finding your rural property: part 1
I want to start a series of essays here on buying land or finding your own farm. I want people who are in the same position I was in a few months ago—to see how easy it is. I had bad credit. I had no savings. I had nothing but a paycheck and a decent rental history and yet I bought this farm in April. It took a little homework, savings, frugal months and luck: but I got it. And now with a recession still in recovery, a weak housing market, and land prices lower than they have been in a long time....it can't hurt to look.
And that's really how it starts. Get on realtor.com or drive around looking for sale signs where you want to live. Knock on doors, call neighbors, ask questions. If you see something that would be perfect for you (even if you can't afford it now) ask to be shown the house. Just getting your foot in the door and shaking people's hands sets off a firestorm of events in the process. Walking around property and having realtors know you're looking keeps them looking for you. Soon you'll be getting emails and advice about other properties.
When you start looking—actually knocking on walls and asking about well water—find a mortgage broker that is savvy about alternative loans and rural programs. If it wasn't for my broker Jim's knowledge of the USDA's Rural Development loan program - I would have never bought a home. The USDA program let me walk onto my own farm with no money down. That left me with closing costs, inspectors, and moving costs to cover. Since the sellers really wanted out, they agreed to a deal called a seller's concession. That means they agree to put a few thousand dollars (in my case, six) towards my closing on the house. It still cost a chunk of money to get in the door, but compared to what it could have cost conventionally, it was nothing.
I am in my own farm house right now because I asked how I could get here. Sure, I was somewhat forced into asking those questions when the cabin deal fell apart—but I'm glad it did. The Jackson farm (which I am just starting to call Cold Antler) is starting to feel more like a home than a new house. Fences are rising, slowly the inside is getting unpacked and decorated...It'll take time.
But today: look. Even if you don't plan on moving for three years, look. Start clicking around online and see what homes cost in your area, and then what they cost a county over. This farm would be double just over the state line in Vermont, and not even qualify for the USDA program. So don't be scared to crane your neck a little. Your perfect place doesn't have to be a pipe dream. It just may be in Delaware instead of Maryland.
But the point is I had no idea I could get here. I had no idea about those programs or tricks. I think I was too intimidated to even ask. I thought needed 20k in the bank and a second income to share the payments, but because I just started looking I was able to start actualizing the possibility. It's the first step: look. The second step is ask. And the third step I'll write about next time: save.