COVID-19 real estate trends show an increased interest in owning land away from crowded cities. The pandemic's effects on housing, work, and the economy have forced many people to reconsider their urban-centered lifestyles.
Suddenly, moving to a rural area looks very attractive from financial and health perspectives. Before investing in land, take time to consider the reasons for buying property, the type of property you would prefer, and how you plan to find the right location.
Types of Rural Land That Appeal to Today's Buyers
Potential property owners have plenty of options when buying open space. Some rural land can even help people earn money. Consider some of these popular options before committing to land ownership.
Hobby Farm Land
Hobby farms give you acres of privacy. They can also give you opportunities to live off the land. An 800-square foot garden can provide nearly enough food for four people. You will still have to buy staples like flour and sugar, but you can get your main ingredients directly from your hobby farm.
If you discover that you like raising crops and animals, you can earn extra money from your hobby farm by selling items at local or regional farmers' markets. Once you gain experience growing crops for your family, it might make sense to expand your garden to produce extra food that you can sell to people in nearby communities.
Timberland can offset the cost of buying property. Shortly after purchasing the land, you can sell the timber rights to a company. The process will interfere with your enjoyment of the open space for a while, but you can use that time to transition from the city to your new community.
Make sure you consult an expert before signing over the rights to your timber. You should have a contract that clearly outlines the rights and responsibilities of everyone involved.
Recreational land has features for activities like skiing, hunting, fishing, camping, and riding ATVs. You can improve your recreational property's value by adding features like cabins, barns, ponds, trails, and docks.
Telecommuting as a result of COVID-19 may let you continue working your usual job to earn money. Your recreational land then because an additional source of revenue that you can use to improve the property, pay taxes, save for the future or purchase other properties in the area.
You may have a stereotypical image in your mind when you think of ranches. When you explore your options, you will discover a wide range of ranch land. For example, you could choose a ranchette where you keep cattle in a confined area. Then again, you could buy a ranchette with enough room for cattle to wander the fields all day.
Ranchettes give you opportunities to earn extra money. You can charge local horse owners to use your barn stalls. You can sell the cattle to butchers. You could even open the ranchette on the weekends to let people meet the animals up close.
A rural residential home can serve as your main or secondary house. Some people choose to live in cities for part of the year. Then, they move to their rural homes to escape the pressures of city life.
You probably won't try to earn money from your rural home, but you can add features to make it more enjoyable. Consider getting animals and planting beautiful flowers. If you want to improve the property's value, identify some features that need improvement. You could add thousands to the home's value over one summer.
Keep in mind that rural homes require a lot of work. Avoid overly large places that you will struggle to maintain.
Contact a Land Consultant for Help Exploring Rural Land Ownership
As COVID-19 real estate trends encourage more people to leave urban spaces, rural land could become harder to find and more expensive. If you're interested in buying rural land, start thinking about your wants and needs now. It will take time to find the perfect property. You will also need to spend time getting financing for the property, comparing insurance policies, and other necessary steps.
You can make the process much easier by getting help from an Accredited Land Consultant (ALC). Regional ALCs may already know a few properties that sound like good matches for you. They can also help you understand your financing, insurance, and development options. You don't have to figure everything out on your own. You can get assistance from an experienced professional who has arranged hundreds of property transactions. For more information on recent COVID-19 land real estate trends, see our recent round table discussion.