Over the last couple of years, we have seen significant changes in the real estate market. Houses are selling fast, and property values are on the rise all over the country. One trend is affecting the market and shows no signs of slowing down: The work from home movement.
Many companies are starting to see the value of having employees work remotely. It cuts down on overhead expenses. And productivity has actually increased now that there’s no commute to worry about.
The ability to work from home is a game-changer. You no longer have to live where you work. People are now choosing to live anywhere they want, even if it is very far away from their home office.
If you’ve always dreamed of living in the country, now is your chance. Just imagine the fresh air and no traffic! At night, you can look up and see countless stars in the sky.
When purchasing a new home, it’s important to be informed, know what you want, and set realistic expectations within your budget.
Here are Eight Things to Consider Before Buying a Rural Property:
1. Septic Systems
A septic system may be your only option for waste and water removal in rural neighbourhoods, and caring for them requires a mindful eye to avoid costly repairs or environmental damage.
2. Water and Wells
Well water is generally clean and safe to drink, bathe in, and clean with. However, there is always a risk of contamination if the well is not cared for or installed properly. Wells require proper maintenance and should be tested three times a year for contaminants. Maintaining a well includes ensuring caps, cracks, pipes and pumps are secure and sealed. If there is a change in the water’s contaminant levels or taste, an investigation into the matter should take place to protect the health and well-being of the homeowners.
3. Building and Bylaws, Zoning, and Permits
Bylaws may restrict you frombuilding on certain areas of your property, or from keeping certain types of animals. Additionally, you may need multiple permits from the city or municipality before you can build on the property. This process could end up costing a lot of time and money if you want to make significant changes or upgrades. Finding out who your point of contact is would be a good start before purchasing the home, to understand fully what autonomy you have with the property once it is yours.
4. Additional Fees
It is not uncommon to have additional fees to pay for proper maintenance of nearby roads and property to ensure safety and accessibility for the community. Paying for snow removal in winter, or gravel and pavement in the summer ensures that road access is safe for residents as well as emergency vehicles that may need to access the area.
5. Garbage Collection
As garbage removal and recycling services are provided differently than in the city, understanding how garbage collection works in the neighbourhood is imperative. This includes costs, storage, and frequency.
6. More Space = More Money
While you may be buying more square-footage and acreage for a better price than city suburbs, you may find yourself paying more in other areas. The expenses can add up for maintenance, shopping, transportation, insurance, utilities, and in some instances, land taxes. You will need to know about these extra costs so you can have a realistic idea of the kind of budget you would need.
7. Telecommunications and Coverage
While rural areas are now being introduced to high-speed internet, coverage may be limited with certain providers, resulting in spotty reception or poor connections. Some rural residents like to keep a landline to ensure reliable phone communication at all times.
8. Transportation
Living outside of the city limits also means having limited access to public transportation. While you may not actually rely on the accessibility of transit, it means greater distances to travel for school, work, hospitals, or social events.
No matter where you end up buying your home, it is important to do the research to fully understand the cost of living you will be faced with. There are expenses beyond your mortgage, and a realistic expectation of what this might look like is essential. Your Realtor® can sit down with you to understand your lifestyle wants and needs and help you budget accordingly.
Do not be afraid to contact experts and address your concerns. Before committing to a purchase, you can get quotes of potential work and maintenance that the property requires. Buying a home is always a big decision, and realistic expectations and research will help you enjoy a successful move to your dream home in the country.
