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5 Tips for Buying your Rural Property

Compeer Financial
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Home > Education & Events > February 2018 > 5 Tips for Buying your Rural Property

So you’ve been dreaming of buying a property in the country… do you know what to look for? Many buyers are surprised by the differences in property factors, financing options and other considerations associated with buying land or a home in the country. If you’re thinking about purchasing a property in the country, there are definitely some things we recommend thinking about:

1. Zoning
How is the property zoned? You’ll want to check with the city, county, and state officials on the zoning laws before purchasing any rural property. Find out what you can and cannot do with the property, especially if you are looking to build.

2. Water and Septic
Rural properties often rely on well water rather than municipal water. It might be a good idea to have the well and septic inspected and tested. Your septic system will need regular pumping as well.

3. Road
Is the road to your property private, shared with adjacent property owners, or public? Keep this in mind, especially when it comes to winter time and snow removal. Consider the quality of the road and access to the property. 

4. Structures
Make sure to examine all buildings on a property before purchasing it. Remember, these out buildings will require upkeep as well.   
5. Loan
Many lenders struggle with providing financing for rural properties that have acreage, outbuildings, livestock or farm earning potential. Others may tell you that they can’t work with a rural property, or they may offer you a balloon note where you have to refinance every few years. Seek out a lender who specializes in rural properties. A purchase this major deserves expertise and attention to detail.

Wouldn’t it be great if you could learn from the mistakes of others who made the move from the city to the country? Now you can. Download our free e-book describing the eight blunders rural home buyers make and tips on how to avoid them

At Compeer Financial, it’s our job to help rural home buyers navigate through the process of purchasing a home in the country. Find out who your local Compeer Home Mortgage Specialist is and give us a call; we’d love to help make your dream country home a reality. 
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