4 Tips for Buying Rural Land While on a Budget
A lot of the media and attention in real estate goes to the properties sold in cities. The huge skyscrapers and the big mansions are flashy and easy to put up in the magazines and on the media. However, according to CNN Money about 97% of the land in the United States is rural. Most of the real estate that is sold is in rural areas, and this means people want information about how to purchase land at a fair price.
1- Hire A Buyer’s Agent.
When dealing in real estate you need to get someone who is in your corner so to speak. You want to hire a buyer’s agent to help you with your rural land purchase. This is because the real estate agent who is currently working on the deal is someone who is working for the seller. They are not interested in looking out for your best interests because they are only hired to work for the seller.
A good buyer’s agent will be knowledgeable about things such as mineral rights, well water, and other factors that have an impact on rural life. They will make sure that all of your best interests are protected while making a deal for rural land.
2- Be Willing To Offer A Decent Sum Of Cash Up Front.
Offering a decent sum of money as a down payment is the right strategy for someone looking to get a piece of land at a bargain. The seller may see that cash and be willing to be a little more flexible on their price. The seller is going to get paid either way, but a bank is much more likely to work with someone who has proven that they have money for a down payment. That means that a buyer with cash seems like a much more serious candidate than someone who is coming in with no down payment at all.
It may take some time to save up the money you need to make a decent down payment on a piece of land. You just have to stock up on cash if you are trying to save yourself on the overall price tag that you pay.
3- Avoid Overly Hot Markets.
Even in rural areas there are hot markets and not so hot markets. People like country living but they also like the ability to reach the city within a short drive if possible. Communities that fit into both categories are the ones that have homes selling rapidly. There is even some money from overseas that has been flooding into these markets according to the New York Times. These are the communities that people should avoid if they are hoping to get a bargain. A better deal is to buy land and property in areas that have not yet developed.
Another upside to purchasing land that is outside of what is already hot is that your area may pick up in value down the road. If things start to build up around you, you might even see a very nice return on your money in the future.
4- Look Into Government Programs.
There are special government programs designed to help those who are looking to purchase property in rural communities. The government has an interest in promoting the sale of properties in areas that are not yet developed. They have funds set up to provide people with special breaks and benefits on their taxes if they make a purchase in the rural areas.
Rural government land purchase programs are absolutely important to getting a real bargain. A lot of people are not aware that these programs exist and they simply miss out on the benefits of these programs simply because they didn’t know they were there. Do not be like that if you are going in for a real bargain. You have to do your homework and figure these types of things out.