Are You Ready For Ranch Ownership?
Owning a ranch may be your dream, but in order for the purchase to be the happy and satisfying experience it was meant to be, you need to ensure that you are financially and mentally prepared for the responsibilities that come with it.
Some people have a notion that ranch ownership is like owning a home or a few acres, but simply with more land. In reality, there are many more things to consider in buying a ranch. You have deed restrictions, mineral rights, different types of tax exemptions and how to maintain them, rollback taxes, water rights, grass types, maintenance, and more.
A Few Questions for Prospective Ranch Owners
Are you ready to purchase?
Owning your own ranch is about more than just being able to enjoy the land; it's about being prepared to maintain your ranch over the years, realizing that part of your income and time will go towards upkeep and maintenance. It's about being willing to take the risks of ranch ownership with a realistic expectation of the rewards. The rewards are aplenty, by the way!
How much can you afford?
It can be discouraging to find that your income won't stretch as far as the ranch you want to own. However, sacrificing a huge part of your income just to pay the mortgage can very quickly make ranch ownership a burden rather than a point of pride. That said, be sure to take the tax benefits into consideration when figuring your mortgage options. It may be beneficial to buy a smaller ranch now and look at purchasing your "dream ranch" in a few years.
What do you plan to use your ranch for?
Do you like the idea of hunting whitetail deer? How about exotic game? Do you have a love for horses or possibly desire to maintain a herd of longhorns? Would you rather just pay a ranch hand every month and have everything maintained and managed for you? Would you like something off the beaten path, or a place with easy access to major roads and towns? The answers to these questions can help you narrow down the search for the right type of property for you.
We Can Help
You need a good agent who will work hard for you. Our land and ranch specialists are dedicated to helping you find the right property, at the best price. We want you to find the ranch that will make you a happy and successful landowner.
When you hire us to help you buy your first ranch, we help figure out what what you want and how much you can afford. Then we'll find a way to merge these two factors and find a place that you will be proud to call your own and possibly pass down from generation to generation.
Keep your main objectives in mind when visiting a property. Sometimes the idea of owning a ranch can overwhelm your practical sense, so keep your feelings in check. Keep a list handy of the features that you need and want in a property, and judge each place by the list instead of by details that could distract you from your goal. When you're with your agent, you can go over the pros and cons of each property. We can help you stay on track while still keeping our eyes out for a great property.
Make the offer. This can be a maze of "buyer", "seller", "option period", "deposit", and "closing". We'll be happy to prepare the paperwork and go through it with you in detail before submitting it. Remember, the seller may reject or counter your offer, so even at this late date, avoid setting your heart on the property you hope to own.
If there are improvements, get all necessary inspections done. A home inspector will check for signs of harmful materials like asbestos, lead paint and mold. They'll also check for evidence of pests, faulty wiring and leaks. This is a crucial part of the home purchase. Inspections will cost a few hundred dollars, but again, this is more than worth it in the end. There are several inspectors in the area that we'd be happy to recommend.
Do a final walkthrough before closing the deal. We'd be happy to do this with you to make sure that everything agreed upon is completed prior to the final signing at the closing table. We can help you accommodate out of town courtesy closings if you will not be in the area the day of closing.
From the first consultation that determines your requirements to the moment that you receive the keys, we can help you with the complicated process of buying a ranch. Please don't hesitate to contact us to find out more about how we can make the buying process easier and more enjoyable!
Contact us for more information about first time home purchasing.