Buying a home with acreage or purchasing a tract of undeveloped land has a set of unique considerations that must be addressed before finalizing the deal. If you’re looking to buy acreage, you'll need to perform a more thorough investigation of the property than you might perform with other types of real estate. Doing so can help ensure you understand what's included, how you can use the property, and the additional costs you may face. When evaluating a home with acreage, keep the following points in mind.
Your Guide to Purchasing a Home with Acreage
1. Verify Farm or Hunting Leases
If you've located a particularly attractive piece of property, it's possible that the previous owner leased portions of it for hunting or farming. If so, you'll need to honor those leases. Making sure you understand this upfront can help avoid conflicts after you purchase the property.
2. Check Covenant Restrictions & Ordinances
It would be a shame to purchase a beautiful tract of land only to discover that you are limited in how you can use it. There may be restrictions on using the property for farming, the types and sizes of structures you’re allowed to build, or even whether you can keep farm animals on the property. Check with your real estate agent and make sure you’re aware of any restrictions before signing the paperwork.
3. Budget for Utility Costs
Chances are, the land you’re looking at doesn't have services such as water or electricity, and you’ll be responsible for running those utilities to your property. The further your property is from utility connections, the more costly it will be to connect to your property, so even if you get a great deal on the land, factor these costs into your budget. To make the process easier, hire a real estate agent that specializes in rural properties and can navigate the complex process.
If you’re looking for a home with acreage, turn to the real estate experts at Gilbert Realty. Their team of 35 brokers and real estate agents specialize in helping residents of Baxter County, AR, purchase the property of their dreams. They can even guide you on the process of running utility services to your new home. To talk with a member of the team, call (870) 425-6282, or visit their website for a full listing of current properties.