I grew up on a small farm, and it is a totally different lifestyle. I don't know whether to tell you to jump into it or to run away -- that depends upon your mindset. Things I can tell you:
Pro:
- More privacy
- No Home Owners Association to tell you that you must do /not do this or that thing on your own land: You can have your driveway, your garage, your pool, whatever . . . exactly where you want it, exactly how you want it. You can have a bonfire on New Year's Eve, or let your son's Cub Scout troop tent in the backyard -- you'll have plenty of space for it.
- It's satisfying to have space and be the king of all you survey.
- I agree about the stars.
- You can allow your children to play outside without concern for who's driving through the neighborhood.
- Less pressure to "keep up with the Joneses".
Con:
- Do not underestimate the maintenance. Yeah, it's absolutely true that you don't maintain grass and flower beds to the same degree that you would if you lived on a 1/4 acre lot in a suburb, but when you have even a couple acres, there's ALWAYS something that needs doing. In addition to mowing, you will constantly have a tree that's down and needs cutting, a bag of trash that someone's tossed onto your land, an outbuilding that needs repair, a nest of skunks that's taken up residence in your pumphouse, teenagers'll choose your back corner for a drinking /fire-burning spot, etc., etc., etc. Emphasis on ALWAYS. It's easy to say, "No problem! I'm going to maintain the acre around my house, and I'll let the other four acres remain wild." You may do that to some extent, but those other acres will ALWAYS have some sort of need. For one thing, if you don't maintain it somewhat, unwanted critters will take up residence in your space. Often it's something that you'd never expect; for example, not long ago some hunters came onto our land, shot five deer, cut off their heads for trophies and left the bodies laying in the field. Yeah, we reported it to the sheriff, but we had to deal with disposal -- and the county doesn't take 'em away for free.
- You need more of everything. You move onto a city lot, and you plan one oak tree and a couple four-packs of pansies . . . and you have some attractive color around your front door. Do the same for a house on five acres, and it looks like nothing.
- You clean more. There's a good chance you'll have a gravel driveway and that less of your outdoor space will be accessed via nice little concrete walkways. This means you'll drag in more dirt, and your children will drag in much, much more dirt.
- Taxes will be higher. I get a big tax break because we actively farm our land, and other people get similar breaks for having a "forestry plan" and specific types of trees. However, you need a good bit more than 5 acres to get that kind of break, and it can take years to qualify yourself.
- Fewer repair people, etc. work in rural areas. As a result, you often pay a premium price for service. You may or may not have trash service. If a storm comes through and knocks out a bunch of electrical lines, they'll fix the ones in the city (near the most people) much faster than the ones out in remote areas.
- You spend more time in the car. Yeah, 15 extra minutes doesn't seem like much, but it does add up. You can counteract it by blocking off an afternoon and doing all your errands at one time, but you'll still spend more time driving here and there than you expect.
- Lost dogs and cats will find you . . . and move in, whether you want them or not. You will have multiple cats in your outbuildings, etc.
- It's easy to say, "Oh, once I have land I'll grow my own vegetables, keep a cow, etc., etc., etc." But these things come with a rather significant learning curve, and they can cost you just as much as buying the items. I'd suggest that if you buy this property, you do not launch into big homesteading plans until you've lived in the place a while and have acclimated yourself to the maintenance of the property itself. Don't try to do everything your first year.
- If you have well water or a septic tank, those things come with concerns that don't accompany city services. For example, when I was a kid, on really cold nights we had to put a kerosene lantern in the pump house to keep it from freezing.
- No sidewalks, which may matter to both you and your kids.
And other things are harder to qualify:
No neighbors. When I was a kid, I was terribly jealous of kids who could walk a couple doors down to visit friends. We were far enough away from everyone else that I had to have my mom drive me to/from a friend's house. Later, I wasn't allowed to play school sports or take part in after-school clubs because it required a ride from school, and the bus was my only way home. So, if you're the type who wants to be able to chat with neighbors, or who wants kids to have neighborhood friends, you may find yourself lonely in the country. On the other hand, you may revel in the privacy. This is a question only you can answer.
I'm kind of going through the same question right now. We own some land in the country and were planning to build our retirement house on it. Lately, however, we've been wondering if that's the best choice for us. It really is much, much more work than a city lot, and we have to make a decision.