This is somewhat of a double edged question. If you do not purchase enough, you may be forever wishing you had. But if you buy more than you need, you will not only pay more but also continue to pay more for maintenance, taxes, and insurance.
The truth is many buyers have a hard time conceptualizing the size of land. You really should walk or drive a few parcels of land. You need to see the difference between a five, ten, or even fifty acre parcel before deciding.
Think about your plans for the land. How does adding one, two, or ten more acres help you achieve your goals? There is no right or wrong answer, but it is something you should consider.
Also is this dream for both or just one of you? If you both are not 100% on board for a larger parcel, you may need to compromise. Maybe you promise your partner the home they want so you can get the land that you want.
Perhaps just as important is what shape is the property? Parcels come in all different shapes and sizes. Do you need a more square shaped parcel? Sometimes a narrower or odd shaped parcel might offer you more property for less.
You also need to consider the cost of utilities. How long of a power run do you need? Can you run a trench or do you need to clear a right of way. If you plan on putting in a septic now or in the future, you need to do a percolation test before closing. If you plan drilling a well, you should verify the depths and output of nearby properties.
You also should consider the cost of excavation. Is there a lot of large stumps that will need to be removed or grinded down? Is there presence of larger boulders on your property? Do you plan on putting in a road?
Buying a parcel of land can be intimidating but also very rewarding. There are many things you should consider, but we are here to help guide you through the process. If you have questions or need help with estimates for these and/or other associated costs, please contact us.