8 Things to Consider When Buying Land

Buying land is a better process when considering all relevant factors.

Not all buyers think about all things to consider when buying land. “Before looking for properties, decide how you plan to use the land,” explained Rural 1st Loan Officer Jenny Shultz. “This will determine the type of property that’s right for you. For example, if you want the land for outdoor enjoyment and activities, such as hunting or riding ATVs, you want to confirm there’s enough acreage for what you planned.”

Land ownership is a unique, rewarding opportunity that gives you the freedom to shape your rural living experience. Buying bare land is very different from purchasing a traditional home. Here are eight things to consider when buying land.

1. Property Access

Access issues can impact property value. You want to be sure your land is accessible or that you understand what you may need to do to make it so.

2. Water

Having a body of water, such as a pond or creek, on your property has benefits. Still, you should confirm factors such as flood zones, water quality, and native fish populations. Of course, respective regulations.

3. Surveys

If there’s no existing land survey, you might want to complete one to determine where boundaries exist. At the very least, it’s helpful to get aerial photos and topographic maps of the property and request boundary line information from the appropriate county officials.

4. Taxes

In some states, land can be taxed on present use instead of market value. If you purchase property currently enrolled in a reduced tax program, there could be penalties if it’s not re-enrolled.

5. Land Management

Once you purchase your land, the fun begins — and so do the responsibilities. If the property is open acreage, the land can be maintained as is. Heavily wooded land, however, should be maintained under the advice of a forestry or land management specialist to ensure it stays healthy.

6. Timber

If you’re considering selling the timber on the land, hire a professional to walk the property, count and measure the trees, and provide an estimate. This will give you a good idea of the timber value.

7. Farming

If your property has open acreage and you don’t plan to farm yourself, there may be options for renting to a local farmer. This can provide an additional revenue source and land maintenance.

8. Nature

If you want to increase wildlife on your property, consider planting food plots to attract animals. Organizations like the National Deer Association (NDA) can provide tips, tricks, and best practices.

Benefit from knowledgable land pros and loan officers.

Making Moves

Buying your first rural property is an exciting adventure. With these insights and guidance from an experienced team like Rural 1st, you can make informed decisions and feel supported throughout the process.

Rural 1st offers financing to buy the land you want. It offers expertise in loan options that fit your needs and your budget. Learn more at www.Rural1st.com/Whitetail.

Note: Loans subject to credit approval and eligibility. Rural 1st® is a tradename and Rural 1st, the Rolling Hills Window icon, Rural Logic, and Closer to What Matters are exclusive trademarks of Farm Credit Mid-America, NMLS 407249. Rural 1st products are available to consumers within the territories of participating Farm Credit System Associations. Equal Housing Lender.

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