Basic process of buying a Charlottesville horse farm for sale (part 1)
Ever dreamed of having a horse farm of your own? Worried about the extent of work it entails to purchase one? Wondering if you have enough money for a horse property? Let us answer these questions for you by walking you through the process of buying a Charlottesville horse farm. Below are the first few steps in horse farm buying which you need to take note of.
- Find and work with an experienced local agent
Residential and horse farms are very different properties. But for both, one of the most important steps to follow is to choose a reliable agent to help you find the best property for you. One must trust somebody who actually has experience in helping people buy or sell horse farms in Charlottesville. This is important because local agents know the place and and the process of horse farm buying well enough so you don’t get disappointed at the options presented to you.
Choosing the best agent ensures half of the work is done without causing you too much stress. So once you decide you want to be a Charlottesville horse farms for sale owner, search online for the list of local agents, inspect their websites, and if possible, ask around for referrals. Check on their background, and how active they have been recently. Gather information and then talk to them face to face so you get a general feel of how it will be like working with them.
- List your priorities in a horse farm
Available equine properties in the market will vary in location, acreage, amenities and pricing. Knowing what you want and what you’re willing to pay for now is a must. Some buy a horse farm for their hobbies and some for business. If you already have horses, consider the right size for them. For instance, you have to think about how many barns your horses will need. You should also consider if you would be willing to pay for some amenities upfront or you would prefer to build them yourself later on. All these and more are weighed in so you could come up with a solid set of criteria which will be the basis for your search.
Your agent will be able to help you better if you are sure on what you really want and and how much you are willing to pay for it. Consider setting goals for a few years so you could picture the type of horse farm you will need now and in the long run. If you want to check out some horse farms to have a basis for your list, go to www.jumpintogreenerpastures.com.
- Understand and get ready for loan criteria and requirements
When it comes to financing your purchase of horse farms for sale in Charlottesville, you have to know and check the local zoning requirements. This will give you an idea on how the property will be appraised and what type of loan you should apply for. Most of the time, banks consider properties with with added value like too many acres of land or too many barnes as something with an earning potential, therefore, a residential mortgage will not apply.
If you are set on owning and managing a horse farm as a business, you must then understand that banks would most probably require you to come up with a basic projection of a five year cash flow, based on your business plan. This will be easier for you to do if you own horses and know the basic costs of maintaining them. All the other items that would go into your spreadsheet can be provided by your contacts and experienced friends.
These are the first few steps you must cover if you are going to enter the horse farm buying scene. Do not get discouraged as help from professionals are always available. To know the rest of the steps in buying your first Charlottesville horse farms for sale, read the next part of this article.