Wednesday, 23 August 2017

7 things to Remember about When Buying Rural Property

Written by Posted On Friday, 27 January 2017 12:16

Rural property is a nice investment when looking for an area that is away from the bustle of a busy town and the congestion that comes with urban settlements. You can enjoy fresh air, quiet surroundings and numerous opportunities for growth. Purchasing real estate in a rural area can be a great way to secure your retirement, especially if you plan on developing the land. You can also opt for farming or other agricultural activities since the alternatives are limitless in Australia. However, before putting your name on a title deed, a few factors come into play.

1. Utilities

A big concern when buying a rural property is access to essential utility services such as water and electricity. Because some of these areas are not very developed, you may find that they don’t provide sufficient water or power for everyday use. Others may even depend on wells to get water. In such instance, you must ensure that the water supply is safe enough for the various purposes. Check the septic system available for wastewater to make certain it will meet the necessary demands. The intended use will dictate the amenities that you will need. For example, if you intend to have a farm, you cannot do without power because of the various machines that will be required.

2. Location

The location of a piece of real estate will influence your decision on many levels. One, there is the access to public transport to think about. If you intend to develop the land for residential use at some point, people will need proper infrastructure. For residential developments, availability of schools, shopping centres and other facilities is very crucial. If you are farming, you need a location that is fertile.

3. Financing

As with all investments, risks are involved when buying rural land, and lending institutions will consider that when you ask for funding. Before you begin looking at potential places to put money in, find out your borrowing options. When you know the size of the loan that a bank or other institution is willing to lend, you can find the most suitable land. You have to consider the profitability of a particular property and if it will be able to pay the loan plus interest.

4. Environment Restrictions

One downside with rural areas is that the Environmental Protection Authority may impose restrictions on certain practices. The EPA has regulations on aspects such as pollution, waste disposal and noise, which should factor in any decision about how to utilise a rural property. For example, you may want to keep livestock on your land but find out that the location does not allow it. This consideration is a significant factor when dealing with property that is close to natural features such as lakes, rivers and forests. Environmental contamination may also be an issue that may arise with rural land ownership.

5. Professional Help

At some point, a little expertise in rural properties will come in handy when considering buying. Factors such as pricing, market trends and local authority permissions may be slightly different when dealing with rural land when compared to urban real estate. A reputable agent can help you navigate the uncharted territories of buying rural land so that you can avoid common pitfalls. Someone with real estate knowledge in Australia will make it less complicated to find a plot that fits your needs and budget.

6. Trash Removal

Disposal of garbage is one element that most rural land buyers don’t think about until the last minute. Rubbish removal services may not be as well established in rural areas, which can present some challenges, especially when you intend to develop the land for residential use. If you are going to have to burn trash or compost it yourself, it is best you learn about that before you can pay for that piece of land.

7. Ownership Obligations

To make the most out of your rural land, you must know what responsibilities to carry out as an owner. Local authorities in different parts of Australia have codes and laws that property owners have to follow, making it essential to learn about them to ensure that you are not in violation when developing your land for whatever use. Also check on extended territorial jurisdictions that may apply if you are bordering other municipalities.

 

 

Cindy Parker is the professional writer, Content Specialist and a former real estate agent. She loves to write about real estates and small businesses. Currently, she works for Learn to trade - a currency trading education company based in Australia.

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