stressing after purchase

Dave from MN · Jul 21, 2009

made a deal on some land, more than I wanted to pay, but less than local average, and it was a piece that I really didnt want any houses going up on. Why do I always get a sick feeling after commiting to a big purchase even though deep down I know I can afford it and know it was the right time and thing to do. I think I am gonna go have a Coor's Light and sit down and envision 200 bushel corn growing on it.....hmm, dont think I'll get that with out irrigation.

Goose · Jul 21, 2009

It's called "cognitive dissonance". It's a process everyone goes through after making a major purchase, wondering if you'd done the right thing.

Janicholson · Jul 21, 2009

As a fellow Minnesotan, I believe in you. I own about .2 acres in town (here). Give your brain a rest it is a good thing you have done. JimN

Paul from MN · Jul 21, 2009

Dave, Congratulations on your purchase! Worst case with land, you can always sell it. Where you are buying it will just go up and up. Glad to see it saved as farm land.

Lamar Fudd · Jul 21, 2009

Thanks Goose. I get the same feeling, can't sleep very well for a few nights, even. Didn't know there was a name for it. I'll even get that way after an auction purchase-whether I WON (spent too much)or LOST (Didn't bid enuf).

GeneMO · Jul 21, 2009

They dont make any more of it. You'll be alright.

Congrats!

Gene

M Nut · Jul 21, 2009

Hey, good for you! Always happy to see land used for something besides houses, pavement, and cement. I guessing it might be the land I saw for sale when I was to your place last? If so, I can really understand why you wanted to buy it.

rexhellwig · Jul 21, 2009

When you figure it out, let me know.
That's the reason I can't farm. I can't sleep unless I [b:654c4848f0]know [/b:654c4848f0] I've done everything right that day.

{Kinda hard to make all perfect decisions and farm

Nancy Howell · Jul 21, 2009

I think everyone second guesses their decisions. I know I do.

MSJ from MN · Jul 21, 2009

How many acres Dave? Has to be a good feeling knowing it's yours though.

IaGary · Jul 21, 2009

Way to go Dave.

I bought another farm 3 years ago. Thought it was to high also. I haven't regretted it yet.

You'll make it work.

Gary

ericlb · Jul 21, 2009

THANK YOU for saving some more precious farm land from idiot developers, rude and obnoxious home owners and cheap looking condo.s you did the right thing and i know you;ll make it work for you, i could sit and look at a corn or bean field all day i hate to see good land destroyed by above people for the almighty buck

T_Bone · Jul 21, 2009

Well play the stock market and that'll make it very easy to buy land

T_Bone

John - OH · Jul 21, 2009

Buy all you can afford. I doubt you will ever regret it. It seems one always second guesses themselves. Enjoy that Coor"s or two....

fixerupper · Jul 21, 2009

Yes, thank you again for saving some land from the developers. Land is almost always a good buy. Jim

Ultradog MN · Jul 21, 2009

You done good!
Land isn't a paper investment.
Reminds me I need to finalize the deal on the third lot next to me. We shook hands on it 2 years ago and I use it everyday like it was mine.
But it aint.
And good luck on those bushels.

Doug in Illinois · Jul 21, 2009

As the old saying goes, God ain't making any more ground.

My sister and I own ground in Nebraska. Sometimes I wonder what part of NOT FOR SALE some of the people back there don't understand.

One of my big gripes is city people buying up good farmground just to turn it into their private deer habitat. We don't need more deer, we need less.

But, getting off subject. Very glad to see it kept as a farm. Just don't forget to "dot all the I's and cross all the T's" as the old saying goes if it isn't current with ASCS/USDA. In other words, don't plant anything until all is OK with them. Haying should be no problem, unless it is "protected" habitat. Would still check first, you don't want to have that kinds of problems. DOUG

patiolant · Jul 21, 2009

Don"t stress. We did the same thing a few years ago on two quarters of land next door. Paid the high end of market value to make sure our offer would be acceptable. Same as you, we didn"t want the land being developed. We had that sick feeling in the pit of our stomachs for a few weeks, but have never regretted it since.

g mccool · Jul 22, 2009

Yes it takes deep pockets to buy dirt today!!!! I was always told the first one is the hardest to pay for & the rest after that come a little easier. It has held true for me & I was scared as well but looking back I wish I would have bought more. Gerald

Anonymous-0 · Jul 22, 2009

You should have been me on my wedding night! Just a kiddin.

You can't make any more land, so usualy it is a good investment, plus if the wrong neighbors build a house, your property you now own would be worth less.

Besides you must average the two units for the proper value. A farmer friend told me that once.

hay · Jul 22, 2009

i have small parcel for my hay patch. had it for many years and all of a sudden within the last year, i have gotten 6 letters from various people/agents wanting to buy my land. i guess it got valuable all of a sudden. i told each one that the land was not for sale, but they COULD buy it if they really wanted it. no offers as of yet. i guess they got the message. land is very valuable and if ya are lucky enough to afford any, keep it and protect it.

Spook · Jul 22, 2009

Congrats!

Anonymous-0 · Jul 22, 2009

It's called buyers remorse. There is also sellers remorse. If you didn't buy it you would be having the same feelings for passing it up. It's just one of those human feelings we get when we have to make a choice at a fork in the road.

