My investing portfolio consists of one rental property at the moment. BUT...
My wife's family has ~280 acres of property in rural Nova Scotia. The closest town I can find is Catalone. I don't know much about this area but i do know that the family was planning on selling the 280 acres to a lumber company for 40k USD and that seems a little(lot) low.
We have reached out to a real estate agent up there to help us with some comps as we are considering purchasing it at that price rather than have the family sell it to a lumber company (they want to get rid of it).
Can anyone provide me any resources or advice on what else I should understand before considering this purchase? Is it possible that even though this is a lot of land in a beautiful place it really is only worth 40k USD and we could be buying something at market price?
Thanks so much for any direction offered!
I live in Nova Scotia. Land with nothing on it goes for $500 to $1000 an acre. 40k could be a good price. Is it on the water or have a view? What about a road or driveway? Is power close by? The forestry companies will also just pay you for the lumber and you maintain ownership of the land. What else do you know about the land?
Let me know if I can help. It's a beautiful part of the province.
Is the parcel accessible by road? or is it completely landlocked by other properties?
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