Tuesday, June 10, 2014

Review of house with land for sale::Land Contract Homes?







Review of house with land for sale::Land Contract Homes?








When               looking               to               purchase               the               ideal               farm,               there               are               basic               things               to               consider;               the               size,               the               location,               the               purpose,               the               amenities,               zoning.

You               will               need               a               solid               plan               and               you               will               need               to               do               your               homework.

Buying               a               home               is               an               investment,               the               largest               investment               most               people               make.

Buying               farm               property               that               will               not               only               house               your               family               but               also               animals,               in               this               case               -               horses,               is               an               even               greater               undertaking.

How               many               horses               do               you               plan               to               have               on               your               farm?

How               many               do               you               own               already?

What               will               be               the               purpose               of               your               horse               farm?

Will               you               be               buying               and               selling               horses?

Will               you               be               boarding               horses?

Will               you               be               training               "outside"               horses               in               addition               to               your               own?

Will               this               farm               be               solely               for               you               and               your               family's               enjoyment?
               It's               common               among               horse               people               to               think,               small               house,               large               barn.

We               are               outside               a               great               amount               of               our               time.

But               if               you               have               a               large               family               or               extended               family,               you'll               want               that               house               to               be               big               enough               to               accommodate               overnight               guests               (very               handy               during               haying               season),               holidays,               summer               vacations,               grandkids.

You'll               want               more               than               one               bathroom.

You'll               want               a               mud               room               or               at               least               an               area               at               the               back               door               for               smelly               boots,               muddy               clothes               and               wet               gloves.

You'll               want               an               eat-in               kitchen               for               "chowing               down"               time               between               chores.
               With               those               considerations               out               of               the               way,               it's               time               to               assess               the               barn.

How               many               stalls               does               the               barn               have?

Are               they               larger               than               10'               x               10';               very               important               if               you               have               large               horses?

Three               10'               x               10'               stalls               can               be               turned               into               two               10'               x               15's               fairly               easy,               as               long               as               the               stall               beam               is               not               supporting               the               roof               or               loft.

A               10'               by               10'               stall               is               fine               for               small               horses,               particularly               if               they               get               outside               daily               and               are               exercised               regularly.

Is               the               aisle               way               of               the               barn               wide               enough               for               crossties               for               grooming,               shoeing,               tacking,               etc.?

Is               there               ample               storage               area               for               hay?

Is               there               a               feed               room,               a               tack               room?

Are               there               any               issues               with               the               well?

Is               there               room               for               equipment               storage?
               When               Marvin               and               Cindy               Joy               Talbot               moved               from               their               Ohio               farm               to               Arkansas,               they               shopped               around               for               months               with               very               specific               requirements.

They               wanted               at               least               30               acres,               a               sturdy               barn               with               room               for               at               least               six               horses,               and               a               move-in               condition               house.

They               looked               at               farms               across               four               states,               and               eventually               narrowed               their               choices               to               the               southern               part               of               Arkansas.

Being               Thoroughbred               horse               trainers,               they               wanted               to               be               near               OaklawnPark               in               Hot               Springs               for               shipping               in               to               race,               but               far               enough               away               to               be               off               the               beaten               path.

Talbot               Ranch               is               the               home               of               "Ginger's               Threat",               the               great               grandson               of               Secretariat.
               "Animals               and               traffic               don't               mix,"               Marvin               says.

"We               wanted               an               affordable               place               that's               secluded               and               safe,               a               place               that               offered               many               opportunities               for               the               land.

Tree               farming               is               big               business               down               here.

As               we               extend               our               pastures               over               the               years,               it's               good               to               know               we               have               something               tangible               like               that               as               an               income               option               to               fall               back               on.

Whatever               we               do,               it               will               be               in               consideration               of               the               animals.

Talbot               Ranch               is               also               home               to               wild               turkey               and               deer.

We               like               that."
               When               you               consider               all               that               is               involved               in               finding               the               perfect               farm               for               you,               your               family,               and               your               horses,               it               pays               to               take               your               time.

It               is               never               easy               to               relocate,               let               alone               if               you               have               animals               to               move               with               you.
               Cindy               Joy               says,               "We               wanted               a               large               piece               of               land.

We               found               one               with               forty               acres.

Not               having               to               worry               if               a               horse               gets               loose               that               he's               going               to               end               up               out               on               the               road               is               a               huge               relief.

We               have               a               mile-long               driveway               and               the               nearest               road               is               through               acres               and               acres               of               thick               forest               brush.

There's               no               traffic.

It's               just               us               and               the               mailman."
               Price,               unless               you               are               filthy               rich,               will               always               be               one               of               the               main               considerations               when               purchasing               a               farm.

Many               a               "pricey"               farm               has               gone               on               the               market               of               late.

Feed               prices               have               gone               up;               hay               is               at               an               all-time               high.

Farming               on               any               level               comes               at               a               price.

Taxes               are               also               a               huge               consideration.

Don't               buy               too               big,               don't               buy               too               small.
               When               budgeting               the               cost               of               buying               a               farm,               it's               best               to               figure               affordability               of               the               barn               aspect               itself               without               having               to               rely               on               additional               "horse"               sources               of               income               to               pay               the               mortgage.

You               can               not               count               on               boarders               staying               with               you               forever.

Boarding               is               a               fickle               business.

You               can               not               count               on               a               student               or               horse               owner               keeping               you               as               their               trainer               indefinitely.

The               average               equestrian               has               at               least               two               to               three               trainers               throughout               their               riding               careers.
               It               will               be               important               to               know               your               pasture               limitations.

A               good               rule               of               thumb               is               three               acres               per               horse.

Consider               the               climate               in               relation               to               pasture.

Is               the               area               prone               to               floods,               standing               water,               drought,               blight?

You'll               also               want               to               make               sure               your               prospective               farm               does               not               have               zoning               limitations.
               Perhaps               you               have               found               the               perfect               farm               house,               but               the               barn               won't               do.

There               is               always               the               possibility               of               building               a               barn,               but               second               mortgages               and               equity               loans               to               finance               the               construction               is               not               necessarily               the               best               decision.

Not               unless,               again,               you               do               not               need               the               supposed               horse               income               to               pay               for               the               additional               loan.

Figure               the               construction               costs               into               the               price               of               your               first               mortgage.

The               value               of               the               house,               or               the               barn               and               grounds,               should               be               enough               to               finance               the               other               if               you               are               playing               it               safe.
               "Many               experts               agree               that               PITI,               the               total               amount               you               pay               toward               your               mortgage,               should               not               exceed               28               percent               of               your               gross               income.

For               example,               if               your               total               household               income               is               $80,000,               your               monthly               income               is               $6,667.

At               28               percent,               you               can               afford               to               spend               $1,867               on               your               mortgage               per               month."               (1)
               You               will               also               need               to               consider               adequate               insurance.

It               is               best               to               err               on               the               high               side.

As               the               home               and               farm               owner,               you'll               want               to               make               sure               you               are               sufficiently               covered               for               any               accident               or               catastrophic               situation.
               There               is               a               great               deal               to               consider               when               looking               to               purchase               the               ideal               farm,               but               well               worth               the               time               and               effort               to               plan               accordingly.

You               want               to               enjoy               your               farm.

You               want               to               enjoy               your               horses.

Having               control               of               your               destiny,               to               a               point,               will               help               you               sleep               better               at               night.

You               will               be               saving               money               by               having               your               horses               at               home.

You               will               have               control               over               their               care               and               wellbeing.

You               will               be               enjoying               life               on               the               farm.
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