Is Now a Good Time to Buy a Rural Property?
The housing market is hot right now. In some markets, homes are staying on the market for only a few days before they get bought. That said, mortgage rates are still extremely low, so now is still a great time to apply for a mortgage.
There are also some unique factors influencing today’s home market. COVID-19 has changed many people’s perspectives on where they should live and how they should work. With so many people working from home—sometimes permanently—there’s more incentive to get out of the city and buy a home that has more space.
There are plenty of ways to reach your homebuying objectives, even in a seller’s market. If you’re considering buying a new home, you may be looking farther out from the city than the suburbs.
Moving into a rural home could help you save money on your purchase. It could also offer other benefits, but it’s important to know if it’s the right move for you and your family before you decide.
Here’s what to consider.
The Benefits of Buying a Rural Home
Homes in rural areas are generally much less expensive than those in cities and the suburbs. For the same price as some suburban homes, you can often purchase a great house on several acres of land in a rural environment. If you’ve ever been interested in starting a homestead or owning horses, buying a home in the country could be your first step toward realizing those goals.
If you’re concerned about missing out on the home of your dreams due to high real estate prices, opting for a rural home might also be a good way to get the quality and square footage you want at a price that’s within your budget.
Of course, low rural housing prices are also due, in part, to the old real estate adage, “location, location, location.” Rural houses tend to be farther removed from services and cultural centers than others. The main benefit of this is that living in a rural community is much quieter and less lively.
Depending on where you live, there may be little to no traffic and almost no noise complaints because everyone’s houses are so far apart. Air in rural environments tends to be much cleaner than elsewhere, especially if they are far away from industrial centers.
This slower pace of living might be attractive if you’re used to the fast-paced and high-stress environment of the city. A rural home could also help you connect more with nature, and you’ll have more opportunities to develop close-knit relationships with your neighbors.
The Drawbacks of Buying a Rural Home
Naturally, there are a few drawbacks to living in a rural community.
Being far-removed from services, shopping areas, and cultural centers means you must take a long drive just to visit a restaurant, museum, or music venue. If you need specialty services like those provided by medical specialists, it may require you to drive several hours out of town or take a long trip to the city.
Rural areas also lack some of the opportunities offered in suburban and urban areas. There may be fewer career opportunities in a rural environment. If you’re working from home, make sure your new home has easy and affordable access to high-speed internet. Some rural communities only have access to DSL and satellite internet connections, which can be slow and unreliable.
Finally, utility prices tend to be higher in rural areas as well. It costs more to deliver services to households that are far removed, so your monthly costs may be a bit higher than you’re used to.
Should You Buy a Rural Property?
This is a highly personal decision.
From a purely financial perspective, now might be a good time to buy a rural property. You may be able to find a higher-quality home that will give you more space for your dollar than homes in other environments. Still, it may not make sense for you to buy a rural home just because it will save you money.
If you’re interested in a slower pace of life and you want more privacy, buying a rural property might be in your interest as well. If you want to live close to cultural centers, the city, and your neighbors, then you might be better off in the suburbs, at least from a lifestyle perspective.
Choosing the right home is a difficult decision to make, but we want to make them as easy as possible for you. Contact us at GoldCoast Mortgage today to tell us about your home-buying objectives. We’ll provide you with the guidance you need to find and purchase a home that suits your family’s goals.