In my last column, I talked about the first three things to consider that will help you make informed decisions while look into the purchase of rural property. Here are five more essential tips:[emember_protected custom_msg=”Click here and register now to read the rest of the article!”]
- Be aware of codes and restrictions. Make sure you are aware of any restrictions on the land. If there are restrictions, determine if you will deal with them and then, determine how you will deal with them. Ask yourself: How will these restrictions impact this rural property and a future sale?
- Get insurance rates. It may be harder to receive the coverage you need for your property outside of city limits. To get appropriate coverage, contact your local realtor or ag lending company.
- Know the property details. Understand your surroundings. Make sure there aren’t any potential issues neighboring you that would impact a future sale. Also, be aware of environmental factors. For example, know whether or not you are in an endangered species zone. Also, look into any previous environmental contamination from former owners. Bottom-line: Know EVERYTHING about your potential land and the land surrounding it.
- Budget wisely. Aside from purchase price, consider costs for maintenance and enhancements like fencing, ponds, outbuildings, new appliances, landscaping, equipment, furnishings, and general repairs when you begin to budget and finance your land.
- Summon the experts. When in doubt, consult an ag lending expert to help you understand the nuances involved in buying rural land.
CREDITS
column by LEIGH ANN WYNN
BIO: Leigh Ann Wynn is the director of marketing and business development for Bankers South. Adding mortgage loan originator to her title, Leigh Ann is actively working with the AgAmerica Lending Program by Bankers South, offering low interest ag loans. As an active member of the ag community and a seventh generation Floridian, Leigh Ann understands your ag needs and is here to answer your questions. She can be reached at leighann@bankerssouth.com or (863) 607-9500.
This column is sponsored by Bankers South Lending & Finance.[/emember_protected]