Buying A Rural Property First Steps

Buying A Rural Property First Steps

Buying a​ Rural Property – First Steps
Perhaps for years you've dreamt of​ owning a​ place in​ the country – maybe a​ small ranch in​ Colorado, or​ a​ private lakefront lot in​ Minnesota, or​ maybe your own ski chalet in​ the Rocky Mountains .​
Today's low real estate prices combined with great interest rates are making it​ possible for more people to​ realize this dream .​
Before you get out your checkbook, here are some things to​ consider before taking the plunge.
1 .​
Determine what things are important to​ you .​
If you are an​ avid skier and find yourself spending the equivalent of​ a​ mortgage down payment in​ condo rentals every year, maybe purchasing a​ property closer to​ the slopes is​ just what you need .​
Keep in​ mind, however, you won't have the freedom to​ move around, so choose a​ location you'll want to​ return to​ year after year .​
If you're only thinking about taking up a​ new sport or​ hobby, consider renting for a​ few seasons to​ ensure your dream still holds the same appeal once it​ becomes a​ reality.
2 .​
What sorts of​ ties do you have to​ your current home? Do the kids come to​ visit on holidays? How will your having a​ second home affect your family routines?
3 .​
Begin to​ zero in​ on the perfect location for your rural home by making a​ list of​ all areas that fit .​
List your favorite sports and past times, desirable weather, geography (do you want mountain living or​ beachfront), available employment opportunities, ethnic or​ social conditions, taxes and utilities, and price range.
Next, do some research and determine which states are most compatible with your needs .​
Try to​ get your list down to​ about three favorites .​
4 .​
Contact the chamber of​ commerce and local government agencies for as​ much information as​ they will send you and begin compiling a​ portfolio on each region.
5 .​
If this is​ not an​ area you've previously visited, try renting a​ place for at​ least a​ few weeks to​ get a​ feel for the place .​
Another option is​ to​ visit some home sitting sites such as​ to​ check for house sitting opportunities in​ the area .​
It's one of​ the best ways to​ immerse yourself in​ an​ area and feel like part of​ the community .​
6 .​
Once you've planned your visit, contact area realtors and make appointments to​ tour some houses .​
Send them a​ list of​ the properties you want to​ view as​ well as​ your list of​ criteria and maximum price range .​
The agent will undoubtedly include other houses on the tour; and you may find it​ helpful to​ take notes and pictures of​ your favorites as​ they will all start to​ blend together after awhile.
7 .​
Revisit your favorite homes, inspecting inside and out, looking for obvious deficiencies such as​ water stains, leaks, odd smells, leaky faucets, or​ poor water pressure .​
Find out the age of​ the roof, furnace, well and septic (if applicable) and request maintenance records.
8 .​
Once you're ready to​ submit an​ offer, make it​ contingent on a​ successful home inspection by a​ professional .​
Add up any of​ the big ticket items you may need to​ repair or​ update and deduct the costs from the asking price .​
Note that the seller will be responsible for the cost of​ the survey, and any other pertinent inspections such as​ water, soil, structure, etc .​
You should reserve the right to​ cancel the deal if​ any of​ these inspections produce what you consider an​ unsatisfactory result.

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