7 Things You Need To Consider Before Buying A Ranch
Posted on: 11 January 2019
Buying vacant land, for a ranch, gentleman's farm, or vacation home, is very different than buying a lot in a builder's new subdivision. There are many things to consider before you consider buying ranches for sale. Talk to your real estate agent about your needs.
1. Acreage: When looking at real estate ranch listings, you can't just say that you want "a lot" of land. You need to give your agent a clearer vision of your needs. Many municipalities have rules governing farm animals and acreage. For example, if you intend to have horses on your land, some areas of the country require a least five acres for the first horse and one acre for each additional horse, while other areas forbid horses on parcels smaller than 25 acres.
2. Topography: When you buy a suburban lot from a builder, it is generally flat and above flood level. Buying a ranch is quite different, however. Take a look at a topography map of the area, so you know how much of the acreage is high and dry and how much is unbuildable.
3. Access: Another difference to consider when buying acreage in the country instead of a suburban plot is how you will access the property. In suburbia, you just drive into a neighborhood on a shared road that is maintained by the city. In the country, however, you may have to cross state land or a neighbor's property just to access yours. Discuss the details of that easement with your real estate agent.
4. Zoning: Always check with the city or county regarding current and future zoning. While a piece of property is zoned agricultural now, it is on you to make sure that the city doesn't have existing plans to make the area a new mega subdivision. While sellers are required to disclose, it is always wise to do your own research.
5. Hazardous Waste: While it may seem unlikely, inquire about the dumping of toxic waste. You don't want to buy a ranch only to realize that the land or groundwater is contaminated. Read the disclosures. Take the time and money to test the water and investigate the previous use of the site. You can even check to see if your desired property is near one of the EPA's identified Superfund sites.
6. Hunting: If you intend to hunt on your land, make sure you relay that information to your Realtor. You will want to look for land that is conducive for hunting.
7. Day on Market: In residential real estate, the longer a home sits on the market, the more apt they are to take a low-ball offer. With vacant land, however, this does not apply. In fact, many sellers do not care when they sell. Their property may just be listed at a premium price. If they get a full price offer, they will sell.
Buying a vacant land for a ranch is a slow process. Research and reading the disclosures are the most important thing you can do before signing on the dotted line.
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