We understand that rural living is quite different than life in the city or the suburbs.
And we understand the unique challenges that exist when purchasing home or land in the country and work diligently to help you avoid some of the common pitfalls.
Location
Just how remote is your property? How far are you from schools, shopping centers, and the hospital? Although seclusion may seem enticing at first, it is important to realize that location can greatly affect the resale value of your home or property.
Utilities & Water
Maintaining utilities in the country is often more expensive than in the city. It may take longer to have services like cable, internet, and telephone set up and maintained, and, in some areas, service may not be available at all.
Do you have access to water? Do you need a well? Most rural properties do not have access to the city water source. It is important to determine the feasibility of digging a well on your property if it doesn’t already exist. Costs for constructing a well can range from $5,000 to $10,000 in some cases.
Finally, rural property buyers must consider waste disposal capabilities. Does the property have a septic system? Will it be possible to install a reliable system? Buyers should look into their options before committing to a purchase.
Access, Easements, & Boundary Lines
How accessible is your property? What are the conditions of the roads? Do you have to drive on a private road across someone else’s property to get home? Easements for private roads may require deeds and contracts. You may also be responsible for maintenance of these roads.
It will also be important to have a surveyor examine your property lines before constructing any fences or building any roads. You many consider title insurance to help protect you from property line disputes.
Structures
Closely examine all buildings on a property, even in new construction. The necessity of improvements can significantly impact the total cost of the property. Some homes will have “settled” from original placement. It is not uncommon to find wear or even cracks in the foundation of some of these homes. Oftentimes, older homes were built without adherence to strict codes and may have damage more significant than normal wear and tear. Be sure to examine the roof, plumbing, and basement for signs of leaks or flooding.
Zoning Requirements
Can you legally build the house of your dreams? Rural property often has different zoning requirements than its suburban counterparts. Be sure to check with city, county, and state officials regarding zoning laws before committing to purchasing a piece of land. Also ask about future zoning, whether there are plans to put in shopping centers or airports, or to change nearby land. Such changes could change the value of your property in the future.
Natural Hazards
It may be necessary to obtain a natural hazard disclosure to determine whether any parts of your land are a protected habitat and prohibit building. It will be important to examine the soil and the topography of your land as well. If your land is located near hills, how likely is the land to move? Do you live on low-lying ground or near water? You may want to consider flood insurance. Taking natural hazards into consideration will help guide building and purchasing decisions.
You’ve got enough things to worry about. Let Country Mortgages take the stress out of your move to the country. Find your local office or contact us today.
