Page 10 - LandBroker MLS Magazine Spring 2020

Seeing your first game on the African savanna may have been a thrill,
but nothing beats the satisfaction of hunting, farming and recreating on
WHAT to KNOW your own land.
when hunting a reality. Just do a little homework and find some experts to advise you.
If you dream of the comfort and convenience of a rural retreat, make it
Go Local
for rural property When buying rural property, use local experts whenever possible.

Local Farm Credit lenders understand the nuances of rural financing,
and can tailor loans specifically for rural property. At Capital Farm
Credit, which has nearly 70 credit offices across the United States, loan
by Capital Farm Credit officers have invaluable local knowledge. Most are outdoorsmen and
landowners themselves.
“Buying rural property isn’t the same as buying a home or commercial
property,” says Trae Ottmers at Capital Farm Credit. “Local lenders add
value to your purchase by knowing the area and the people who can
serve your needs afterward. We not only offer financing, but can also
direct you to a wildlife biologist or someone to drill you a water well.”
FCS Financial, a local Farm Credit cooperative in Missouri, offers not
only financing but also invaluable knowledge about a variety of areas,
including government programs and land rental agreements.

“ When buying Local land brokers and real estate agents know the market, comparable
sales and the history of area properties. Organizations like the Realtors
rural property, Land Institute can help you find a qualified local professional.
You’ll also need an appraiser who specializes in your type of rural
use local experts property. Professional designations from the American Society of Farm
Managers and Rural Appraisers (ASFMRA) or the Appraisal Institute
whenever possible. signal added expertise. Lenders with in-house appraisers, such as many
of the Farm Credit Banks, tend to have fast turnaround times, too.
Local Farm Credit Consider the Surroundings
Pay attention to the land use restrictions on the purchase property and
lenders understand neighboring tracts.
Is there an intensive livestock operation on adjoining property? Does
the nuances of the property you’re considering front a noisy or proposed highway? Is
rural financing, and commercial development allowed on neighboring land? Are there any
environmental issues to keep in mind?
can tailor loans specifically It’s important to know the property boundaries. Most do not have a

for rural property. ” survey completed, so it is important to review the legal description
to fully understand the property’s legal boundary. In Missouri, FCS
Financial suggests asking the county assessor to pull the “card” for the
property to see the number of acres taxed.
JEFF MODER
CAPITAL FARM CREDIT If you know the facts before you purchase, you’re less likely to encounter
problems selling the property later.
Take Advantage of Property Tax Relief
Tax policies for rural properties vary by state. In Texas, you could
potentially lower your property taxes with a special use valuation. With
an open space valuation, for instance, property is appraised based on
its use — such as agriculture, timber production or wildlife management
— rather than its market value.

8 | LANDBROKERMLS SPRING 2020 Volume 11 / Number 1