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Me, I've give a nut for another 20 feet of yard and 5 feet of garage.
That sounds like a dream property to live in for a long time, but purchase RE with the head not the heart. $250 for a competant second opinion would be worth it IMO.
The pluses:
+Having parents nearbye would save long commutes to attend to their needs later.
+Some people have spent $300-$800K just for a condo to be in their location.
+Later you might subdivide, and/or could rezone only the living portion of it as residential and keep the rest failed agricultural, and/or rent it to the national parks on a 100 year no-build lease to reduce your tax footprint.
+Greenhouse and chicken coup/goats for many food requirements
The minuses:
-Your parents might want something warmer, you/wifey might get offers for a dream job elsewhere, kids might require schooling opportunities, etc. Life is dynamic.
-Bigger place, bigger expenses. Little things add up like lawnmover gas and driveway maintinance. If you can't pay workers, you'll be doing a lot of physical labor yourself.
-You may run into zoning problems/etc. trying to add an in-law.
-(no politics pls)The state of Ill is close to bankruptcy from what I've heard, and it's a guessing game who they will eventually have to squeeze. Florida nationalized their homeowner insurance but a few big ones could be the proverbial straw.
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