be willing to travel 100 miles to use their recreational land.
Here’s what they had to say:
Lucas Edington, Broker-Owner, Mossy Oak Properties Mozark Realty (MO): “The results of last month’s LANDTHINK Pulse question doesn’t really shock me. It has been my experience that most folks enjoy a little distance in between their recreational property and home so that it feels like they are actually getting away. For the price of an all-inclusive week long vacation, some buyers elect to allocate those funds towards a property they can enjoy year round. Also, there are benefits to owning land closer to home, namely the obvious logistical aspect becomes less of an issue. Personally, I enjoy squeezing in a quick morning hunt while still allowing enough time to get my kids to school.”
Terrell Brazell, Broker-Owner, Mossy Oak Properties Coastal Land and Real Estate (GA): “The results of the survey are pretty much spot on for what our clients are requesting when it comes to recreational properties. A lot of our clients come up from Florida looking for better hunting and 100+ miles gets them into areas with higher quality habitat and hunting opportunities. Being close enough to enjoy your property, yet far enough away to not be pulled back for every little issue, is a big benefit. Additionally, you can leave home at lunch, drive up to your property, and still have time for an afternoon hunt.”
Jamie Spencer, Broker-Owner, Mossy Oak Properties Tennessee Land & Farm (TN): “I was not at all surprised by last month’s Pulse results. We sell a lot of second homes, recreational, and hunting properties to folks who live in the Nashville, Tennessee, area and almost always they are looking to keep themselves within a 1.5 hour drive from their primary residence. Truth is, if it’s a long drive- you just won’t go as much. In this day and age, with everyone so busy with career and family commitments- especially those with kids- you don’t have the time or the patience to travel long distances to reach your recreational investment destination.”
LANDTHINK would like to thank Mossy Oak Properties for sponsoring the June Pulse and for coming up with a very interesting question to pose to our audience. The Mossy Oak Properties network, which began franchising operations in 2002, now has over 100 real estate brokerage franchises in 27 states. Mossy Oak Properties knows rural land and real estate. They are America’s Land Specialist. Contact Most Oak Properties today to find your favorite place!
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Courtesy of Land Think: Pulse