Purchasing a rural property is a big decision. The purchase is different than purchasing in the urban areas because there is much more to consider. In order to ensure that the purchase of the property is successful, here are some things to consider.
1) Hire a buyers agent- Before you consider purchasing a rural property, hire yourself a buyers agent. Search for one that specializes in rural properties. You will want someone knowledgeable in this area. If you choose not to use an agent then you will be using the sellers agent. They are hired by the seller so they can be bias towards them. Having your own agent will ensure you have someone on your team.
2) What is included- Rural properties can have things included in them that wouldn’t be included in an urban area. If the property has a farm with livestock on it, then you want to get in writing what is included with the sale of the property. Gates, sheds, and equipment are all things that you will want to make sure are included in the sale. Failure to put this in writing can cause for loss of these things at closing.
3) Get a survey- The only proper way to know how many acres make up the property is to get a survey done. The selling agent and the sellers will tell you how many acres are there, but a proper measurement should be done by a professional surveyor. You want to make sure you know how much property is being purchased.
4) Check Zoning- This is fairly new to the rural areas. The county courthouse would have the information on if the area has been zoned or not. If it has been zoned, you will want to find out what the requirements are of that zone. If you decided to use a Realtor they can help you with this.
5) Title insurance- Title insurance will protect your ownership of the farm in the amount paid for it, as long as any items listed as exceptions are corrected. Generally the agent will review any items that need to be discussed at closing. If you have concerns you can contact an attorney to review as well. This is the safest way to protect yourself when purchasing property these days. Another great benefit of title insurance is it will tell you if the property has been the site of an identified hazardous waste dump site. Rural areas can be a place for people to dump. You will want to make sure that hazardous waste has not been dumped on your potential property.
6) Consider additional costs- Purchasing rural property comes with extra costs. You will need to have a larger lawn mower, chain saw, and potentially other equipment to maintain the property. Make sure to take this all into consideration before buying such a large property.
Purchasing a rural property is a big decision. There is a lot of land and responsibility that comes with the sale. Make sure to protect yourself before deciding to purchase a rural property.