It’s a dilemma many home buyers consider, thrive in the city, or escape to the country? After all, there are numerous benefits to both, and when buying a property out in a distant location like the country or out of state, it may appeal for many personal reasons. But of course the main draw would be the financial reason, i.e. it is likely to be a lot cheaper buying a home miles away from anywhere? If you also own property, you may want to diversify your holdings, or you may want to have a vacation home. But what are the main issues when it comes to buying a property in a distant location?
Urban vs. Rural
The first thing to do is to weigh up the advantages of both…
Firstly urban properties, on a personal level, mean being close to various amenities and the easy elimination of a long commute. It’s key that you assess your priorities in this respect. Do you have the lifestyle that suits in a city living more than a rural setup? And while an inner city location with plenty of suitable amenities may indicate an area is thriving on the surface, but as a result, you are going to get much less space for your money. If you are an office worker that does more than 50 hours per week, then this will be a perfect setup for you, however, do you want to live in this type of area for the next 10 to 15 years? Looking at the specific area you may want to live in, is peace and quiet essential to your way of living? Because if it’s not, then there are many areas in built-up neighborhoods that may appear to be peaceful during the day but are thriving hot spots during the night, meaning that it’s not suitable if you plan on raising a family in this area. You also need to think about what might impact on your ability to sell this property in the future. If you are looking for an inner city location, access to transport links is one of the main things you need to think about. Also, what will benefit you in built-up urban areas is if there is a location due for improvements. Make sure you keep your ears to the ground for potential infrastructure upgrades. While you can better prepare for the future, it’s also important to look at the here and now and what appeals to buyers on the surface. For example, does your area not lend itself well to people with cars? In which case it’s vital for you to be nearer to major transport hubs, because if it’s not, it will be a lot less appealing to buyers.
Looking at rural properties, the reason so many people migrate to areas of the country is that you will get more bang for your buck as well as benefiting from a slower lifestyle and the obvious benefits, such as fresh air and acres of countryside. It’s in these areas where you may think about investing in land or even think about building your own property because you will have the space to do so. Of course, by purchasing a property in a rural area means there is more scope for roomier homes as well as more options for backyard spaces, such as a garden which, in comparison to a lot of inner city properties, is the one thing that is severely lacking. For every home buyer a garden is a massive draw, but with highly desirable properties in the country, you may find there is stiff competition, especially if there are suitable amenities nearby. The appeal of a country home in recent years has meant that the cost of rural homes has risen somewhat, so it’s imperative that you do your research. Another aspect that tends to be overlooked, especially in the modern climate, is the aspect of connection. A lot of people are able to make a commute into an intercity area for the purposes of work and these people will benefit from a rural lifestyle, but with a city pay, however, these are few and far between.
It’s also important to bear in mind that Internet connection can be a big problem as there is less coverage in a rural setting. It does impact on people’s decisions whether to buy a property and in fact, some people would pay more for a property if they knew that they would have a good Internet connection as a result. But on a personal level, living in a rural setting means more personal benefits rather than a professional one. Looking at agricultural land, it proves to be a worthy return on investment, especially if you are looking to live the rural lifestyle. You have only to view more details and photos here of the benefits of a rural state like Colorado to get an impression of the personal benefits living in the country can do for you. And in addition moving to a rural location to fully embrace the rural way of living is a very modern pastime. For example, people are choosing to grow their own crops and, to an extent, live off the land. Another thing that is underestimated when it comes to purchasing a rural property is the sense of community spirit. The more friendly nature of people in comparison to city living proves to be a very attractive prospect for people looking to raise children in a more tranquil setting.
Other Factors To Weigh Up When Going Rural
For a lot of us, going rural is a very attractive prospect but there are things you need to think about before heading in that direction, especially if the property is a long way away. For a lot of us, the dream may not match the reality, and some people will “impulse buy” property without seeing it. While there are many ways to view a property online now, this information could be out of date and also a local real estate agent or property owner could be desperate to close the sale and so, provide false information about the state of the property. So if you became the owner of a property that was not only unlivable, but also in violation of health and safety laws, you may be liable for bringing the home back up to code, which can cost a lot of money!
There are ways of getting into the real estate market that is simpler than investing in a property out of state which can be risky. The real estate investment trust (REIT) is similar in many ways to investing in stock and doesn’t come with any of the issues associated with owning a property.
But if you plan on buying out of state or in a rural area the first thing you need to do to make it worth your while is to buy in an area that you are familiar with. It may sound completely obvious, but if you are buying in an area that you visit on a regular basis, your leisure travel costs could be tax deductible because you are using the trip to check up on your property. Ideally, you need to build a network of professionals that can help you get your return on investment, from real estate agents to professionals that live in that rural area, to give you an overall understanding of the climate or market value of that area. It’s also worth buying a property in an area similar to the location where you live in terms of the demographics, property, age, as well as the climate in order for you to have a better idea of the area.
Of course with any property in a rural area, there is a potential for risk and even if you buy in an area that you are very familiar with, it’s always best to get the help of a property management company or real estate agents local to that area. They could give you unbiased information about this area. And last but not least a common issue on the rise is things like mice, termites, and roaches, which can be very expensive to get rid of. You may have spotted a dream house in the country, but if it’s not livable, then it’s just going to add to the list of headaches you already have.
The dilemma that we all have in terms of escaping to the country or moving to a city location means weighing up your personal goals, but also there is a lot more hidden beneath the surface than you realize. For a lot of people, moving to the country is the best thing that ever happened to them but for others, it has proved to be a major headache but also a shock to the system in terms of adapting to that way of life. Properties in a rural location will always be desirable to an extent, and there is plenty that are bargains, but also some that cost through the roof. But ultimately, if you are keen on investing in a property in a rural setting or far away from your current location, it is a big risk and a massive commitment. So make sure you know what you are getting into.