A Buyers Guide to Rural Property
Photo credit: www.jeromepropertymanagement.com
Too often, people who have purchased land in the past will think that they can just purchase rural land and that all things will remain the same. In fact, buying rural land has quite a few nuances you will not find in the city that you will need to be aware of. While there are certain aspects that will remain the same, it is the differences that will cause stumbling blocks for many. Here are a few important things to watch for whenever you are buying rural property.
Location of Property
When buying a rural property, you will need to pay close attention to where the land is. Pay attention to what is around the land, the access to the land and surrounding lands. These will all determine how valuable the land is in general as well as what you can do with the land once you purchase it. If the land is too far away from grocery stores or other essentials, it will not make a very good place for a residence, for instance.
Zoning for Property
While zoning used to be just a city issue, urban sprawl has caused many states to implement zoning laws in the rural areas as well. Take into consideration what zoning the land falls under to make sure you will be able to use the land the way you intended to.
There are several things to consider if you are planning on building on a piece of land. You will need to determine the soil quality to find out if it will be prohibitively expensive to build on the property. It is also necessary to look into the construction costs in general. Keep in mind that many of the construction companies are based in or near the major cities. They will charge more to travel to rural areas. In addition, hauling all of the construction materials to the site will cost a lot more than if you were having them delivered in the city.
Other things, like building a driveway on a hill, can present a big or impossible challenge. Look into all of the factors that surround building on your property to realize whether it is even possible to use the property the way you intended, or if it will be too expensive.
Look for Bylaws
There are certain bylaws that have been adopted by municipalities in order to protect the welfare of the people living within a rural community. These can include certain things like restrictions on what you can build, how you can paint structures, signage and more. You will need to check with the local municipality to learn what the bylaws are and whether any of them will interfere with the way you want to use your property. Utilities, roads, pets and unsightly buildings can all be normal parts of bylaws that are adopted by rural municipalities.
Finding a Lender
After you have made the determination that the land is accessible, usable and that you can build on it, you will need to buy the land. Finding a lender to provide you the money to purchase the land is not always easy to do. According to CNN, you can be charged at a higher rate for the loan you are purchasing. This is because rural areas have a harder resale value than areas in the city. If the land were ever foreclosed on by the bank, they may be sitting on the property for a long time. They charge more on the finance charges to protect their investment.