A few years ago I bought 40 acres in the middle of nowhere. I built an agricultural steel frame building on it. It is quite nice on the inside, but I made damn sure that the land was zoned agricultural, and that I was able to build ag buildings on it. That being said, I did not go with a traditional stick frame because the cost would have been ridiculous, and I have the ultimate open floor plan. I have done much of the work myself, and have managed contractors to drill the well, run power from the pole, concrete, and erection. I ran the circuits inside, insulated, plumbed, drywalled, hvac, etc... If I would have built a house, the taxes would have gone up considerably since the state taxes houses separate from ag land. I wouldn't do it again, as I have the land and location I want. If I had never done it, I would do it again. Pitfalls- The first is time vs. money. If you have the time, you dont have the money. If you have the money, and you pay others to do it, you MUST manage the site. Quality, time schedule, etc... The contractors must have a clear understanding as to what has to be done. Good contractors are not cheap. 2- Environment- is there drinkable water? Is there water in general? What is the soil like? Is the climate ideal for you? I looked into all kinds of places before I bought. I learned that in the gulf of mexico PVC and wood can rust. I learned that the eastern plains of Colorado has shit for soil. I learned Arizona is too hot, and most of the south is mosquito infested. Minnesota has shitty politics, etc... 3- You must do your own due diligence. From the land to the building, if you want it done right you will invest the time to know what you need and what you need to do. Contractors can cut corners, not run things to code, use shitty material, hide gaps, etc... It is your duty to be on top of all of them, and to take responsibility for your actions or inactions.