Having a rural property can be a dream come true, but only if you know the risks.
Whether you want to work the land or just enjoy life in the great outdoors, buying rural property can be a great investment. It is not without pitfalls, though. Even expert property investors make mistakes with their first rural property investment, precisely because they are unaware of the unique risks of purchasing a property in a rural area.
Know the risks
If you’re aware of the hidden risks of rural properties, you can avoid them. These can be things that wouldn’t even cross your mind when considering suburban or inner-city properties, but can make all the difference when looking at a rural property. For example:
Chemical contamination of land and/or water can be a problem in some areas.
Livestock diseases may be present in an area.
Plant diseases and pests may be an issue.
Land usage rights can affect what you can use your property for or what outside parties can do on your property.
You may be required by law to control noxious weeds, animals and/or insects.
Drought may make water sources dry up or create severe bushfire danger.
Uncovering potential pitfalls like these can be challenging because vendors may not be required by law to disclose them. You can, however, find out what you need to know by contacting the Department of Primary Industries (DPI) or its equivalent in your state. The New South Wales DPI, for instance, provides free information about rural areas throughout New South Wales.
Rewards of buying rural properties
If you have assessed the risks and choose to proceed, you can reap huge rewards from buying a rural property. Imagine having a holiday home on 300 lush acres of rural land for less than the price of an inner-city terrace.
If you prefer to build your own home, you can find large acreages with stunning hilltop views for well under $200,000. Look for a property that’s not too far from a city centre and has a good access road.