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Buying 1st time "hobby farm"

This is a discussion on Buying 1st time "hobby farm" within the Farm Land For Sale forums, part of the Farm Forum category

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        12-04-2012, 03:29 PM
      #11
    Green Broke
    Stevenson offered many good points to consider. I would add make sure you can get clear title to the house (no liens, etc., against the property) and check what might be listed by way of easements against the property. Have a chat with the local land authority (I don't know what it is called in your area; here it is a municipality) to see what they have by way of zoning for the area, proposed and/or approved future development, permissions required for doing renovations, etc. Also if there is any "junk" (old vehicles, lumber piles, etc.) lying about, which I don't think there is as the property looks pretty clean, make it a condition of sale that is removed by the seller by a specific date before you move in. It probably wouldn't hurt to check out the neighbours as well -- quietly of course (you don't need to do criminal checks or peer into their living room windows).

    It's not a bad looking place over all. I wish you well with it if you get it.
         
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        12-04-2012, 03:33 PM
      #12
    Trained
    Needless to say you get several building inspectors to look at it, that is a big investment. You use the inspectors report to negotiate the price because there will always be something wrong. Land prices must be pretty cheap where you are, in this area, you couldn't find anything like that under 400k even in rural areas.
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        12-04-2012, 04:44 PM
      #13
    Green Broke
    Pretty amazing the difference in property taxes. I specifically checked that out when I was buying & that paid off big time.
         
        12-04-2012, 04:46 PM
      #14
    Yearling
    We bought our small acreage a year ago, here's what we focused on:
    1. WELL- this was a huge point for us, definitely pay the extra money to have a well expert come out and do the flow per hour test, particularly if you need to supply your barn from the same well as your house. We will be building a barn in the future, and will need a new well to keep the barn going without a negative hit on our house.

    2. BUG/PEST PROBLEMS in all structures. I don't think anyone mentioned this, and maybe not as big a deal for you since it's a newer property (our house was built in 1790)- be sure you have a thorough inspection for termites, powder post beetles, etc. that could be compromising the integrity of the buildings.

    3. In my state, there are tax incentives for farm properties if they are kept in "current use" - I.e., it is currently a horse property, and if you keep using it as a horse property, you keep that low tax rate, but if you ever remove horses, the tax incentive goes away. Be sure your realtor is smart and on top of this, or ask a tax professional if you have any questions. Don't want any nasty surprises in the future.

    Otherwise, I would advise finding the best inspector you can who will be honest and tell you every painful detail about the roof, electrical, plumbing, etc. in all structures on the property. Even if the inspector identifies things you don't plan to fix right away, you might be surprised how much a motivated seller is willing to fix- or give you the cash directly to handle the hassle of fixing on your own. I agree with whoever said the electric in the barn looks dicey in the pictures (I am not an electrician...), and having an inspector's report on that sort of issue can be really helpful if you get to the point of making an offer.

    Good luck!
         
        12-04-2012, 06:06 PM
      #15
    Green Broke
    Thats a tiny piece of land for that size house and barn. I know it seams huge moving from the city suburb but you'll outgrow it quick , Is there any type of associations ? Avoid them like the plague. Personally I would go for no barn a smaller house and bigger land. My place is only 10 acres and I kick myself for not buying the overpriced 10 acres next to me when I had the chance.
         
        12-08-2012, 03:51 PM
      #16
    Foal
    Thanks again for all your input. We are going to go look at the property tomorrow. I have made a list of questions including most of what you guys have asked. I will take pictures (if allowed) and post them on here for you to see and critique.
    Like I said, this is our first time buying outside a subdivision, so we need all the help we can get!!!


    Thanks again ya'll!
         

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    buying, farm, real estate

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