Buying a Whitehorse acreage for sale is a large purchase. It’s important to consider the extent of the commitment before deciding to purchase such a large plot of land. For some individuals, an acreage is ideal. Larger Whitehorse properties for sale can provide a cozy style of rural living that’s idyllic for many. However, it’s a good idea to get an understanding of what owning an acreage can entail. Oftentimes, large plots of land require you to alter your lifestyle. Especially, if you are used to living in the city. In this article, we will be going over a few things that you should know about before making your decision to buy an acreage.
Continue reading below to learn more!
Before you Buy a Whitehorse Acreage for Sale…
- How big is the land?
The size of your acreage will determine various factors in how you can finance your property. When it comes time to apply for a mortgage, lenders will take into consideration a number of factors—for instance, location, size, and if there’s a home on the property.
If you’re buying a property that’s closer to an urban area and less than 10 acres, generally you’ll need a 20% down payment. However, the further rural you go, the bigger the down payment becomes. If there is no home on the property, then you will need to apply for a land loan as opposed to a traditional mortgage. Usually, land loans have higher interest rates and require a larger down payment.
- Paying for the acreage
Based on where you are located, your options for financing the acreage will vary. As mentioned above, the types of financing options depend heavily on location, size, and whether there is a residence on the land. Furthermore, you may want to consider how you are planning to use the land. Raising livestock or farming crops are two common ways that people use their acreage. However, farming has several rules and regulations that make buying a property a bit different.
- Zoning and bylaws
When you are searching for a property, keep in mind that every plot of land is going to have different zoning. It is critical that you pay close attention to the zoning of each property you look at buying. Depending on the zoning of your property, your plan could quickly be derailed. Furthermore, zoning can impact how you use your property and what you can have on your property. Be sure to ask your real estate agent if you are unsure about the zoning.
More Things to Know
- Water supply
Lenders will not approve your mortgage application unless your Whitehorse acreage for sale has a way to get clean, drinkable water. In most real estate transactions, drinkable water comes from the municipal water supply. However, when buying an acreage, most plots of land are far from the urban water lines. In order to make up for this, you can opt for a well, dugout, or hauling your own water. If you end up going with one of these options, you will need to get the infrastructure approved when applying for a mortgage. You should also factor in the cost and time it will take to maintain your water source if you live rurally.
Outbuildings are often not included in the mortgage that you apply for. Most mortgages will only cover the land, house, and garage. However, you can get a mortgage that includes outbuildings. Typically, this equates to a larger down payment, but a smaller mortgage.
Finally, you will need to consider how you plan on using your property. What you choose to do and how you plan to live will significantly impact the above factors. Before you choose to buy a plot of land, make sure you understand how you will use your property. Below we have listed a few common uses of acreages.
- Nature Preserve
- Wind Farm
- Solar Farm
- Off-grid Living
- Building your Dream Home
Contact Me Today!
For more information about buying a Whitehorse acreage for sale, contact me today. I’d be happy to help you find the perfect plot of land in this stunning area. If you have any questions about the buying or selling process, please feel free to reach out to me! Be sure to check out my blog again next month for more exciting real estate content. I look forward to working with you in the near future!