Whether you're buying rural land to retire on or as a property investment, it's imperative to know the steps that go into purchasing it. Also, you want to be clear on the property because it may provide pros and cons. Here are some tips on buying rural land.
What's Your Purpose?
Do you want to buy rural land for your family to live on for decades? Do you plan to have the property as a vacation home that you rent out to others? Maybe you want to create the dream that you've been thinking about for years.
Think about the long-term use of the land. Also, you want to know how much you should purchase. If this is a getaway place where you let travelers use it for a vacation, then a few acres should do the trick. If you're planning on using the soil for crops or farm animals, you might need at least five acres.
Also, you'll need wood and other materials to build structures on the property. Take time to consider your future goals for the property.
Consider the Trade-Offs
Before you start negotiating the price and everything, think about what you'll give up for the land. If you're going to be way out of the boonies, there are some downfalls. One, you may not have a reliable cell phone service.
Look at where you're at and find out how reliable the cell towers are in the area if you need to connect to family, friends, and clients. If you're still doing business in the city, how far is the commute? What are the closest schools, grocery stores, shops, restaurants, and other conveniences?
While you may have a lot of land for a reasonable price, you may compromise other conveniences that make your life more enjoyable.
Always Look at the Title Insurance
One of the main reasons is because you don't know if the person selling you the property is the owner. A person may be a tenant living on it when the bank owns it. You don't want to go in there blind, and you can't purchase the property because of specific circumstances.
Have someone survey the land to help keeps tabs on everything. It can be expensive, but it's a necessary fee to see the property boundaries. Only take this step if you're serious about purchasing the property.
Do your background search before you purchase the property to see if the listing is a toxic waste site. If you plan to do some farming on it, it's not worth buying something that has hazardous chemicals. The soil isn't good, and it doesn't make it suitable for growing anything on it.
Additionally, you may not know if there's a company out there that still uses the land to dump their waste. You always want to cover the bases before you make an offer on the property.
Inspect the Property Thoroughly
Inspect the land and see what's there. Are there tons of wildlife? It can affect what you grow because you may run into pests. Also, look at it at different parts of the day.
Do you have any weird neighbors that do some questionable activities? How does the sunshine hit at different times of the day? Also, you want to get to various parts of the property to see the potential in each area.
If there's already a house on the land, check out the piping system. Is there good insulation for the summer and winter? Do you have a working landline or any furnishing?
You want to be clear on what's available because you may have to pay a lot to modernize the rural property later.
What's On the Property?
If your purpose is raising farm animals or growing natural products, see if there are things already on the property to help you out. Check out the property and see if it has a few elements, such as feeders, benches, tractors, shovels, and plows. Look at the condition of all of this to make sure you can still use the tools.