We Bought the Farm!
The trials and tribulations of owning our own little farmette in North Carolina begins.
Well, almost. Let me start at the beginning.
It has always been a dream of mine and my husband's to buy land for a farmette. It was one of the main reasons we moved from California to North Carolina in the first place. Back in 2019, we weren't really in a place to buy a home, much less land. Then, the COVID-19 pandemic hit. Then, we were saving for and planning a wedding. Then, interest rates went through the roof. There was never really a "good" time to buy.
This past summer, with the explosion of the Research Triangle Park (RTP) area imminent—thanks Meta and Apple!—we decided it was time to make a move, literally. For context, we live south of Raleigh, and these areas are proliferating with new sub-divisions almost every week, which makes land hard to come by unless you venture further and further south.
Most of our friends live nearer to RTP/Durham than areas south of Raleigh. We originally lived in Durham when we moved to North Carolina and loved it. So, we started looking at properties north of Durham in areas that haven't been hit by the big development companies (yet).
Ideally, we were looking for a decent home on 10-20 acres. If it had any additional horse facilities, like barns or pastures, that was a huge plus. Almost immediately, we learned that we were priced out of any property that didn't have some fundamental flaw, such as foundational cracks in the house or built on/near a floodplain.
As discouraging as this was, it made us realize we were likely going to have to buy land and build to get closer to what we wanted. But buying land has its own challenges! Land loans are far more expensive; they require more money down and often have higher interest rates. Additionally, if you are planning to build a home on your land down the line, you're subject to another set of fees that apply to a new loan.
Once we started looking at land-only properties, we learned about another interesting wrinkle: deed restrictions and covenants. There were a few properties in really nice areas in really nice condition and in budget...but the restrictions were deal breakers. For example, one property was 10 acres but only allowed 1 horse per 2 acres of fenced pasture. It also did not allow any animals other than horses, cows, and chickens (no roosters). The prospect of buying land usually comes with the excitement of not being beholden to HOA rules, so these types of properties were not going to work for us.
Eventually, we found a property that might work. It has some deed restrictions and covenants, but not nearly as strict as others we had seen. On the plus side, this property is:
10 mostly rectangular acres
Not classified as a floodplain or wetlands and has no standing water!
Mostly topographically flat
At the end of a cul-de-sac in a horsey community
Located in a desirable zip code close to town
Easily accessible from major roads
10 minutes from my friends' properties
40 minutes from a major airport
The downside? It is completely wooded.
Welcome to the future home of Serenity Oaks Farm!