Purchasing undeveloped rural land can be a great investment, even if you’re only looking to run a hobby farm. For many first-time farm buyers, the lure of a future project or a lifestyle lived on the countryside leads them to begin investigating rural plots of land. When it comes to purchasing undeveloped rural land, there are a few important factors to consider, however. Before purchasing, consider these five factors to ensure your investment is as satisfactory as possible and you’re not disappointed in the long run.
3 Things to Consider When Buying Undeveloped Land
- Regularity of Road Maintenance
It’s important to find out how often the country road leading to your land is maintained. What’s the accessibility like—especially during poor weather? You’ll want to have unhindered access to your land year-round and steer clear of damaged road infrastructure. Speak to the local council and others who live in the area for insight into the level of maintenance in the region.
- Proximity of Utilities and Cost of Bringing Them In
A huge consideration for your rural plot of land will be the proximity it is to utilities. If utility access is already available on the land, that’s great, but if you’re going to have to bring utilities to the land, the cost of doing so may be incredibly high. Make sure you know whether utility access is available and, if not, what it will cost you to bring them in. It’s also important to consider the maintenance costs and operational costs of utilities on rural land. Will you be able to sustain these costs over the long haul?
- Access to a Quality Water Supply
To run a functional and sustainable farm, you’re going to need access to a good water supply. Agriculture and livestock rely on proper and adequate water, so this is a huge factor when considering a plot of land. Find out how reliable water sources are near the land and what the water yields look like.
When searching for plots of undeveloped rural land, it’s important to enlist the help of a qualified real estate agent who knows the region and what to watch out for. Working with a professional on your property search will help ensure that you take into consideration all the necessary factors of buying undeveloped land. It’ll help you walk away from your transaction confident that you’ve made the absolute best decision and investment.
If you’re looking for undeveloped land or have additional questions about purchasing undeveloped land, contact us to speak to a qualified real estate agent.
You can also check out our blog for more helpful tips and information.
The information and links provided on this website are for general information only and should not be taken as constituting professional advice. This information does not take into account the financial situation or particular needs of individual readers. Before making any decisions about matters discussed on this website, you should consider whether it is suitable for you in light of your own circumstances, and seek appropriate advice.