3 Factors To Consider When Purchasing A Ranch
Investing in a home that is part of a ranch property gives you ample space to raise animals and crops.
First-time ranch buyers can become overwhelmed with all the options when it comes to buying rural property. Here are three important factors to consider to ensure that you end up with a ranch that will meet your needs over time.
1. History of the Land
You must take the time to research the history of any ranch land you are thinking of buying. How the land was used in the past could have a direct impact on its suitability for certain agricultural activities now.
Ask about the crops that have been grown on the property. Verify the soil quality and access to irrigation water. Check public records to determine if the property is in a flood zone.
An understanding of the previous land use will help you purchase the ranch home that is capable of supporting the animals and crops you plan to host on the land in the future.
2. Local Zoning Laws
Municipal governments oversee the use of land within their jurisdictions. Zoning laws are designed to limit the types of structures and activities that can be present on a parcel of land.
You must take the time to check the local zoning laws that apply to a ranch property before you get your heart set on buying the home.
Make sure that you will be able to perform the kinds of ranch activities you enjoy without violating any laws and ordinances. If the zoning laws are too restrictive, it's best to keep looking until you find a ranch home with more lenient zoning regulations.
3. Tax Exemptions
Buyers must know exactly how much money it will cost to maintain a property after it has been purchased to make a wise investment. Calculating the ongoing costs of a ranch property isn't as easy as just checking the cost of the mortgage payment.
Agricultural landowners often qualify for tax exemptions that can bring the yearly costs associated with ranch land down. Certain agricultural and wildlife exemptions can be so significant that they take a ranch home you thought was too pricey and bring the cost within your budget.
Your real estate agent can help you determine which tax exemptions a ranch property qualifies for so that you can accurately compare costs when purchasing a ranch home.
For more information, contact an agency like Thomas J. Real Estate.