Buying 3 Acres of Land – Is It Worth It to Invest?
You want to invest in land, but you don’t have a whole lot of money to spend. Most investors can comfortably afford to buy 3 acres of land, especially if you can find deals for $1,000 or even $2,000 an acre. But is it worth it to buy just 3 acres? Where can you find 3 acres of land at a price you can afford?
What You Can Do with 3 Acres of Land
You don’t need to buy 100 or even 10 acres of land to earn a return on your investment. Even 3 acres of land can be productive. Here’s what you can do with a 3-acre plot:
Rent the Land
If you don’t plan on living on the property, you may consider renting the land for hay or other crops. Renting can earn you a nice steady return, but remember, the person you rent to has a legal right to a piece of the property. If you live on the land, you may find this option to be too invasive. On the other hand, if you’re just purchasing the land to hold onto it as an investment, renting is a very viable and practical option.
Raising Chickens and Goats
If you do plan on living on the property, you have the option of raising chickens and goats. Free-range chicken eggs fetch a higher price at local markets, which can help you generate some income. Goats can also provide milk and meat.
Alternatively, you could raise sheep for their wool and meat. Goat meat is considered one of the healthiest, and if there’s local demand for it, you can generate income from goat farming.
Trees and Flowers
Another possible way to generate income from your land is to plant trees and flowers. Hardwoods can be a profitable venture if you use your space wisely. If you have the time and budget, you may consider planting Christmas trees as well. Flowers can also be sold at local markets. Even wildflowers can be sold, and they require virtually no effort on your part as they grow naturally.
Fruits and Vegetables
A natural option is to grow fruits and vegetables, and sell them at local markets. There’s an increasing demand for local produce, you should have no issues selling your excess produce at farmers markets nearby. As an added benefit, you can feed your family fresh fruits and vegetables right from your farm. Many families choose to simply sell whatever their family does not eat at a market to generate income on the side. But depending on how much time and work you put into it, it’s not unrealistic to think that eventually this could produce in a full-time income.
Even with just three acres, it’s possible to grow a small vineyard and even produce your own wine. If that sounds like too much work, you always have the option of selling the grapes to local wine producers. Vineyards can be expensive and time consuming, but many investors enjoy the prospect of growing their own grapes and producing their own wine. And let’s not forget that there’s a huge market for wine.
Drawbacks to Consider
Naturally, there are some things that you’ll need to consider if you’re only going to buy 3 acres of land.
Your Income Will be Limited to a Degree
Three acres is enough to generate a decent amount of income, but don’t expect to produce as much as a farm with hundreds of acres. At this level, you’re considered a micro-farm. While there are producers out there making $100,000+ per year on their farm, this is not commonplace. It’s best to look at your investment as that – an investment; not a full-time job.
There Will Likely Be Restrictions
It’s not uncommon to find 3-acre plots in suburbs and areas on the outskirts of town. These can be desirable locations, but they may have restrictions in place that will limit what you can do with the land. For example, you may not be able to raise chickens if you’re within a certain mile range of the city.
There may also be other restrictions in place that would prevent you from selling your crops or farm products on your property. Be sure to check the zoning and local regulations before you decide to purchase the land.
Is It Worth it to Invest in 3 Acres?
Ultimately, whether or not the investment is worth it will depend on what you’re going to do with the land and its location. If it’s in a great location, you may just want to hold onto it, and sell to a developer or individual buyer. You may also consider renting it to farmers and generating a nice income that way.
But if you’re going to actually use the land, whether it’s worthwhile will depend on your time and budget. If you have the time to tend to a farm, then it can very well be a profitable venture. However, if you prefer a hands-off approach, one of the above options may be better.
Where to Find 3 Acres
You can find 3 acres for sale in virtually every state in the country. But your best bet is to look in rural areas. Prices will be lower, and more land will be available. Three acres shouldn’t be hard to find in farming areas. You’ll also be able to find 3-acre plots in some established residential areas, which would be a great option if you plan on building a home on the property. But be aware that you may be limited as to what you can do with the property if you choose to build on residential land. If you plan on farming or selling crops, you may want to consider buying property that’s zoned for agricultural purposes.
Three acres can be a great investment if you use the land wisely. Have a plan in place, and buy in a good location. This will help you see the best return on your investment. And remember, you may have the option of buying land adjacent to your plot in the future if a neighbor decides to sell. This would allow you to expand your operations and generate more income.
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