Nova Scotia Land Purchase - what to look for?
Hi all,
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!