By Caroline Kirby
Over the last year, you may have seen articles, interviews, reports, and even friends talking about swapping the city for rural areas. Whether that’s because their jobs are now allowing for more flexibility and the option to work remotely or they simply want to get out of the crowded cities, there are plenty of obvious reasons why heading out of town and into the country is a good idea.
However, pandemic or not, there are tons of benefits to moving to a rural area or at the very least investing in rural property. Curious if this is the right move for you? Here’s a quick look at some of the top benefits of buying rural property.
Should you invest in rural property?
Smaller populations, more space, slower pace of living, and greater accessibility to nature are some of the most common reasons people cite for looking for rural land. Here are some of the benefits you may not have considered:
1. Greater flexibility for developing: When you compare property development restrictions found in big cities, it’s a no-brainer that you have more flexibility to develop in rural areas. This means you could list your property without the headache of strict listing regulations, or you have more options when it comes to extending land.
2. Cheaper price points: Although admittedly, the COVID-19 pandemic may have led to a spark in the purchasing of rural properties, it certainly won’t cost you near as much as urban properties. This could allow you to even be able to purchase multiple properties.
3. More bang for your buck: It likely goes without saying, but the acreage you can purchase in rural areas is well over anything you’ll find in a more populated community. Your investment money can go a long way with rural properties.
Ready to see what rural properties are out there? Check out LandHub.com’s current listings to see what rural land is available now.
Investing in rural property requires special considerations.
While there are many advantages to investing in a rural property, if it’s your first time buying land out of the city, you should be aware of some critical factors. While it’s nothing to be worried about, there are some characteristics of rural properties that may influence your decision.
• Pay special attention to the area’s economy. Depending on what you’re purchasing your rural property for, you will want to do your research on what the local economy is like. Is the area only supported by one industry? If so, that may be a risky investment.
• Get familiar with local pests and diseases. If you are hoping to purchase rural property to raise livestock or build a farm, you will definitely need to be aware of what the disease and pest management situation is in the area.
• Get a feel for the surrounding community. Again, depending on what you hope to do with your property, you may want to take some time to do your research on the local community. While some rural areas have strong and active community centers, events, and a sense of sharing, other areas are more reserved and may feel “sleepy” compared to what you’re used to.
Buying a rural property can be a smart investment and a great opportunity for various reasons. Use the information above as a guide to deciding if investing in rural property makes sense for you.
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