Eight Tips for Buying a North Woods Getaway
If you’re looking for a special place to fish, hunt, camp or relax, following the eight tips below can help you find the retreat of your dreams.
1. Evaluate your property’s revenue potential.
Timber is a valuable resource. The amount, variety and maturity of the trees on a property impacts the price. Revenue from a partial or selective timber harvest may even help you afford hunting land of your own — or more of it.
2. Study the location.
Area amenities and attractions affect land values. The closer you are to them, the more a parcel of land will likely cost. Check the utilities. If power and telecommunication lines aren’t nearby, it can be costly to bring them to your land. You should also perform a Percolation Test of the soil to determine the suitable septic site for your property.
Another point to consider is legal access. Legal access to a property can significantly impact the property’s value and usability. You should investigate the legal access if the property you want to purchase is not adjacent to a public road. If the parcel does not already have it, securing legal access is possible but can be costly and time consuming.
3. Understand the boundaries.
Most recreational properties do not have marked or surveyed property boundaries. It is a good idea to have a qualified third-party surveyor determine the exact property boundaries.
4. Identify the wildlife.
If you’re buying property for hunting purposes, you’ll want to know the density per square mile for the game of your choice. It is also a good idea to review the harvest trends in your area.
5. Know your neighbors.
Research the landowners that border your property to help avoid potential problems in the future. How long have they owned their land? What are their views on hunting? If they have a forest management plan, how does it impact your property?
6. Identify wetlands.
Many laws today protect wetlands, making it important to identify wetlands and define their boundaries. This will significantly influence what you can build, where you can build it and the overall property value.
7. Develop a plan for your land.
Maintaining a healthy forest ecosystem will preserve wildlife habitat and the value of your land. With property planning, you will be able to use – and in some cases, even capitalize on – your land’s resources rather than let them go to waste.
8. Understand your financing options.
No two properties are exactly the same and neither are your financing options. Explore all the financial factors, such as loan term length, payment schedule, interest rate, property valuation, loan amount and closing costs.
Compeer Financial is unique in that we offer long-term fixed rate financing for recreational land loans. Learn more about rec land financing by contacting a one our Lending Officers near you today!