It might be a good idea to rent a home first before buying land and beginning construction, particularly if you’re unfamiliar with the area or if you’ve never lived out in the boondocks before.
Tip: You can get to know the community and hear stories from local owners that you might not otherwise be privy to. At least try to spend a few weekends there, if possible.
Be aware of the pitfalls of this approach, however. All your neighbors might not be overjoyed to hear that you’re planning to buy up that land behind their homes and erect your own palace there, obstructing their pristine views. You might meet up with some resistance—even organized resistance involving municipal and county authorities.
Resale value is often softer in the country than the city because the pool of potential buyers is smaller. Home prices tend to be more negotiable when demand is low and supply is high. As a tenant, you can try to time the real estate market and be ready to buy that parcel of land as soon as it becomes available.
