When it comes to purchasing a ranch, the process will be a little different from when you purchase a single-family home.
#1: Find a Land Broker
First, when it comes to purchasing a ranch, you will want to find a land broker, not just a real estate agent. Purchasing ranch land is much more complicated than purchasing a single-family home.
When you purchase ranch land, you need a land broker who understands the land's agricultural value, understands the recreational and agricultural land rights attached to the land, and understands the income component of purchasing a ranch. When you purchase a ranch, you are purchasing more than just land; you are purchasing a full-on business, often with complicated land rights and usage attached to it.
You are going to want to spend time looking for a land broker to work with who has the following qualities:
- You want to make sure that you like them and are comfortable spending hours working with them.
- You need a broker who is knowledgeable.
- You need a broker with experience that is backed up by trustworthiness.
#2: Research the Land
Second, when you find a ranch that you are interested in, you will need to analyze and research the land closely. If there are waterways that run through the land, you need to find out who has rights to the water that flows through the land. Don't assume you have the rights to use or divert the water.
You are going to need to find out how the acreage is divided up. How much of the ranch is land that you need to irrigate, and how is that irrigation achieved? How much livestock can you run on the land? How much timber does the land have? You need to fully understand how the land is set up and how you will be able to use the land.
You can do some of this research online, but you will need to conduct other research through surveys and by walking and examining the land, which could take some time with a ranch that covers hundreds of acres.
When it comes to purchasing a ranch, you need to work with a land broker who understands the complexity of the deal you are entering. Second, you need to be dedicated to researching the land to know what you are getting and if it will meet your needs. Purchasing a ranch is both a personal and business action. Contact a real estate agent to learn more about ranch properties for sale in your area.