January 29, 2024 | Rural
What to Consider Before Buying a Rural Property
If you have your sights set on purchasing a rural property, it’s best to understand the unique opportunities and challenges that accompany these properties, such as utilities, water sources and potential agricultural uses. Our very own Team Lead, Michael Christie was raised on a one-hundred-acre horse farm and Scott Robinson, Broker, owns 3 agricultural parcels of over 150 acres, so our team is well-versed in rural properties and understands the issues, challenges and opportunities in the agricultural industry. Here are a few things to keep in mind:
Buried Oil Tanks
Ensure there aren’t any abandoned buried fuel oil tanks on the property. They cost a bundle to remove, and risk seeping into the property’s water source if left in the ground.
Septic Systems
It is important to check the location and size of the septic tank to ensure that it’s an ideal spot and can handle future demands. The tank should also be pumped and inspected to avoid any surprises.
Wells
Note the location and potability, as well as the presence of any filters or improvements such as UV lights or RO Systems.
Zoning & Land Use Regulations
Familiarize yourself with local zoning and land use regulations. Check to see if any of the property has forest management credits or classified wetlands controlled by the local conservation authority, which could limit building outbuildings or additions to existing buildings.
Workable Land
Note who has been working the land and how this working relationship might transition with new ownership of the property.
The House
Familiarize yourself with the age of the house, including roof condition, electrical updates, etc. Also, be sure to find out if the house has any heritage designations or historical significance.
Finding the perfect rural property is not a straightforward journey. If you’re interested in purchasing a rural property, be sure to work with a realtor who understands the intricacies.
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