Articles Tagged "buying farmland"

If you've dreamed of growing your own food or raising livestock, purchasing farmland can help you turn your dream into a reality. Our real estate agents know that purchasing farmland is a little different than purchasing a more conventional piece of property. Here's what you need to keep in mind when buying farmland. 

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If you envision yourself owning a home that stands out from other properties or boasts design details that are rare in modern properties, a historic home is a terrific option to consider.

There are a few things our real estate agents want buyers to know when considering historic homes to help them confirm that the property is right for their lifestyle and property needs. Here's what you need to know. 

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A combination of low-interest rates, limited nationwide inventory, and pent-up demand has made this year's real estate market one of the hottest in history. In a competitive seller's market, buyers often lose some negotiating leverage and are forced to enter into bidding wars.  

However, if you're looking for a home in today's real estate market, all hope isn't lost. The key to finding the right home for the right price is a combination of patience, dedication, and working with an experienced real estate agent. 

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Ever dreamt of buying a farm? Here's a guide of things to consider before buying farmland.

So, you've been dreaming of moving to the country. Whether you want to become a professional farmer or have a passion for living in the country and growing your own produce, buying agricultural land can be a complex process.  Here is a guide for things to consider before buying a farm.

1.  Define Your Goals.

You want to become a farmer and buy land in the country.  Each person has their own reasons why they want to own or work on a farm.   Before going down the path of actually buying agricultural real estate, ask yourself these questions to help determine your goals:

• Do you want to own a farm and make a living as a professional farmer?
• Do you want to become a "weekend" farmer and grow produce for your family's needs?
• Are you looking for a real estate investment?

2.  Find the Right Location.

Finding the right piece of real estate goes along with defining your goals.  If you want to buy a working farm, determine where the nearest market for selling your produce is located.  Make sure the neighborhood suits you and the type of farming you want to do. 

If your plan is to live in the country enjoying a quieter, simpler lifestyle, then buying farm property away from a larger community might be for you.

Old Dominion Realty specializes in farm and rural properties in our local marketplace.  We can help you find the right location for you in the Virginia and West Virginia real estate markets.

3.  Find the Right REALTOR®.

Find a real estate agent with experience in helping customers buy and sell farm property.  Our team of REALTORS® in the Virginia and West Virginia real estate markets has the knowledge and experience you need to buy farm and rural properties.  They have expert knowledge about zoning, easements and details like soil type and water rights to help guide your decision.

4.  Understand your financial needs.

You'll need to understand your financial needs and budget to pay for and run your farm.  Cash buyers can compare their available amount of money with the price of the land they wish to buy.  If you need to finance a portion of the purchase price, find a lender experienced in financing farm properties.

5.  Zoning.

Zoning for agricultural property is in place to restrict non-farm uses of land.  The use of land, minimum farm size, and non-farm use buildings on the property can be determined by local zoning laws.  Working with experienced REALTORS® who have a knowledge of selling farm property will help you understand your limitations for use before you buy.

6.  Know what's included with your real estate purchase.

It is important for all parties involved to understand what is included with the purchase before the transaction is completed.  Buying farm equipment, building fences, gates and structures can be expensive.  A detailed list of everything included with the purchase needs to be a part of the contract.

7.  Water.

When searching for the perfect farm, its water supply is an essential resource to consider.  Are there streams, ponds or rivers on the property?  Is there standing water?  Find out more about water quality standards by visiting your state's Department of Health or Department of Natural Resources web site.  Learn how to take a water sample and where to send it for testing.

8.  Soil.

Whether or not land can be farmed is determined primarily by soil type.  Know your soil limitations before buying farm land.  To learn about your potential property's soil limitations, visit the Natural Resources Conservation Service (NRCS) web site and search the farm's site address.  Take a soil sample and send to a nearby soil-testing to test the soil for nutrients and deficiencies.

Buying a farm can be a complex process. However, if you work with the right real estate team, owning a farm can be a rewarding experience.  Contact our team at Old Dominion Realty today.