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What Buyers Should Know When Buying Rural Land

On September 16, 2017 /

Buying rural land is one of the best ways to ensure you always have a place to escape when the lights and sounds of the city become too much. It is way to build a home away from home that allows you to connect with nature and recharge your batteries.

When you’re buying an actual, physical home, there are rooms to explore and measurements to take, but buying vacant land is different. And buying rural land has its own unique buying process.

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Rural Land (Usually) Means More Freedom

In today’s market, more and more buyers are shifting from buying land in developing neighborhoods to looking outside of the city limits.

Buyers who are serious about building their dream property don’t want to have to conform to the rules and regulations of a typical neighborhood and are opting for acres of land instead.

It provides privacy from neighbors and freedom from HOAs, deed restrictions and governing agencies.

Benefits of Rural Land For Agriculture and Livestock

When it comes to buying acres of land, many buyers are searching for property where they can devote 11-15 acres to agriculture and livestock.

Buyers who need plenty of room for chickens, horses, and cattle to roam purchase rural land in order to accommodate their lifestyle. And the tax write off for an agriculture exemption is a nice perk too.

Common Misconceptions About Buying Rural Land

Just as with all real estate purchases, there are a few things you should know about buying rural land before you sign on the dotted line:

• Just because the land is outside of city limits doesn’t mean you are free from deed restrictions
• Depending on the area, there may be regulations about the size of the building allowed to be built on the land, as well as if mobile homes are allowed on the property
• You will need to work the county to develop a plan for a driveway. Buyers should be careful about getting landlocked.

Financing For Rural Land

When it comes to paying for a rural land, financing works a little differently as well. Instead of getting a typical mortgage like you would on a property, buyers can get a land loan to purchase the land. You can get approved for different land loans based on your plans for the land and the timing of construction.

A raw land loan will require a higher down payment and higher interest rate. The US Department of Agriculture also has programs to offer financial assistance for land.

Important Questions To Ask

There are other questions you need to ask when buying rural land that you don’t typically have to ask when buying city property or a lot with a house on it. Things like “is the water safe to drink?” and “how accessible is the property in the winter” and “where are the boundary lines?” make sure you know the answers to these important questions before you buy.

Make sure you’re clear about trash removal, and what happens in the event of a power outage.

Do The Research

If you’re one of the many homebuyers with a dream and a plan to build your next big idea on your terms, purchasing rural land might be the way to go.

Although there will always be rules and regulations with any real estate purchase, buying this kind of property puts you in control. It gives you breathing room from large crowds and heavy traffic, and provides a quiet and peaceful place to call your own.

Like any big purchase, the most important thing buyers need to know about buying rural land is to do the research first. Read up on the process, talk to people who have done it before, and ask lots of questions.

Buying rural land could be one of the best decisions of your life, as long as you go into it informed and educated about its unique process.