3 STEPS TO TAKE BEFORE
INVESTING IN FARMLAND
WHAT SHOULD YOU KNOW ABOUT INVESTING IN FARMLAND?
When investing in farm land for sale in Lee County Illinois, there are a few steps you should take to ensure that the property is a perfect match and meets all of your needs. You don’t want any surprises that may affect your return on investment, so it’s important to gather the appropriate data and work with the best experts in the area.
HIRE AN EXPERIENCED FARMLAND REAL ESTATE BROKER
A farmland real estate broker will know of many different farmland properties available in the area where you want to purchase land. Based on your objectives for the investment property, they will also know which ones are best suited to meet your needs. Brokers can also provide vital information about zoning laws, easements, and land and soil conditions.
EVALUATE THE PROPERTY
Before investing in Lee County Illinois farm land for sale, visit the property several times to get a better feel for the farmland. Walk through the entire property, checking land slopes for potential sunlight exposure, flood risks, and drainage. Check the soil, and gather information on the soil classification, as well as the average crop yield. You don’t want to discover the soil’s limitations after you’ve already purchased the property, so soil data will be crucial to your investment. Also, find out if water access is available for the property and if there are areas designated for irrigation. Make sure to test the water as well for any traces of metal or other contaminants.
You may also have specific structural needs such as a barn, fencing, or even a residential home. Does your new property meet these needs? Will you be required to build these structures, or can you save time and money by purchasing property that meets your requirements out of the box? These are also very important questions to answer before moving forward with a purchase.
DOES YOUR PROPERTY HAVE EASEMENTS?
Reading through your property title and all the attachments included is very important when purchasing farm land for sale in Lee County Illinois. Your broker or lawyer can check to see if there are easements included with the property. Common property easements are road, irrigation, and power easements. As an investor, you should always be aware of easements, but this is especially true if you plan on transferring the operation of the land to another farmer, if you intend to use the farmland to produce income, or if you plan to develop the property.
TO SPEAK WITH ONE OF OUR EXPERT LAND BROKERS ABOUT LEE COUNTY ILLINOIS FARM LAND FOR SALE, PLEASE GIVE US A CALL AT 815.718.2244 OR SUBMIT OUR CONSULTATION REQUEST FORM.
Questions or Comments
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