Are you dreaming of moving to the country and building your dream home? Wait wait wait – before you make a leap let’s talk about the budgeting for your dream property and what hidden costs may catch you off guard if you’re not prepared.
Hey hey! I’m Anita L Williamson, Associate Broker with James River Realty Group.
So, you’ve found that perfect piece of rural paradise – acres of open space, breathtaking views, and endless possibilities. But before you sign on the dotted line or your study period ends, it’s crucial to understand the additional expenses that come with owning rural land.
First up, let’s talk about land development expenses. Depending on the condition of the property and your vision for it, you may need to invest in site preparation, grading, and infrastructure development. Whether it’s clearing trees, building roads, or installing utilities, these costs can quickly a2wdd up and should be factored into your budget from the get-go.
For instance, in Central Virginia Dominion Power does not charge any money to install power lines to your new home, but on the flip side if your property is serviced by Southside Electric Cooperative they charge per foot of power line from the power pole to the home. It easily adds thousands of dollars to the cost of building a home. Another example is the type of septic system you will need to install the difference in costs from a conventional septic to an engineered septic system will also be the difference in thousands of dollars.
Next on the list – permits. Ah, the necessary evil of property ownership. From zoning permits to environmental assessments (which include well and septic permits), navigating the regulatory landscape can be a time-consuming and expensive process. Make sure to budget for permit fees, inspections, and any unforeseen delays that could arise during the approval process. One of the biggest permit processes is through the County Building Department and securing the building permit and going through the approval process.
Last but certainly not least, let’s not forget about ongoing maintenance. While rural living offers peace and tranquility, it also requires regular upkeep to keep your property in top shape. From mowing fields and maintaining fences to managing drainage and controlling pests, there’s always something to do when you own rural land. Those tractors and zero-turn mowers aren’t cheap y’all!!
So, there you have it – the hidden costs of rural land ownership laid bare. But don’t let these expenses deter you from pursuing your dream property! By budgeting effectively and planning ahead, you can avoid surprises and ensure a smooth transition into rural living.
Ready to embark on your rural adventure? Reach out to me today, and let’s start turning your dream home into reality! I’m Anita L. Williamson helping you establish roots in Central Virginia!
