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.
Select a farm close to the local market and distribution channels. Consider if the farm situated in a depression with its own micro climate, soil types, flood zones, topography, hydrology among other critical features. Accessing your soils information before closing on the farm is also a good idea. Type of soil will largely determine the crops to grow. It would be wise to test your soil for residues and other heavy metals that may inhibit your ability to grow organically.
Understand Property Rights. Typical easements include road, power and irrigation easements. Property rights issues encompass everything from identification and verification of ownership as well as ground use restrictions. Know who can come onto your property and to what extent. The fewer surprises you have after you close the better.
Consider any assets on your new investment such as buildings, fenced pastures, stores, irrigation pumps and firewood. Consider water as the most critical resource, especially if you are going to do irrigation. Potential buyers should identify both physical attributes and distractions, and view the property as if they intend to resell it.
Where the property has been in your family a long time with no adjustment in the basis, you could pay a lot of capital gains tax. Check with your tax assessor your position and establish development limitations, depending on zoning status. Liaise with your accountant on issues of taxation. The appraisal method used to determine taxes has been yet another potential obstacle that could affect price negotiations.
Make sure you try to meet your neighbors beforehand, if possible, and get on good footing before you buy. This is because neighbors will be your eyes and ears when you are not present. If you are buying a farm for aesthetic reasons, check with neighbors regarding their plots use to ensure your views are secure. In addition, be sure all owners, including family members and business partners have say-so in the decision to sell the property.
Inquire with the relevant authority before buying the property on the mapping of the minerals in the area. Mineral ownership can be important to farm buyers, especially when less than half of the minerals transfer with the ownership. A mineral owner, or the lessee, can enter the property to extract the minerals, without obtaining permission from the owner.
Environmental issues may signal problems for property owners. Therefore, buyers should identify potential problems before closing the deal. The presence of harmful substances may create a liability to a person taking title to the property. Owners of land with endangered creatures is likely to have strict restrictions on land use.
Select a farm close to the local market and distribution channels. Consider if the farm situated in a depression with its own micro climate, soil types, flood zones, topography, hydrology among other critical features. Accessing your soils information before closing on the farm is also a good idea. Type of soil will largely determine the crops to grow. It would be wise to test your soil for residues and other heavy metals that may inhibit your ability to grow organically.
Understand Property Rights. Typical easements include road, power and irrigation easements. Property rights issues encompass everything from identification and verification of ownership as well as ground use restrictions. Know who can come onto your property and to what extent. The fewer surprises you have after you close the better.
Consider any assets on your new investment such as buildings, fenced pastures, stores, irrigation pumps and firewood. Consider water as the most critical resource, especially if you are going to do irrigation. Potential buyers should identify both physical attributes and distractions, and view the property as if they intend to resell it.
Where the property has been in your family a long time with no adjustment in the basis, you could pay a lot of capital gains tax. Check with your tax assessor your position and establish development limitations, depending on zoning status. Liaise with your accountant on issues of taxation. The appraisal method used to determine taxes has been yet another potential obstacle that could affect price negotiations.
Make sure you try to meet your neighbors beforehand, if possible, and get on good footing before you buy. This is because neighbors will be your eyes and ears when you are not present. If you are buying a farm for aesthetic reasons, check with neighbors regarding their plots use to ensure your views are secure. In addition, be sure all owners, including family members and business partners have say-so in the decision to sell the property.
Inquire with the relevant authority before buying the property on the mapping of the minerals in the area. Mineral ownership can be important to farm buyers, especially when less than half of the minerals transfer with the ownership. A mineral owner, or the lessee, can enter the property to extract the minerals, without obtaining permission from the owner.
Environmental issues may signal problems for property owners. Therefore, buyers should identify potential problems before closing the deal. The presence of harmful substances may create a liability to a person taking title to the property. Owners of land with endangered creatures is likely to have strict restrictions on land use.
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