If you’re considering buying a piece of rural property in Upstate South Carolina or Western North Carolina, there is plenty of land available for you to buy right now. You can find land that you’ll love in different parts of both states. But before you sign on the dotted line and purchase rural property, you should make sure you’re making a smart decision. Here are several mistakes you’ll want to avoid when buying rural property.
Only visiting the rural property one time
It’s good to visit any property that you’re thinking about buying at least a few times prior to purchasing it. But it’s especially important to do it when it comes to rural property. You should make it your mission to learn everything you can about rural property before you agree to buy it—and it’s pretty much impossible to do this during just one visit. Go back to the property several times and inspect it from top to bottom. You should look for everything from invasive plant species that might be growing on the land to any illegal dumping that might be taking place on it. You want to know exactly what you’re getting yourself into when you buy rural land.
Failing to check the zoning requirements for the rural property
There are a lot of people who are purchasing rural property these days and planning on building a tiny home on it once they take ownership of it. This might sound like a terrific idea, but it might not be possible to do this if the land doesn’t meet certain zoning requirements. This could leave you with land that you don’t know what to do with. It’s why you should always check zoning requirements for rural property so that you know what you can and can’t do with it.
Forgetting about the differences between financing a home and financing rural property
When you finance a home, most lenders will provide you with a loan worth at least 80% of the cost of the home, if not more. But when you finance land, this isn’t always the case. Some lenders might only give you, say, 40% of the cost of the land and make you come up with the rest of it. This can make a transaction for rural property expensive in some cases. Figure out how much a lender will give you to buy rural property before you get too far down the line.
Want to make sure you don’t make any of these mistakes when you’re in the process of buying rural property? Work with an experienced company like Metcalf Land Company that can walk you through the steps you’ll need to take to buy land. We can also show you rural properties that fit the description of what you’re searching for if you don’t already have a property in mind. Call us at 864-585-0444 to get started.