Photo by johnnyberg
Owning a piece of property is the ultimate dream of a lot of people, since owning a large piece of land simply for recreational purposes can be so rewarding. For a number of those people, the purchase is not just about land, it’s about what the land provides. Hunters regularly purchase tracts of land for their own use, as well as to rent and lease to other hunters and outdoorsmen. What’s more, great hunting land can often be found for cheap prices, since some of the best hunting properties are so remote. Thinking about purchasing your own hunting property? There are several things to look for when looking to buy land for hunting.
Finding Hunting Land
The first thing to do is to find a few potential areas to purchase. Perhaps you already know exactly where you want to buy. If not, try and pick a place that’s a quick drive from home so it’s not hard to escape to on the weekends. There’s no sense owning a property that’s a hassle to visit.
Once you’ve got a couple potential areas in mind, look at the real estate market in the area or visit with a realtor who has experience with land and recreational properties. Ask to see examples of several pieces of land fitting your criteria (cabin on site, existing hunting properties, etc.). After finding an area that fits your price range and a realtor who seems honest, narrow your search to a handful of properties and begin to do your due diligence. Investigate whether there is a lot of upkeep for the land, or will repairs cost a substantial amount.
If you’re looking for a good deal on the land, try looking into online land auctions. eBay has a number of good options, and as long as you read the fine print and do the legwork to make sure the auction is worthwhile, you can find some good deals.
Also you must think about how long you are willing to keep this piece of land. It’s a good rule of thumb to understand that you should be willing to live with this piece of property for at least ten years. Determine how your finances look and how you will be paying for this property. If you’re planning on renting the land to other hunter’s, consider talking to an attorney or lawyer about how to report the income and minimize your liability when other people are toting guns all over your property.
Financing Your Land Purchase
A piece of land is a huge responsibility and it can be purchased using the same methods that are used to purchase a home. Cash, loans, and owner financing are the primary options for buying hunting land, as well as leasing with the option to purchase. Purchasing with cash is the ultimate way to purchase any type of property because it gives you more power over negotiating and getting a better deal.
The next method is land loans which can be obtained through local banks and investment institutions. The only difference with land loans is that the interest rates are much higher and the down payment required is much higher than with purchasing a home. A down payment for land can be 30% or more and the interest rates can be almost doubled that of a home purchase, depending on your lender. Another source for land loans is local farming lenders, who can also provide great assistance with finding quality land.
Owner financing is when the owner sells you the land and you make payments to them rather than a mortgage. This is a great option for older land owners or owners willing to consider monthly income rather than a fixed sum. A fourth possibility is leasing financing, which is the same as renting with an option to buy. The buyer can rent the space and at the end of the rental agreement they can decide to purchase the land or not.
Enjoy Your New Hunting Property
Buying Hunting Land is a big decision, and one that can impact you and your family for years. Recreational land can be used for hunting, playing or whatever you see fit to use it for. More likely than not, your property will be the foundation of memories for years to come, with family or friends. Make sure you do your homework when purchasing, make a good decision financially, and you can be well on your way to enjoying your land for years to come. Enjoy and happy hunting.