5 Tips For Purchasing A Rural Property
Category Advice
Investing in a rural property can be an exciting endeavour with many lifetime benefits involved. However, careful research and planning needs to take place in order to ensure that you are making the right decision. There are several factors that need to be considered and implemented to ensure that you are satisfied with your investment and that the purchase runs smoothly.
1. Location
There are three things you need to always know about real estate, “location, location, location”. In urban areas, this refers to safe neighbourhoods, proximity to amenities like shops and doctors, schools quality and traffic. However, when investing in a rural home, one needs to carefully consider factors such as: quality of roads, access to your property, productivity of the soil on the property, access to utilities such as: internet and television. When you’re buying a rural property, you are buying a piece of the rural community and it is therefore crucial to investigate the area in which you are looking to invest.
2. Work with a real estate agent
Real estate agents are trained and experienced in the industry and can offer a vast amount of information to help you make the correct decision. They will ensure that both seller and the buyer are happy with the deal and ensure to meet the demands of the written contract. Agents will also be able to explain a lot of procedures and legalities as well as determine who will be responsible for certain expenses of the transaction, such as: closing fees and preparing the documentation.
3. Read carefully
It is imperative that everybody involved in the sale understands, in writing, what is included in the transaction. Therefore, buyers and sellers need to read the documentation thoroughly and have a holistic understanding of which items are included in the sale, such as: gates, fences, livestock, equipment and anything else which can be moved or transported. This will ensure that there is no animosity further down the line and that all parties involved, the buyers; the seller and the agent are all satisfied with the agreement.
4. Property Size
The buyer will need to have an exact understanding of the whereabouts of the boundary lines. When purchasing a large property of several hectares, it is important to be able to tell where your property ends and where the next property begins. Buyers need to make sure that they have the property surveyed thoroughly before purchasing, in order to know exactly how much of the land is theirs in a case of possible future disputes.
5. Maintenance
Prior to investing in a farm or smallholding, it is crucial to carefully understand and consider the difficulty involved with maintaining the property and land. The thought of owning a large plot of land can be very exciting, however this can often involve tough work to maintain the property. Buyers will need to consider whether or not they will need to employ anyone to help maintain the property and if so, how many employees will need to be employed. This factor is imperative for budgeting and cost planning for your new rural home and it is best to carefully research and plan all maintenance involved with purchasing a large property.
Purchasing and owning a rural piece of land, smallholding or farm can be a fulfilling adventure with several country living perks. However, in order to ensure that you are prepared for and happy with your purchase, buyers will need to factor in the above considerations. For more information about our rural properties, browse our listings or contact an agent.
Author: Dormehl Property Group
