1. Budget
2. Purpose for purchase (also matters for use/value)
I'm 45. I've only purchased three properties. I have chased and tried to buy many others. Lost count. Then, I grew up and realized I was not doing it right.
I had a budget (circa 1994) of 85k. I wanted a brick house, two bath, fireplace, 10 acres, water, ability to hunt and cut firewood.
I found that. 10 acres...all of the above. 84.5k (see #1 and #2)
Property #2 was the adjacent 10 acres. Just doubled the acreage and got it for a song. (see #1 and #2)
Property #3 was just last summer. Had a budget, Looked at some property on CraigsList and then price shopped it for comparison. Found a different property , 32 acres, about 3 miles away.
It was within our budget, under market-value and we wanted it for hunting, an investment, hay lease (for taxes) and it's proximity to our original 20 acres.
Land is juuuuust like buying a car. There are 50 things to look for, and decisions upon decisions to make.
Budget.
Location
Use/Value
Buying 100 acres, cheap, in North Dakota does not meet my guidelines. I can put the keys in the ignition and 'go check' my property in under 5 minutes. A 'hunting trip' over there takes the same amount of time.
It's more about patience, research, titles, court documents, land values, tax appraisals, and simple luck and discipline.
TRG