Buying a farm is an exciting process, but it’s also a serious expense. Stay focused and on track with this comprehensive checklist if you are gearing up to buy one of the outstanding farms for sale in North Texas:
- Figure out what you want
- See if the location is ideal
- View the property before agreeing to a deal
- Inspect the structures
- Review the zoning rules and the terrain
- Understand water rights that apply to the land
- Understand where your property begins and ends
Having a clear idea of what you want to do with your farm land makes it easier to find the perfect property. The parameters and expectations you set on how you will use your farm should be definitive and reasonable.
If you want to raise animals, for example, look for a fenced property so you don’t have to spend any more money on building those structures yourself. For those who want to grow a garden, check the soil quality. A property comprising rocky and dry land will limit your productivity.
Decide how seriously you want to profit off your farm, as well. While most acreage properties offer various ways to earn, you can also just enjoy managing a hobby farm. This is a more relaxed, low-maintenance endeavor where any income earned is only supplemental.
As with any other real estate purchase, location is a primary consideration when buying farm land. Keep day-to-day accessibility in mind when choosing the right property. Do you know how far your farm is from your children’s school or workplace? Is it close enough to a hospital and grocery or supply stores? Can emergency services reach you fast enough in case you need them?
You can also decide based on your intended lifestyle. If you prefer the peace and quiet that comes with being far from the town center, a longer drive may be worth it. But if you want or need to stay close to local community amenities, choose a property that easily connects to the main roads.
When you’ve figured out what you want and have started shopping for options, remember to schedule visits to see the land firsthand.
Pictures can be deceiving. Promotional photos used in listings only show the best features and qualities of a property. It takes a personal visit to uncover possible issues that affect how you can use and enjoy the land.
Some important factors to consider when you examine a farm include its exposure to sunlight, flood risks, and in some cases, specific microclimates that affect the land’s productivity.
You should also find out how the land was previously used. This will help you understand and plan how you to best use it to meet your own needs and goals.
When you visit the property, remember to inspect the existing structures. In addition to the house itself, examine the barn, fences, camp houses, and storage facilities.
Consider the additional expenses that you will need to shoulder if the outbuildings are in poor condition when you buy. In this case, it might even be more cost-effective to buy vacant land and have structures built to your liking.
Make sure your farm’s purpose meets local zoning rules and regulations. See if your potential property is zoned for residential or farming use or both. Look into hunting restrictions in the area if you are planning to utilize the land for that purpose.
Understand the type of terrain, as well. Even if the farm is zoned for what you want to use it for, the physical features landscape might not be ideal for your goals.
Learn about the basic water ownership laws that apply to the land that you are planning to buy. For example, landowners with groundwater could be under the rules of the Groundwater Conservation District. To learn more about Texas water laws, click here.
Various resources are available online to help you do your own research, but you can also count on a local real estate specialist to explain the information that you need.
Define and be aware of the boundaries of your farm. This will prevent you from encroaching on your neighbor’s property. Check if any easements – or the right to cross or use – apply to your property. These typically happen when a property is in the way of water sources and future road development.
Contact Ranch Partners to connect with experienced Texas ranch brokers who can help you navigate the farm property buying process with ease. Call 254.433.2561 or 254.631.3200 or send inquiries via email to firstname.lastname@example.org.