Traditional Farmer · Jul 22, 2009

Not true much land bought in 2007 will not bring today what it did then and the same people that predicted the crash of 2008 are saying land and housing is in for another devaluation in most places.

Mike Aylward · Jul 22, 2009

Dave, I would guess that every farmer that bought a piece of land has had similar feelings at one time or another. My advice to anyone asking me about buying ground is simple. "Would you rather have bought it and wish you hadn't, or not bought it and wish you had?" You can usually find a way to pay for land (if you can handle the stress that goes along with it) but you can never, never get another chance to buy it if it is purchased by someone else (or practically never). And you kick yourself every time you drive by it. "Which way would you rather be wrong?". Hope this helps some. Mike

James Howell · Jul 22, 2009

Good for you Dave!

You know it is the right time and right thing to do.

You know that you can afford it.

You are able to purchase the land below the local average price.

You are able to preserve the land and use the land for farming.

Good financial decision and good personal reasoning on your part.

Congratulations!

8N'r--WI · Jul 22, 2009

Dave---a year from now you will be glad you did what you did and not have any regrets about doing it.

About 4 years back, I had a neighbor that was a 3rd generation farmer decide enough was enough and offered me a piece of his farm that I had rented from him for a while.

I paid a premium for it knowing that this was a once in my lifetime opportunity to buy land adjacent to mine, with road frontage as well.

He then sold off the rest of the farm (with a tear in his eye) to a "farmer" that then divided the rest up and sold it off in 20acre and 40acre pieces.

My "buyers remorse" lasted up to the point where I saw what was left of this 3rd generation farm after the "farmer developer" got thru with it.

I know my kids and grandkids will enjoy the farm more than I will.

Yours, if you have them, will too.

Tim

Jeff-oh · Jul 22, 2009

Dave, the symptoms are real. It is called buyers remorse. That pit of the stomache gut renching "What-Have-I-Done" Feeling. It's also positively normal after a big purchase. It just goes to show you know the value and hard work that went into earning the money for this purchase.

To help eleviate these feelings in the future follow these steps for all major purchases.

1. Wait overnight before making a purchase.
2. Carefully considering your buying motivation. Why are you buying this, now? Remember: No
amount of stuff equals contentment or fulfillment.
3. Never buying anything where you do not understand the product or the deal.
4. Consider the “Opertunity Cost” of your money.
5. Seek the councle of your spouse on major purchases.

Jeff

8N'r--WI · Jul 22, 2009

I agree ----a realtor that I know selling ag/hunting property in a "primo" hunt area of Western WI told me last week that land of this type is offered at $5500/Acre but selling for about $3800/Acre.

His sales are down 50% this year.

Kind of like "old tractors" prices??

Tim

kyplowboy · Jul 22, 2009

Dave,

Been there. I bought my farm 2 years ago from my grandmother's brother. Same thing paid less than local average but it needed a good bit of work after 25 years of renters backing off the creeks every year and working over standing water and not workng on drainage. While it will never be suitable to build on, the only way to get to is a right of way across my grandmother's farm and renters have always been a hassle with gates, I kept bidding knowing that I did not want to start training a new set of hired hands on how to not let cows out. Stessed the first year. After the first two payments, I see that it is not so bad. Save marrying my wonderful wife, buying it has been the best thing I have ever done.

On the flip side One year, three weeks ago a widow lady we go to church with promissed my family that she would not sell the farm across the road from my house with out give'n us a shot at it. My mother was renting an old home place on the farm from the widow lady and live'n on the farm in a moble home. First of the year a deacon in our church bought it. Only good thing I have to say about the deal is he gave my mom 60 days to move her trailer. Now local rumor has it that one of his skanky hired hands is move'n a trailer here just down from my house. Do you have any idea how hard it is to go day to day getting a sick feeling in your gut every time you look across the road? I hope and pray that some day the bitterness will ease and maybe some day I will have something nice to say about those involved with the sale.

Guess what I am trying to say it the stress of buying a farm is no where near as high as the stress of missing out and have'n to put up with people. Don't drink a beer to relax, drink two to celebrate. Neighbors are priceless as long as they keep their distance. Neighors are people you have a relationship with. Pricks up the road are useless!

Dave

Traditional Farmer · Jul 22, 2009

It all boils down to 1)Whether you can afford it.I guaranteed no matter how good a deal it was or how much you wanted it if its a big struggle to pay for it you'll end up regretting it.2)On the other hand if you want it bad enough no matter how much you paid for it you won't regret it if you can pay for for it easily.Doesn't matter now anyway instead of worrying about it just see how much you can make of it as you're already committed

Brokenwrench · Jul 22, 2009

Buyers remorse, almost like a hangover.

I get it too. Seems you can do all your homework, go over every angle and know it s the thing to do. Then when you ve made the deal the doubts start. Give it alittle bit to work in and you ll be happy as heck you did what you did. Land always seems to be a good thing..

Wilsonfire · Jul 22, 2009

I agree with most all the guys remarks here. One thing I have learned is "Hindsight is always 20/20."

Anonymous-0 · Jul 22, 2009

You are simply experiencing "Post Purchase Cognizant Dissidence". It is very common among those who make inferequent large purchases. Don't worry about it as the feeling will pass in about 5 years.

stressing after purchase

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