Buying recreational real estate to pass down to your family can be a great way to ensure that your children and grandchildren have the opportunity to enjoy the outdoors. And it’s an asset that can provide value through the years, particularly if it’s a quality property.
With that in mind, here are five things to think about if you are considering buying recreational property with the goal of creating a family legacy:
Make sure the property is well managed. It’s going to take some effort to care for the land; make sure that either someone in the family or someone else will make sure it’s maintained in a way that will hold its value and appeal.
Think about accessibility to family members. Though it may be no problem for you to go off-the-beaten-path, consider whether the property will be easy to get to. If it is, that will help ensure that your family members can enjoy it.
If you want to have the property stay in the family, put it in writing. Think about issues that may come up in the future, and if it’s important that your heirs don’t sell the property, take steps to ensure that this doesn’t happen, such as creating a trust.
Get the kids and grandkids involved. Kate Davies of Bear Island Land Co. in Minnesota shares how her five-year-old helps trim along the trails of her family’s property. Building traditions and teamwork in caring for the property is a good way to pass down a love of the land.
Look for land that has special qualities. It needs to be a place where there’s plenty to do; that’s a key to get today’s kids away from their video games and computers, and out into the woods.