Get an independent estimate of the value of your land. It is almost impossible to be impartial about the value of your own farm, especially if you do not rely on actual sale data from the courthouse. Thus, retaining an appraiser or a real estate broker and get some facts to work with. You may start your search by contacting farmers, investors, real estate agents, state and federal agencies. The tips below will come in handy to prospective property buyers looking for rural land for sale southern Colorado.
You need to understand clearly the intended use of the property. More than any other single influence, location shapes the potential for specific uses of a property. The worst you can buy is swamp or marshland. Clearly define the major farm use you envision pursuing and specify the physical characteristics needed to support that use. Consider availability of water, clean air, electricity and sewage disposal.
Ensure you read the whole report and conditions that go with it. Property rights will define legal ownership, while property characteristics do define physical uses . Hire a lawyer if need be. They specify the prospective legal applications of the farm. Property rights are important than physical characteristics.
Read the water certificate and understand what it means in terms of usage of water and the area allowed for irrigation. Landowners must irrigate at least once every five years in order to retain the validity of their rights. You need to know the year your rights date back to and the sources of water to your property. Know if your rights are currently valid and active. Check if you have ponds, creeks, or wells that you are legally able to use to irrigate.
Where the farm falls into a special tax assessment program you pay less property tax per year than other properties. When the property has an open-space treatment and property tax liability it will depend on agricultural-use instead of market value. The Open-space status will result in a some reductions in taxes. Changing this use will trigger a rollback and impose a tax relief on the farm for the previous taxes plus interest.
If you are retired, be certain that hospitals, doctors, stores, restaurants, etc. Are suitable for you in the new location or be very certain that you will be able to comfortably reside in the new area regardless. Check online on occurrences in certain areas such as landslides, floods, hurricanes, tornado, tsunamis, volcanoes and wildfires.
It might be prudent to pass on properties with a right to refuse the lease or at least investigate the tenant's appetite for the farm. The negotiation process is complicated by undivided attention, especially when not all owners wish to sell. Thus, it is imperative to bring all parties concerned on board including family members. Purchasing such property may present a negotiating challenge.
A potential buyer should not purchase the property without inquiring about the possibility of mineral exploration. If the current owner has executed a lease with a producer, that lease remains in force, even if the minerals transfer with the surface. Remember, mineral extraction may interfere with soil exploitation and utilization.
You need to understand clearly the intended use of the property. More than any other single influence, location shapes the potential for specific uses of a property. The worst you can buy is swamp or marshland. Clearly define the major farm use you envision pursuing and specify the physical characteristics needed to support that use. Consider availability of water, clean air, electricity and sewage disposal.
Ensure you read the whole report and conditions that go with it. Property rights will define legal ownership, while property characteristics do define physical uses . Hire a lawyer if need be. They specify the prospective legal applications of the farm. Property rights are important than physical characteristics.
Read the water certificate and understand what it means in terms of usage of water and the area allowed for irrigation. Landowners must irrigate at least once every five years in order to retain the validity of their rights. You need to know the year your rights date back to and the sources of water to your property. Know if your rights are currently valid and active. Check if you have ponds, creeks, or wells that you are legally able to use to irrigate.
Where the farm falls into a special tax assessment program you pay less property tax per year than other properties. When the property has an open-space treatment and property tax liability it will depend on agricultural-use instead of market value. The Open-space status will result in a some reductions in taxes. Changing this use will trigger a rollback and impose a tax relief on the farm for the previous taxes plus interest.
If you are retired, be certain that hospitals, doctors, stores, restaurants, etc. Are suitable for you in the new location or be very certain that you will be able to comfortably reside in the new area regardless. Check online on occurrences in certain areas such as landslides, floods, hurricanes, tornado, tsunamis, volcanoes and wildfires.
It might be prudent to pass on properties with a right to refuse the lease or at least investigate the tenant's appetite for the farm. The negotiation process is complicated by undivided attention, especially when not all owners wish to sell. Thus, it is imperative to bring all parties concerned on board including family members. Purchasing such property may present a negotiating challenge.
A potential buyer should not purchase the property without inquiring about the possibility of mineral exploration. If the current owner has executed a lease with a producer, that lease remains in force, even if the minerals transfer with the surface. Remember, mineral extraction may interfere with soil exploitation and utilization.
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