Saturday, August 24, 2013

Questions to Ask Before Buying a Ranch

The thought of spending days riding horses over expansive landscapes is so appealing that many city folks are willing to vacate their suburban homes just to experience rural living. With many ranches awaiting their prospective occupants, it shouldn't be difficult to turn such a dream into a reality. Before you decide to buy your own ranch, however, you'll need to ask yourself several questions:

What is the ranch's purpose?

Are you planning to set up a working ranch, a private ranch, or a dude ranch? If you're thinking of establishing a working ranch to raise livestock such as cattle, sheep, elk, or bison, then you should consider purchasing ranch properties that are large enough to support herds of animals. If you want to purchase a private ranch for your family, then you should consider smaller, more intimate ranch properties.

Should the ranch home be renovated?

If the ranch comes with a house, assess the ranch home to determine if it needs to be renovated. If the ranch home is rundown, you may need to renovate structural components such as roofs and walls, and update fixtures for gas and plumbing. You may also need to consider modern upgrades, such as Wi-Fi and cable.

How about property taxes?

Aside from paying for the ranch, you'll have to deal with the property tax. Property tax on real estate is usually levied at a municipal or county level. Know the rules surrounding this matter beforehand so that you can adjust your budget accordingly.


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