If you would rather live in the country than the suburbs, then it's time to start looking for the perfect rural home. However, shopping for a home in a rural area has its intricacies. You don't have to worry so much about neighbors being too close, but you do have to consider special financing options, land use agreements, and other challenges. Here are four tips for anyone buying a home in a rural area.
1. Look into USDA mortgages.
When buying a home in a rural area, you may be eligible for a type of mortgage known as a USDA mortgage. This is a loan backed by the USDA in an effort to get more people to move to and remain in rural areas. If you meet certain income standards, you may actually be guaranteed a loan through this program, whereas you may have a harder time finding a standard mortgage loan through a bank. Homes and land do have to meet certain safety criteria to be approved for a USDA mortgage, however, so talk to a bank in your area to ensure the home you're considering purchasing meets the standards. To learn more contact a wholesale mortgage lender like Carrington Wholesale.
2. Talk to the neighbors.
You might assume that the neighbors are so far away, they don't matter. However, you would not want to find out they regularly 4-wheel across your lawn or plant corn on a corner of your property after you move in! Take time to meet the neighbors before you buy a home in the country. Living with kind, respectful neighbors is easier no matter where you are.
3. Pay attention to any wildlife restrictions or restricted areas.
Especially if you are buying a home on a large tract of land, make sure that none of that land is a protected wetland or other designated, restricted area. Generally, when land is protected, that means you cannot develop it, build on it, or change its drainage to accommodate landscaping.
4. Measure the distance to the Thruway entrance.
Living in the middle of nowhere can be a lot of fun until you decide you want to go somewhere. Pay attention to how close the home is to the nearest thruway on-ramp. The closer the Thruway, the less "trapped in the country" you will feel after having been there a while.
To learn more about buying a rural home, talk to a real estate agent who specializes in selling homes in such a market.
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