10 Things to Consider When Buying Ranch Land
Living on a ranch in the heart of West Texas is something that thousands of people dream of one day being able to do. Buying ranch land is a great investment toward retirement, a great way to boost your portfolio, or even a viable money-making option for the here and now.
If you’re currently looking for West Texas ranches for sale and seriously considering a purchase, there are a few crucial things to keep in mind. Keeping these things in mind will help you choose a ranch that fits your needs and desires, all while making a sound investment toward the future.
Looking to purchase a West Texas ranch for sale? Call Lone Star Investments today! (915) 532-5263
Know Your Budget
Anytime you’re purchasing land or property, it’s important to stay within your budget. It’s especially important with ranch land, however, because of the ongoing maintenance, tax, and animal costs you’re likely to incur.
Do You Have Time for a Ranch?
Regardless of what you plan to do on your ranch land, it’s going to take time and money. Most of the West Texas ranches for sale are more than 100 acres in size, and that property isn’t going to take care of itself.
If you’re planning to raise horses, cattle, or other animals on your ranch, you’ll need to budget and plan accordingly. You’ll need to know where to purchase your animals, how to feed and water them, and how to provide for them.
Ongoing Maintenance Costs
While the upfront cost for ranch land is expensive, the ongoing maintenance costs can be just as bad. Therefore, it’s important to have great credit and plenty of overhead if you’re serious about buying ranch land in West Texas.
There Might be Tax Benefits
The beautiful thing about buying ranch land is that you may qualify for tax incentives, especially if you use it for agricultural purposes.
Will I Turn a Profit?
How much money you make on your ranch depends on the type of land and animals you have, the status of the ranch, and many other factors. If profit is your goal, you should have a business and marketing plan in place when you buy ranch land.
One of the most confusing components of buying a ranch for beginners has to do with ranch rights, primarily water and mineral rights. While you may own the land itself, you don’t always own the water and minerals found on that land. Because of how important and valuable these rights are, you should consider them when purchasing ranch land. Contact us to learn more about water and mineral ranch rights.
Location and Access
As with all real estate investments, the location and accessibility of your ranch are crucial. If your ranch is in a bad location that’s difficult to get to, it will immediately decrease the value, depending on your intended purpose for the ranch.
It’s important to know if the ranch land you’re thinking about buying is protected or has improvement restrictions because of conservation laws. Depending on your intentions, these restrictions could ruin your plans.
Land Survey and Title
Finally, you should always have a land survey performed on any ranch land you’re thinking about buying and ensure it has an updated title commitment. This will ensure that you’re receiving a clean title at the completion of the sale and that you know exactly where your property lines are.
If you’re looking for the best West Texas ranches for sale, contact Lone Star Investments online or call (915) 532-5263. We’re one of the top sellers of ranch land in West Texas and have some of the finest and largest properties in the area. Whether you’re looking for a retirement project, an investment, or a new home, Lone Star Investments has a ranch for you.