Finding Your Place

Many books have been written about finding and buying your place, whether in the country or in the city. But I think one option is too often overlooked – renting.

It can be scary to make long-term plans and goals for a property you don't own. But do any of us really own the places we live? A mortgage simply means you're renting from a bank. And a place owned “free and clear” is still subject to local government regulations and whims. Can a property where the owner is forced out by tax increases truly be considered free and clear? Or subject to eminent domain, a use change dictated “for the greater good”? I would argue that none of us truly own the places we live, although I will agree there are great differences in risk levels.

My then-partner and I rented a house on 10 acres in the late 90s. We thought we were renting 10 acres with a house; the owner's teen-age son thought we were renting the house and continued to use the 10 acres to host drinking parties. I learned to be very clear about what exactly I was renting!

When I lived in Southern Indiana, I “rented” the land there from a credit union. But when I lost my job, I couldn't make the mortgage payments and had to leave, letting someone else take on the financial responsibility.

It was while I was living in the Chicago area that I discovered a most interesting book – Radical Simplicity by Dan Price. He described renting a two-acre property for $100 a year! He discussed his intentions and proposal with the owners, and they agreed any improvements he made would not be compensated if and when he left. I had heard of farmers leasing fields, but leasing one you could build on was a novel concept to me.

At that point, I was spending a lot of time with friends in the Champaign area, and considering moving there. So I started exploring, looking for rural property I might lease. Instead of the tipi Dan Price started out with, I had figured on a travel trailer or truck camper.

As it happens, I came to Maine to visit a friend I had met back when she also lived in the Chicago area. I had been out on previous extended visits to help build her house on a large rural property near the area where she had lived as a child. We discussed the land leasing idea, and I told her about Dan Price's method. She invited me to do the same type of scenario here, and after hashing out some details (not wanting a repeat of the teen drinking parties) we reached a surprisingly easy mutual agreement.

Never could I afford to purchase a property like this. But I can afford to rent it. Having an already longstanding friendship helped alleviate a lot of the risk concerns.

Owning land isn't the only option, and it isn't even always the best option. When trying to find your place, be sure to think outside the box. Who knows, you might discover that your place is a boat floating upon open waters!