Many people are now looking for a place in the countryside to escape the pollution and the stress of city life, but there are a few unique considerations when buying rural properties. You can’t just drive to the nearest town and pick a house at the top of a hill (although I made that mistake before).
If you want to increase the chances of success for your remote property investment in the countryside, better read these tips and apply them the next time you look for a rural property.
Consider your source of utilities
First and foremost, you have to be aware that not all the creature comforts you enjoy in the city are available in the countryside. The weather isn’t fair either, so getting basic utilities into your property will be a big challenge.
That’s why you have to be extra diligent in finding a property that can still supply you with potable water, electricity, or heat, even when the weather turns for the worse.
Rural properties usually rely on well water, and water treatment is very expensive to acquire. Thus, Anne Miller from Realtor.com recommends conducting a test on the water supply before you make the purchase final. Ask a professional to check if the water supply is free from harmful contaminants, sediments, and other dangerous chemicals.
You may also encounter shortage on power supply in case a storm comes and topples all the electrical posts. Hence, it’s highly advised to look for a house with a power generator or a place to burn fire wood so you’ll have an alternative source of heat and energy in case of emergencies.
Access to the property
Some buyers I’ve worked with fell in love with a rural property due to the long winding road which leads to it.
While these may be attractive driveways during warm months, it may cause you some trouble when snow starts to pour in. Rural municipalities don’t have enough personnel to maintain these roads, so the responsibility of fixing pot holes and removing tons of snowfall lies with the property owners.
The silent problem
So far we’ve discussed physical features which can affect your decision on whether a rural property is a good buy or not. However, there’s also a silent problem that plagues many buyers in the country and that is lack of financing.
Rick Otton, a respected property investor, explains that “traditional financing wasn’t always available for people living in the countryside, and as a solution, farmers who are selling have always allowed other farmers who are buying to make payments directly to the farmer who’s selling to make it easy for people to get in and out.”
This simply means that if ever you can’t find a lender for your transaction, you can always ask the seller to finance the transaction for you in the meantime.
Remote property investments in the countryside are often overlooked, but they can be a good addition to your growing property portfolio, especially if you follow these tips I shared.