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These days, a lot of people want to get away to a quiet rural life. Purchasing in rural areas is different than purchasing in more urban areas, so there are many questions you will have to ask yourself and your Realtor.

Up Next: Selling Your Smart Home? Follow These 4 Tips

Follow these 5 tips for purchasing rural property to ensure the best deal for you.purchase rural home

The Location

We emphasize the importance of location when purchasing a property a lot. And for good reason! Location is incredibly important when it comes to your commute, quality of life, and resale value.

What do you want to use the land for? Livestock? Farming? Building a home? If you want to farm, get the land surveyed and the soil tested. This will help you determine what can be planted and what can be done with the land.

Price Of Land Per Acre

Some rural property, like farmland, is sold in tracts. Set a budget for how much you are willing to spend and get the price per acre from the seller and your realtor.

Check Zoning & Rights On The Property

Zoning is very important when it comes to the rural property. For example, if you want to farm you must determine if the land has been zoned for it. If it’s commercial and you want to build a home, you will need to get permission.

You also need to check if the property in a flood zone. If so, you will need flood insurance and an elevation certificate. Only with insurance and a certificate will a lender be willing to grant a mortgage loan.

Check what rights the property has, such as easement. Easement rights allow you to enter your property via a neighbor’s land. These rights are typically already established and transferred upon purchase. If not, you will have to work with your neighbor to establish easement rights so you may enter and exit the property.

Hire A Professional Realtor

When purchasing rural property, hire a professional Realtor who has experience with this type of land. They will be able to guide you through the process and know the ins and outs. Make sure they have the right credentials, good references, and can work as a team.

Have The Right Type Of Mortgage Loan

Before buying a rural property, make sure you have the right type of mortgage loan. Purchasing rural property can qualify you for a USDA loan if you meet the requirements, which vary between programs:

  • Single Family Direct: Designed to help low-income rural families buy, repair, or renovate their homes, with loans up to 38 years. Families must make less than 80% of their area’s median income.
  • Single Family Guaranteed: This loan helps rural families with a modest income buy a home. To qualify, they must make no more than 115% of the median income for their area, be able to pay their monthly payments, taxes, and property insurance, as well as have a good credit history.
  • Rural Repair and Rehabilitation: Granted to low-income families to repair or improve their homes to make it healthier and safer. Families must make 50% below their area’s median income to qualify.
  • Mutual Self-Help: Designed to help families with incomes below 80% of the area’s median income build their own homes.

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