You are unable to contain your excitement! Finally, you have enough saved for a down payment and closing costs for your horse property and you can’t wait to get started on your search.
But, wait! Before beginning your search, there are some steps that must be taken.
The first and foremost step is to first get together with your lender. It is best to us a local lender rather than an out of state or internet lender. Local lenders are more familiar with the area and are knowledgeable about the area lending practices.
The lender will go over your finances with you, explain the different mortgage programs that you may be eligible for, and will be able to pre-approve you with the maximum dollar amount to purchase your horse property. If you do not feel comfortable with the maximum, set a limit for yourself that you would feel comfortable with. Remember, the lender will give you the maximum amount they feel you can handle. It doesn’t mean you have to agree with it.
Hold your horses! You’re not ready to search, yet. There’s more.
The next step if for your to decide what your require in a home and property, acreage, area, whether a barn is a requirement or you would rather build your own, how many horses the property will have, etc.
Make a list for yourself with 2 columns. One is what the home and property absolutely “MUST HAVE”. The other is a “WOULD BE NICE BUT NOT NECESSARY” column. This is the information that you will give your REALTOR. This is also the list that you will take with you will refer to to make sure it fits your criteria.
There’s one more item. The REALTOR that will be assisting you.
Before deciding on a REALTOR, interview several to find out which one you feel more comfortable with. Find out if they are knowledgeable about horse properties and horses, and if they have any horse experience. All of this is important to search for a horse property. If the agent is not a fellow horse person, how will they be able to assist you in your needs?
A certain amount of horse knowledge is necessary in order to find the right type of horse property. Just because a property is “zoned for horses” does not mean it is horse friendly. Only a knowledgeable horse person will know which properties are a good fit for horses and their needs, saving lots of frustrating hours of your time (and gas) looking at properties that do not fit the bill.
Now, find a local lender, get your list together and find a knowledgeable REALTOR to work with and start shopping for you horse property. Before you know it, you will have moved into your dream horse property with your horses.
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