There are a number of things one should consider when choosing a ranchette property to purchases.
1. First among those considerations as always is location. After the purchases of a property you can change or add many thing but the location remains the same no matter what else you do. Some of the thing that you may want to consider when thinking about location is proximity to your work place and shopping, school district, type of properties surrounding your property (i.e. You may not want to be across the street or next to a dairy or livestock operation) and a number of other considerations that may be important to you.
2. The next thing to consider would be the home on the property. Does the home fit your family’s needs for size, number of bedrooms and bathrooms, style of structure, layout of floor plan and age of the home.
3. Other amenities on the property are also important considerations. What type of out building do you want or need, do you want some orchard or other type of crop, are you interested in a place that is set up for horses or other types of livestock or do you just want some room to spread out and relax.
4. A crucial part of your decision making process will be the financing of the purchases. In the lending climate we are now in, if you want to use a residential loan to purchases a ranchette as far as we know now, the property size must be five acres or less. Most types of financing are available for the purchases of a residential ranchette, conventual, FHA and VA. If the property size goes over five acres you must use a agriculture loan which is harder to get and generally requires a much larger down payment.
5. The escrow process you go through when purchasing a ranchette is a little more complicated than purchasing a home in town. Mainly in the inspections usually required to complete the purchases. A ranchette lender will usually require a domestic well inspection and clearance and septic inspection and clearance. These are in addition to other inspections that might be wise to get or may be required to get such as a home inspection, roof inspection, pest inspection and a fireplace inspection.
The proceeding five considerations are all thing you should consider when you are starting to shop for a ranchette. This process is can be made easier by working with a knowledgeable real estate agent. For help with this, please contact me and let me help you with this important process. Signing off for now THE RANCH HAND.
About Keith Monroe
