Get the Most Out of Your Farmland Purchase By Avoiding These Things
Farm sales are on the rise. Whether you are buying a lot or farm property for sale, it is an investment. With any investment, it is important to know to avoid any preventable mistakes that can cost you money in the future. Here are a few suggestions of how to avoid some common nightmares buyers face during farm sales.
Confirm that you can use the property the way you plan to.
If you are planning on building a separate guest house or any other type of housing structure on the property, educate yourself on the zoning restrictions that may be associated with the potential property. This includes everything from pools, sheds, detached garages, and even housing for the horses on your property. Knowing this information from the beginning can avoid a potentially stressful and costly issue down the road.
Be aware of any environmental or historical conditions.
Some properties may have conservation easements or restrictions on them and a buyer should be aware of this before the purchase. These restrictions are set on a property in effort to preserve much of the natural resources on the land.
If the property you are interested in has a historic graveyard or other protected areas like wetlands, this could have negative effects on your plans for the land as well. To avoid this, confirm if an environmental survey of the land has been conducted.
Always conduct a land survey and obtain title insurance to confirm your acreage and lot lines.
Although it seems like the best thing to do, do not simply rely on the description of the property including its lot lines and acreage. Evaluate the deed against up-to-date land surveys to ensure you catch any discrepancies. In other words, make sure that the information on record matches the reality of the property. Getting the true value of your money is most important.
Research potential boundary disputes.
Be aware of exactly where your property line is in association to your neighbors. Whether your property is more than 100,000 acres like the Flying D Ranch Ted Turner bought in 1988, or a more modest size, you need to know where your property ends and you neighbor’s begins. This can help avoid any issues if you decide to do anything to the land.
Even with employment of farmers, ranchers, and other agricultural managers expected to fall by 2% by the year 2024, farm sales for cattle ranches and farming real estate have seen an increase. Now that you have any idea of how to avoid some of the common nightmares buyers face, you are well on your way to owning the farmland of your dreams.