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Need Financial Advice for Land

Glitterhaus · 2024-03-16 10:13:12

Hello all, I recently acquired 3 acres of farming land adjacent to my family home for 30,000 euro from a family member. Originally, I had considered building a small home on it, but given the current high building prices and my low annual income of 30,000 euro, I'm trying to figure out a more sustainable long term plan…

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16-03-2024 11:13am

#1

Glitterhaus

Registered Users Posts: 11 ✭

Join Date: June 2019

Posts: 8

Hello all,
I recently acquired 3 acres of farming land adjacent to my family home for 30,000 euro from a family member. Originally, I had considered building a small home on it, but given the current high building prices and my low annual income of 30,000 euro, I'm trying to figure out a more sustainable long term plan that works financially.
To finance the purchase, I opted for a personal loan and it is a big chunk coming out of my paycheck every month. Potential rental income from agricultural use seems limited so I'm seeking insight on the best financial way forward. Are there alternative income streams I should explore? Any governmental assistance programs or subsidies I might qualify for? Or would it be wise to hold onto the land and wait for a more favourable market? I know some people use the value of the land to get a mortgage to build, but I don't see how that would be financially smart.
I appreciate any advice or personal experiences, thank you!

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