Own Maine Real Estate Blog

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Tips For Buying Land In Maine

The urge to own, kick yourself into gear and to be finally buying land in Maine is a strong one.

The low prices on the property acreages is one reason. So is just the sheer size of what is for sale for land in Maine that pulls at a person's heart strings too. Underneath all is land, remember? Like Abe Lincoln, you too want your name on the title to the land deed you own outright, free and clear. horsesnowviewwinterlandphoto

Land with good drainage, features like a view, water frontage, an open and wooded mix, terrain.

That does not require you to be a mountain goat.

And please, smack dab, right on the recreational trails if at all possible.

That is the obvious showing up on the wish list folks hold to describe their perfect piece Maine land property acreage.

Along with generous, attractive owner financing options for the Maine land to make buying it on installents easy.

But you have to have sure footing, a good foundation to build anything on. So the title, access, ability to build on the land acreage is pretty darn important stuff to discuss. So is the shape of it if you have teeny weeny frontage on the road, and it goes on and on for seemingly miles.

Spaghetti lots, bowling alley strips or dog leg jogs this and that way are not a land subdivision done right. They are a surveyor's nightmare.

Land in Maine has lots of purposes. Peace of mind to run away to it for fun or to regroup if city living is smothering youin a scary way. Land to retire on. To use for the all important raising a family, to have an investment to enjoy and that increases in the value of the Maine land.

Vacation property is the fun kind. Take a break, catch your breath. Unplug and recharge in Maine.

But tips for buying land in Maine. Like anything involving money, watch out for your wallet is good sage advice. But if you don't do it everyday there are red flags waving you don't even see. Even for a simple small parcel of Maine land used for seasonal recreation.

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Real Estate Sales In Maine, What Is Not Talked About Much.

Real estate sales are a delicate operation and many smaller not talked about so much topics don't get the black ink they should.
 
Sure I have blog posted before about mistakes buyers make in real estate sale  transaction.
 
And equal treatment with real estate seller blunders done with or without knowledge of the severe consequences affecting whether a property listing gets to the closing conference room table or not.aerial lake in maine photo
 
The sheer number of days on the market (DOM) can make the Titanic property list, droop, slide into the dark deep cold waters on the big, impersonal MLS playground too!
But besides the clean it up, price it right and be ready to show at the drop of the hat, on a moment's notice.
 
There is much more to add to the real estate buying and selling discussion.
 
Way way more. Enough for a series of posts on just this topic of what red flags to look out for and the ones you just don't see. Even the real estate professional learns new tricks each day. In the passion, some call jealous addiction of property listing buy, sell, trading.
So skip the staging, the realistic pricing and all out marketing do's and don't and let's toss up for all to see a few more situations that can raise their ugly head.
 
In listing, selling real estate in Maine, anywhere on the planet or solar system.
First and foremost, real estate does not get bought and sold without a lot of people involved. With bank financing especially, more layers of players have something to say. They are all gatekeepers.
 
When the guys and gals with the combination to the bank vault, holding the purse strings raise a concern and their eyebrows one by one get hoisted. And some new wrinkle is introduced in the real estate sale to add to the woes and concerns.
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Land In Maine For Sale, How To Manage Your Woodlot.

Being a good steward of your Maine land, the woodlot that is like tree farming.

Where you the owner want to maximize the return, the growth and to remove any restrictions that hurt the wood production. Of the stands that populate your Maine woodlot.horseteammainelandphoto

Treating the timber on the Maine land with respect and passing along the ownership to another family member is part of the good stewardship.

So is working hard to protect the Maine land from soil erosion.

Where soil is washed away and into precious natural resources that hurt fish, damage the quality of a water resource Maine is famous for and proud to protect. 

So your woodlot, when it is time to timber it, harvest the over story and to weed out the too congested or mature trees, careful and easy does it is the order of the day. The simple tractor you use around a Maine farmstead and it's assortment of chains can be a start.

So when twitching the downed tree and dragging it to the yard to process the limbs, ready it for loading on a truck or trailer, other smaller trees are not destroyed or damaged in the process of cutting the Maine woodlot. 

The private Maine land woodlot owner has the time and pride to take the steps to carefully remove the timber that a forestry report outlines as time to harvest. More on the Maine tree growth program.

The Maine woodlot is not just a place to visit in late summer to gather firewood from hardwoods ridges. To be a season ahead of the heating a Maine home. So seasoned wood from the Maine land is dried, cut to match the length of a woodstove in the kitchen, down in the cellar. 

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Gimme Shelter | Real Estate As A Tax Shelter

The Rolling Stones sang about needing shelter, about not getting any satisfaction and lots more emotional, passionate subjects.

But because we list, market, sell real estate listings in Maine, the topic of give me shelter needs plenty of attention. Lots of it under the hot center stage spotlight where we hang out on the Internet, the social media circles.

Because people want to hang on to what they work hard and save up. And part of doing that is knowing, taking all the IRS deductions that are provided for in the current tax codes.alex spud boy maine photo

A tax shelter that involves a real estate property listing.

For starters, we are not tax accountants, bean counters nor do we play one on TV or in real life. Have dealt with 1031 exchange or two though.

But there are lots of resources for using real estate as a nifty tax shelter vehicle to steer around paying too much. To save on what you fork over to the IRS around April 15th every year.

And just because we are not CPA's who we always advise you the faithful reader to consult with for the correct financial planning straight shooting advice.

Does not mean to be scared or skirt around the subject of how to save on your taxes using real estate as one prime way to accomplish that.

The roof over your head, those four walls that contain you is one of the best tax shelters to cut down on what you pay in for taxes.

Your home and it's standard mortgage deductions, your busiess properties with depreciation all chip in and work together to whittle away at your income tax exposure.To improve your bottom line.

Mortgage expenses, property taxes that can be deducted on your income final tally so you don't leave so many empty spaces and add to the forms and schedules attached to what you file with the IRS.

It all revolves around real estate and what is deductible for expenses and how you apply those deductions.

When the final number on what you still owe the feds and the state. Or may be lucky enough to trigger a return check in your name delivered to you for over payment and a refund of any size. Money back and not tapped on the shoulder to pay in is always a good feeling when you finalize your income taxes each early spring right?

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Mineral And Water Rights In Maine Real Estate Property Sales.

The calls and emails and letters from areas where they don't always convey in the real estate sale.

Minerals and water rights in a Maine real estate property sale, do they get transferred or retained? maine lake photo

In thirty six years and counting in real estate listing in Maine, I have only had two sales where a seller, grantor did not want to convey the mineral rights. And retained them. Because their grandfather or someone long since gone claimed there is hidden value in those hills.

Once the seller was declared imcompetent by his family and he was convinced there was gold and oil in the Maine land that the family wanted to sell. And that reservation killed the chances of a sale.

Because in Maine 99% of the time up to now, the mineral rights go with the real estate sale title. You get everything in those hills, down in the ground under the land acreage.

Bald Mountain and the thought that there was zinc and magnanese caused a stir, quite a buzz for a while back in the 1980's but the price to extract the ore was too high.

Market value killed the cashing in on the mineral deposits in that area of Northern Maine.

That is the one and only other time mineral right retention in a Maine real estate listing was a contingency of the sale.

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