Land issues are sensitive. Thus, you need to investigate adequately raw land purchases as well as evaluate and negotiate by use of a rational and logical plan. Raw land is has no sewers and utilities. Rural real estate is complex, so finding a good agent who is experienced in purchase of property is a necessary investment. The investment represents a substantial financial commitment. The information below on how to find rural land for sale southern Colorado is invaluable to first time land buyers.
You need to understand clearly the intended use of the property. More than any other single influence, location shapes the potential for specific uses of a property. The worst you can buy is swamp or marshland. Clearly define the major farm use you envision pursuing and specify the physical characteristics needed to support that use. Consider availability of water, clean air, electricity and sewage disposal.
If you are going to grow crops, consider the availability of water before you buy the farm . Water is essential for drinking, washing, cooking and watering plants. Find an agent who knows about farming and the details that are important, like soil types and water rights. It is extremely critical you understand water rights and usage.
You need to establish what the investment will be once you buy the place, both physical characteristics and property rights will have a critical influence on the choice of property and price negotiations. Consider the assets on the farm such as fences barns Before buying in an area, find out if you have a marketable skill, one that is in demand in that particular region. Ask your agent to provide you with all the comparable sales data from the mufti-listing service if there is one.
Most of the folks who move to rural communities, without checking into how they will make money in the new location, have to sell their property at a loss within 5 years, due to lack of income. Where the previous property owner had stopped farming the property and the farm fell out of the taxable program. You can reapply for the special tax assessment as long as we prove that we are farming the property once again. It is tough to permanently lose the special farm tax status unless some drastic changes were to occur on your plot.
Consider the price at which the property is sold and mode of payment. You may consider the services of an estate lawyer to help finalize the transaction. This will prevent issues such as fraud. Be careful to set your payments so that you can afford the payments along with your current cost of housing. Make sure that there is no prepayment penalty on your seller-financing note.
Consider Lease Provisions. Most land leases run for short periods, and are renewed every year. The leases may exert an influence on the buying process when they specify a right for refusal on the first instance. Where the lease period is short, the farm may not attract prospective buyers. Check with the relevant agricultural department for the lease period.
A potential buyer should not purchase the property without inquiring about the possibility of mineral exploration. If the current owner has executed a lease with a producer, that lease remains in force, even if the minerals transfer with the surface. Remember, mineral extraction may interfere with soil exploitation and utilization.
You need to understand clearly the intended use of the property. More than any other single influence, location shapes the potential for specific uses of a property. The worst you can buy is swamp or marshland. Clearly define the major farm use you envision pursuing and specify the physical characteristics needed to support that use. Consider availability of water, clean air, electricity and sewage disposal.
If you are going to grow crops, consider the availability of water before you buy the farm . Water is essential for drinking, washing, cooking and watering plants. Find an agent who knows about farming and the details that are important, like soil types and water rights. It is extremely critical you understand water rights and usage.
You need to establish what the investment will be once you buy the place, both physical characteristics and property rights will have a critical influence on the choice of property and price negotiations. Consider the assets on the farm such as fences barns Before buying in an area, find out if you have a marketable skill, one that is in demand in that particular region. Ask your agent to provide you with all the comparable sales data from the mufti-listing service if there is one.
Most of the folks who move to rural communities, without checking into how they will make money in the new location, have to sell their property at a loss within 5 years, due to lack of income. Where the previous property owner had stopped farming the property and the farm fell out of the taxable program. You can reapply for the special tax assessment as long as we prove that we are farming the property once again. It is tough to permanently lose the special farm tax status unless some drastic changes were to occur on your plot.
Consider the price at which the property is sold and mode of payment. You may consider the services of an estate lawyer to help finalize the transaction. This will prevent issues such as fraud. Be careful to set your payments so that you can afford the payments along with your current cost of housing. Make sure that there is no prepayment penalty on your seller-financing note.
Consider Lease Provisions. Most land leases run for short periods, and are renewed every year. The leases may exert an influence on the buying process when they specify a right for refusal on the first instance. Where the lease period is short, the farm may not attract prospective buyers. Check with the relevant agricultural department for the lease period.
A potential buyer should not purchase the property without inquiring about the possibility of mineral exploration. If the current owner has executed a lease with a producer, that lease remains in force, even if the minerals transfer with the surface. Remember, mineral extraction may interfere with soil exploitation and utilization.
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