There’s a sense of freedom associated with rural living. Maybe you want to move away from the hustle and bustle of a city to enjoy some peace and quiet where your closest neighbor is on the other side of a lake. Maybe you want to get out from under HOA and condo fees. Maybe you’re an avid hunter, and you’d like to purchase the land your neighbor is selling.
No matter the reason, if you’re a first-time land buyer, there are some factors to consider before jumping into your purchase.
“Post-COVID, we have really seen an uptick of folks who would like to live rurally,” says Matt Schickel, a loan officer for Rural 1st®. “The ability to work remotely and enjoy the outdoors, whether by hunting, fishing, farming or relaxing, is becoming a realistic lifestyle for a lot of people.”
Tip #1: Look for land to suit your lifestyle and interests.
Matt encourages you to know what you plan to use the land for before buying.
"If you're a hunter, you'll want to consider any improvements and how wildlife utilize the landscape. Managing timber and planting attractive food sources are just a few ways to improve the recreational value," he explains.
If a prospective property needs too many adjustments, work with your Whitetail Properties Land Specialist to find something more suited to your needs.
Tip #2: Consider location, location, location.
The right location can make your plans possible. While you might not have a crystal ball, if you think you’ll want to add an outbuilding or other updates, you should discuss those plans with your lender as well.
“You may want to be close enough to enjoy city amenities, or, if you’re working remotely, you may want to prioritize someplace you’ll have good internet service,” says Matt.
Jason Ramsey, VP, Rural 1st loan officer for Oklahoma AgCredit, agrees.
“With remote work, you can live in a rural area without sacrificing your career,” he says. “We see a lot of people who have a job in the city choose to live an hour or two away because they can now.”
Tip #3: Find a team you can trust.
Once you’re ready to buy, you’ll want to work with a lender who is knowledgeable about land loans and understands the rural lifestyle. Together, you’ll discuss everything from a down payment and finances to interest rates and other lending options.
“Land is a great investment and is similar to any real estate purchase, as long as you keep in mind specific nuances,” concludes Jason. “Having a team of experts to help guide you through the process can make buying land easy and low-stress.”
Remember—many banks may not offer longer-term fixed rates on bare land you don’t intend to build on, so you’ll want to find a lender willing to work with you.
Rural 1st offers financing to buy the land you want with terms that work within your budget. We also work with real estate partners like Whitetail Properties Real Estate to help connect our clients to the land they dream of owning.
To learn more about Rural 1st and their unique lending options, visit www.Rural1st.com/Whitetail.
Rural 1st is a tradename, and Rural 1st, the Rolling Hills Window icon, and Closer to What Matters are exclusive trademarks of Farm Credit Mid-America, NMLS 407249.
Rural 1st products are available to consumers within the territories of participating Farm Credit System Associations.
