subject: Finding A Rural Property [print this page] Buying a rural property is not something one should jump into without doing a lot of homework. When searching the Internet, it's easy to find a lot of rural properties for sale, often at very low prices. It's easy to look at the relatively low prices and decide that you have very little to lose. But especially with these low-cost properties, it's important to take a hard look, because there will be ongoing costs.
Before buying such a property, the first consideration is whether or not you will be able to use it as you intend. These days, even very isolated areas may have zoning or other building restrictions in place. If you intend to build on the property, you need to make sure that the intended structure can be built on the land.
The second issue you need to look at is access. Will you be able to get onto your land easily? If a property is "landlocked", that means that it is not directly connected to a public road. In such a case, you will probably have at least some legal right to cross an adjoining property. But there will probably be restrictions. You need to pin down these restrictions prior to making an offer. And even if the land has direct road access, you'll need to make sure that you can build the desired driveway or road.
You also need to find out whether utilities are available. If you are going to build any kind of structure in a rural area, you probably already realize that city water probably won't be available. You'll need to find out whether a well will be feasible on the property and how much it will cost. You'll also need to check out the feasibility of adding a sewage system. And you should pin down the cost of getting electrical service. In some cases, you might need to pay thousands of dollars to get connected to the closest power line.
You also need to consider the ongoing expenses associated with the property. The most obvious ongoing expense will be taxes. The amount of taxes to be paid on a particular property is in public record, and you can look these up at the county courthouse. But keep in mind that taxes rarely go down, and they are more likely to go up.
Insurance is another need. If someone gets injured on your property, you have to assume that they will try to sue you. Chances are, your current homeowner's insurance won't provide coverage. At the very least, you will need a "rider" on your current policy to cover the new property, and there will probably be a cost associated with this coverage.
Speaking of other people, will you have any effective way to keep trespassers off your property? An unused piece of property with a distant owner can be an invitation for all kinds of trespassers, from partying teens to the local meth lab operator to set up shop. Do you have some way to keep track of the property and deal with these inevitable issues?
There are bargains to be had in rural properties for sale. But you do need to proceed with caution to find the real bargains.
