Buyers who are unfamiliar with properties in their target area, property values or the legal documents involved should gather facts and seek help from competent legal and rural real estate professionals before completing a transaction. You need to carry out a proper investigation to avoid being duped, conned, ill-advised, oversold and often unprepared. The highlights below on simple ways for finding rural land for sale southern Colorado is useful in acquisition of suitable soil for farming.
Select a farm close to the local market and distribution channels. Consider if the farm situated in a depression with its own micro climate, soil types, flood zones, topography, hydrology among other critical features. Accessing your soils information before closing on the farm is also a good idea. Type of soil will largely determine the crops to grow. It would be wise to test your soil for residues and other heavy metals that may inhibit your ability to grow organically.
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.
Consider any assets on your new investment such as buildings, fenced pastures, stores, irrigation pumps and firewood. Consider water as the most critical resource, especially if you are going to do irrigation. Potential buyers should identify both physical attributes and distractions, and view the property as if they intend to resell it.
Where the farm falls into a special tax assessment program you pay less property tax per year than other properties. When the property has an open-space treatment and property tax liability it will depend on agricultural-use instead of market value. The Open-space status will result in a some reductions in taxes. Changing this use will trigger a rollback and impose a tax relief on the farm for the previous taxes plus interest.
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.
It might be prudent to pass on properties with a right to refuse the lease or at least investigate the tenant's appetite for the farm. The negotiation process is complicated by undivided attention, especially when not all owners wish to sell. Thus, it is imperative to bring all parties concerned on board including family members. Purchasing such property may present a negotiating challenge.
Environmental issues may signal problems for property owners. Therefore, buyers should identify potential problems before closing the deal. The presence of harmful substances may create a liability to a person taking title to the property. Owners of land with endangered creatures is likely to have strict restrictions on land use.
Select a farm close to the local market and distribution channels. Consider if the farm situated in a depression with its own micro climate, soil types, flood zones, topography, hydrology among other critical features. Accessing your soils information before closing on the farm is also a good idea. Type of soil will largely determine the crops to grow. It would be wise to test your soil for residues and other heavy metals that may inhibit your ability to grow organically.
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.
Consider any assets on your new investment such as buildings, fenced pastures, stores, irrigation pumps and firewood. Consider water as the most critical resource, especially if you are going to do irrigation. Potential buyers should identify both physical attributes and distractions, and view the property as if they intend to resell it.
Where the farm falls into a special tax assessment program you pay less property tax per year than other properties. When the property has an open-space treatment and property tax liability it will depend on agricultural-use instead of market value. The Open-space status will result in a some reductions in taxes. Changing this use will trigger a rollback and impose a tax relief on the farm for the previous taxes plus interest.
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.
It might be prudent to pass on properties with a right to refuse the lease or at least investigate the tenant's appetite for the farm. The negotiation process is complicated by undivided attention, especially when not all owners wish to sell. Thus, it is imperative to bring all parties concerned on board including family members. Purchasing such property may present a negotiating challenge.
Environmental issues may signal problems for property owners. Therefore, buyers should identify potential problems before closing the deal. The presence of harmful substances may create a liability to a person taking title to the property. Owners of land with endangered creatures is likely to have strict restrictions on land use.
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Get a summary of the benefits of owning Colorado property and more info about rural land for sale southern Colorado area at http://spanishpeakslandco.com now.
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