per the comment on adjustable rate mortgages, the (current :3c) laws around them prevent rampant acceleration of the interest and locks them around a relatively reasonable fence of percentages, which at the time i was looking is actually better than fixed rate mortgages are currently. on a low value asset an ARM is a relatively low-risk proposition because even at the highest ebb of the rate adjustment, my mortgage payment on the land increased by about fifteen dollars a month; however, if you had an ARM on something of significant value, it could very easily bankrupt you. when i was surveying the market for land it was not possible to find a fixed-rate mortgage on raw land because of "perceived risk", which still does not make sense to me
per the issue of wells, it's something you have to consider when looking. because my property is essentially half swamp and half high ground you can hit ground water at about 10-12 ft, which is the depth of the well near my cabin which i have used for years, and is true for most low-lying areas. additionally, properties in areas closer to the water table are generally cheaper because it makes the construction of a modern house with septic very difficult, if not impossible, and if you're fortunate enough to have transient standing water it makes watering livestock a nonissue, as it has been for me. further, public wells are often available in rural areas which allows for the transportation of water to areas where it is needed, which is something else i did for a while before digging my own well
ultimately i don't really mind the unity aspect of this, and my current perspective on my great luck in having obtained this parcel for a steal is to hopefully build up a small community of like-minded people who all share a similar agricultural goal. i'm not sure what your plans are, but if things continue getting worse regarding the economy there's likely to be a large swathe of displaced 25-45 year old men that are going to be desperate for anywhere to call home, and they'll still be of an age to do manual labor well
