Friday, July 22, 2016

Country Properties Have their Own Set of Concerns

Many people have always dreamed of having a country estate on a nice big 'spread' of land. This is all fine and well but often these types of properties can have their own issues before and after purchase.

Buyers using FHA financing have to be acutely aware that larger than 5 acres is something FHA gets 'nervous' about. I just closed on a manufactured home sitting on 17 acres and that was a tall order to get done. But we got it done, none-the-less.

Both buyers and sellers need to understand that these types of properties are often more challenging to close. This is not the type of transaction to try out on that brand new loan officer. A seasoned pro is needed to navigate the treacherous waters of government backed loans.

Buyers absolutely should get an inspection on any property, but a rural place on large land is even more critical. Out in the country natural animal pests are a larger concern and often these types of properties have the additional concerns of a well and septic. These can be expensive to fix or replace and buyers need to be certain they understand what they are getting into with a particular property.

After purchase, buyers need to be very pro-active in sealing up any possible entry points for rodents and other wild critters. If the parcel is large enough or covered in forest, vegetation and such, as to not be all visible in one take, walking the property on a regular basis is important. You don't want people dumping on your land, nor do you want to let encroachments or squatting go on as this can lead to expensive and time consuming legal problems.

The bottom line is that the dream of a country estate is very accessible and following good practices can make that dream a lifelong reality.

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