Whether you plan to own 1 horse, breed horses, or offer professional training services, the right facility will make all the difference when it comes to reaching your goals. Finding horse properties in Ocala, FL, can be made easier when you have a real estate professional by your side who has experience with this type of real estate and can offer practical advice.
Horse properties are not like traditional real estate purchases. They require research, special financing, and planning to be successful. Here are few tips to get you started.
Choose the Right Realtor
Not all Realtors are familiar with large land purchases and the specifics involved with buying a horse property. You want a real estate professional on your team who has years of experience not only helping clients purchase properties but selling them too. An experienced Realtor will be able to point out properties that may have restrictions that will make it hard to use the property the way you want to. He or she will also be able to steer you in the direction of properties that will hold their value if you should decide to sell after a while.
Choose the Right Lender
Chances are that you’re financing this latest adventure. If that’s the case, be mindful that not all lenders are willing to lend hundreds of thousands of dollars for a land purchase. Why is this? For starters, many lenders see land purchases as risky investments. Because the borrower isn’t putting a home on the land, lenders think that borrowers will find it easier to walk away from payments when times get financially tough. Even if there is a home on the property, the lender may deny your loan application if it is not going to be your main residence.
When purchasing equestrian properties, look for lenders that specialize in this kind of property and be prepared to come to the table with a sizable down payment. It is not uncommon for land lenders to require as much as 50% of the purchase price in cash before they’ll consider giving a loan.
Consider the Buildings on the Property
Some equestrian properties are a blank slate. They consist of nothing more than the land beneath your feet. Others already have buildings on the property. At first thought, this can seem like a great deal, but make sure you inspect all the buildings on the property carefully before opting to buy. It’s possible that these buildings are not in good condition, violate city codes, and may not be built to suit your needs. It could cost you more in the long run to buy a property with existing structures because you may end up needing to tear them down and start from scratch.
Will the Property Suit Your Future Goals?
This is a question that every buyer needs to ask themselves, but equestrian property buyers need to really consider this question. Selling a home on a city lot is a lot easy to do than selling a 100-acre ranch. Too many buyers purchase properties without considering how well the property will work for them when they expand their services or add more horses. What they’re left with is a piece of property they have outgrown and cannot find the right buyer to purchase the property when it goes up for sale. Just because the property seems like a good deal at the time, it may not be quite as great 5 or 10 years down the line.
Keeping these tips in mind as you begin to visit horse properties in Ocala, FL, will help you make a smart real estate investment and help you realize your equestrian dreams.