Tall buildings, heavy traffic, and noise everywhere — this is the life in the city. It’s busy and beautiful at the same time, but sometimes it gets overwhelming. There are just those days when we want to escape and get away from everything we get to see every day and take a breath of fresh air and a lovely view. Have you ever wished you had a home away from home?
Time to jump with joy because it’s actually possible! There’s this thing called a rural lifestyle property loan, and surely it’s something you’ll want to consider. If you want to own a farm whether for lifestyle or business purposes, why not make it happen right?
So basically, when you go to a rural area, it’s a vast space of peace & quiet. It’s all blue & green thanks to the sky and the grass plants everywhere. It’s the escape we’ve been yearning for. When thinking of a rural property to get your hands on, you should consider first and foremost the size and the quality of the area. Banks have certain terms & conditions when it comes to acreage loans whether it shall be used for recreational & lifestyle purposes or business & commercial purposes. The amount you will be allowed to borrow and the interest rates depend on the size and quality of the property. So to make the most out of this long-term commitment, here are a few tips on how to choose a good acreage before going into that rural lifestyle property loan.
First, you have to figure out what you want to do with the land. Will you be growing food and crops or will you use the property for recreational activities such as camping or horseback riding?
On the agriculture side, the number one on the to-do list should be to get a soil test to ensure the land is fertile enough to support your vegetable and fruit crops. As someone getting into growing food, health hazards should be a priority. Educate yourself first on all the environmental issues and health policies related to this agriculture lifestyle.
Soil contamination is one of the most common things you should look out for, and then you also have to consider the land’s distance to oil, gas, mining operations, and some other industries that might involve some contact with soil. These activities or commercial businesses may affect the land and your agriculture plan, so at least you have an idea and think of something you can do about it.
In farming, you also have to keep in mind that you have the licenses you need to own to raise livestock and whether the property meets the legal requirements. There are a lot of things to consider so you should know all of these and think about it thoroughly before firmly deciding to go for that loan. This is a really great plan no doubt but before you go into battle, you have to prepare your weapons first. In this case, your weapons are your awareness, commitment, and money.
As for recreational purposes, you’d also want to get a soil test as well. It’s also a good idea to check if the land has a near and easy access to ponds and lakes with uncontaminated water, a working dam or any water system.
Check all structures within the land are in good working condition before buying. Structures include a house, fences, stables, wells, lamp posts, etc. You wouldn’t want to find out that things still need to be fixed right after signing the papers, would you?
In general, whether for agriculture or recreation, you should be aware of rural residential zoning and whether the land is in good condition and not a potential hazard in any way as this will affect your plans in the area, as well as the people within the vicinity. Yes, there’s a long list of things to consider and to process when looking for a rural property you could buy & loan. This is because owning a land and applying a loan for it is a big responsibility and commitment that you should stick with. Just motivate yourself and remind yourself of the long-term goal you’re trying to achieve and that will keep you going. Best of luck to you!