8 Tips for Buying Rural Property, Part I

8 Tips for Buying Rural Property, Part I

Investing in rural recreational and investment property is more popular than ever, but it’s important to approach the process mindfully. Don’t just latch on to anything because it sounds good. Here are the first three tips to help you make informed decisions along the way to owning rural property:[emember_protected custom_msg=”Click here and register now to read the rest of the article!”]

  1. Do your research. Research the market to make sure the property is not overpriced. Listed prices do not always reflect what properties are truly selling at. To be sure you’re getting a fair deal, get a local realtor involved in the process.
  2. Know the infrastructure ins and outs. Purchasing rural land can present challenges. Oftentimes, these properties are without access to city water and sewer services and may have limited or no access to electric, phone, cable television, and high-speed Internet services. Be sure to look into all of these details, including road maintenance, trash pickup, and school bus routes.
  3. Find room for improvement. Are there existing structures on the property that could be restored economically rather than building new, costly structures? Do you need to install septic systems and wells? Connect with a local contractor and approach your neighbors to determine standard well depth and septic system requirements for the specific soil conditions.

In my next column, we’ll consider code restrictions, property details, insurance rates and more.

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]