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Buying Hunting Land Series: Plan Ahead For Life’s Changes

Ed Fickey | November 1, 2020

Wade was beaming with a smile from ear to ear. His wife Anna had just given birth to their next child, his “Junior.” They were raising their daughter, Annie James, to be an outdoors person. She loved to go with her daddy fishing or taking hikes in the woods. Now there are two kids, and both are under 4 years old.

Life events cause families and individuals to evaluate where resources are going to be spent. Sometimes this raises the issue about where you may enjoy the outdoors, including hunting and fishing.

Life events may range from the birth of a child, to a new job, divorce, being called into military service, or illness, just to name a few. The question is, how well have you planned for life events? What if you have decided to own a share of a hunting or fishing club? What happens when you cannot meet your obligation? What should be your plan for the best possible outcomes?

I do not know why I am prone to food analogies, but here are two that can apply. “Biting off more than you can chew,” yes I have done that, and “How do you eat an elephant? One bite at a time.”

You need to look at your own situation to know what is too much. That is, under your current situation, if you add $1,000 per month payment, and you have a big car repair or unexpected expense, will you still be able to make that payment? Can you budget $300 and know that is not going to be a problem? You can buy a large piece of land along or with others, and patiently pay it off over time—one bite at a time.

But budget alone is only a part of the planning, although a very important part. Remember, that land you are buying will also have taxes levied—and you get to pay those, as well. Plan for it. Your land may or may not have power and water available when you buy it. If you want these things, the EMC or similar power supplier in the area may run 500 or 1,000 feet to what you call camp or a new home for a reasonable fee. Drilling a well, adding a septic tank together can be $7,000 to $10,000. And finding a lender that will work on raw land is often a challenge. Look to AgSouth or AgGeorgia Farm Credit if other banks are reluctant.

Now plan out further. When you buy your property, was it cutover barren land, or did it have some timber? When will you need or want to thin the trees for maximum value for your wildlife and income? By thinning the forest, light gets down to the ground and allows the vegetation wildlife to thrive on, and it can put a few dollars in your pocket every five or so years. Maybe you have open pastures or arable land for farming. Leasing these to farmers to maintain and grow crops on obviously can enhance your experience and improve opportunities for other wildlife beyond what you must do, and it may pay your property taxes.

It is a good idea to have an exit plan in place. One where you voluntarily exit—that is planning to sell at some point—or the other one where you go to that great “up yonder” not necessarily as a volunteer. Life events may encourage or force the voluntary exit, and you put it on the market. Find a solid realtor in your area, and let them handle the marketing and sale of the property. That is what they do, and a good realtor will make it work out well for you and your family.

The planning for the second situation takes a bit more work. First, have a will. Lawyer or not, have a written will. Make it plain and simple what you want to happen to this property. You want to decide who will receive it, or how it is to be sold and the funds distributed. Maybe you have put it into an LLC or trust, and it will remain in that LLC or trust with new management. Get a lawyer and figure all of that out ahead of time, and we really do not know when that time is, so do it sooner than later.

You set your course to know you have a place to hunt and explore nature with your next generation, but it takes good planning—a plan that works through life events.

Next Month: Tract Size Matters

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