Consider These 5 Things Before Buying a Ranch
Posted on: 30 November 2021
Buying a ranch is different than the average home buying experience. You need an experienced agent and a strong understanding of rural living. It is not just the spotty cell phone service that is different. Read on to learn five things to look out for.
1. Access Road
While most people expect to remove snow from their own driveway, they do not expect to be responsible for the road as well. When you live on a ranch, however, the access road to your home may not be maintained by municipal services. You and any adjoining neighbors are responsible for the road, even if that road is miles long.
2. Land Use
At first glance, ranch home buying seems like a straightforward business transaction. It can, however, get complicated in terms of land use. The local, state, and even federal governments can have a say in how the land you are interested in buying can be used. They may limit the types of crops grown, the number of cattle allowed to graze, and even the type of buildings that can be built. Understand the land use limitations before putting in an offer.
3. Water
When purchasing a home in the city, you simply turn on the faucet and there is water. With ranch home buying, however, water resources are much more involved. Ranch homes typically have a well as their water source. Be sure to include a well inspection as part of your overall home inspection service. Additionally, your real estate agent should be able to tell you about any water rights to a local river or tributary that are included in or excluded from the sale.
4. Leases
When buying a large tract of land, realize that it may be in use by other parties. In fact, many ranch owners regularly lease parts of their land to recreational hunters, nearby farmers, and even the government for conservation purposes. Perform your due diligence with your buyer's agent and request all documentation on existing leases, especially the end date. On the other hand, you may wish to continue those leases as a way to defer expenses.
5. Fencing
Fencing multiple acres is expensive. While most ranch homes have at least partial fencing, take the cost to install additional fencing, complete partial fencing, and repair any existing fencing in your overall budget. If necessary, spread the cost out over several years and plan on adding fencing each year until the job is complete according to your needs.
Buying a ranch home can be a rewarding experience when you know what the differences will be and have an experienced real estate agent, such as one from Thomas J. Real Estate, to guide you.
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