Have you spent days, weeks, months, or even years longing for the chance to own a farm? Perhaps the idea of lush, rolling pastures, raising farm animals, and enjoying some measure of solitude appeals to you. There are plenty of benefits to owning a farm, but if you are a first-time farm buyer, there are some little-known tips you should know before diving into a contract.
Don't Search the Market Before Knowing What Your Loan Limit Is
Many first-time buyers make the mistake of scouring real estate listings in search of their perfect home. Unfortunately, browsing available farms for purchase before you know what kind of loan approval you can get can lead to heartbreak. Farms that sell for a top price are going to offer more features than a farm that sells for a much lower price.
It is easy to fall in love with expensive farm properties. Unfortunately, you may find yourself feeling defeated if you find that you cannot get approved for a loan large enough to buy the farm of your dreams. It is better to speak to a loan officer so you can acquire preapproval and an estimated amount that you can receive for purchase. With an estimated loan amount in mind, you can keep your search queries more realistic.
Don't Commit Based on Love at First Sight
When you set your mind on purchasing a farm, it can be easy to fall in love at first sight. Perhaps you see a feature of the home that makes your pulse race or gives you the feeling of butterflies in your stomach. That one loveable feature may seem attractive, but does the farm have other features that you desire? You should write out a list of your needs and wants.
For instance, do you need three bedrooms? Do you need more than one bathroom? If so, how many? Under your list of wants, list things that you would like to see, but are not necessarily deal-breakers. For example, does the farmhouse have barn doors? A stand-alone tub? A farmhouse sink? If not, is that an instant deal-breaker for you?
Before you fall in love with a specific feature, you should compare the home to your checklist. Make sure the farm you fall in love with contains your needed features, which may include farmland size and outbuildings to help you get started with farming life.
If you are ready to commit to farm ownership, contact a qualified agent near you. An agent can offer a neutral stance, which means you gain the benefit of honest advice and feedback when searching for the farm of your dreams. To learn more, contact a company like Gloria Jones - Re/Max Real Estate Experts.Share