If your dream is to experience the great outdoors, whether that be a place to explore with your family or enjoy the tranquility of a rural setting, you might be interested in purchasing your own rural property. While purchasing rural land is similar to any other real estate purchase, there are some specific nuances to consider as you look for that perfect piece of property.
Working with a team of experts who can guide you through the process from start to finish can help turn your land-ownership dreams into a reality. That’s where Rural 1st comes in.
Rural 1st loan officers understand the nuances of financing rural land and have a few recommendations for anyone purchasing land for the first time.
Land Use Matters
If you had your own land, how would you use it? Would you build a house by a lake or a cabin in the woods? Are you interested in having acreage for exploration or hunting? Depending on your goals, a land specialist from Whitetail Properties Real Estate, LLC can assist you in finding the right property.
For example, if you plan to build a home, you’ll need to consider factors such as property access and zoning regulations. If your aim is outdoor enjoyment and activities, it’s important to ensure that the land has sufficient acreage and wooded areas to attract wildlife.
Once you’ve identified the land you want and determined its intended use, the next step is to explore your financing options.
A Lender Who Knows the Lay of the Land
Finding a lender who understands land loans and the rural lifestyle is crucial to reaching your dreams.
While your Whitetail Properties land specialist worked with you to find the right property for your needs, your lender should understand the nuances of purchasing rural land and guide you through the process.
Selecting a lender with experience in bare land financing and a solid understanding of rural living is important. Be sure to discuss all aspects of the loan, including down payment requirements, interest rates, and terms, so you can fully understand your lending options.
Future Planning Is Important
At some point, you might want to consider adding improvements such as access roads, recreational facilities and utilities to your land. Discussing your needs with a lender early on can help ensure a smoother process when you’re ready to make those improvements. Set aside a budget for unexpected expenses that might pop up along the way. Be clear about your budget so your lender understands your goals and can help you achieve your vision.
Purchasing rural land for the first time can feel overwhelming. Working with a team of professionals who understand the nuances of rural land buying can give you peace of mind and streamline the process.
Keep in mind that many traditional lenders might not finance land intended to remain bare, so you’ll want to find a lender willing to work with you. Rural 1st offers financing options for purchasing the type of land you want.
Your next land purchase is within reach, and Rural 1st is here to help.
To learn more about Rural 1st, visit www.Rural1st.com/Whitetail.
