Up until a few decades ago, no one ever thought about buying property in rural areas. However, with cities becoming overpopulated, a lot of people decided to go back to small towns or suburban areas.
In modern days, a lot of people grow tired of the city. The constant noise, bad neighborhoods and crowds tend to become overflowing and stressful. This is why you should consider buying property in rural areas in WI. Sure, moving away from the metropolitan areas seems like a hard job and finding the right property can require a lot of research, but for a lot of homeowners it’s worth it. Below are some of the many advantages of living outside of the city, as well as some issues people may discover.
Do you know how big the competition is in big cities such as New York or Chicago? There are so many people that the chances of you managing to purchase your perfect property for an affordable price are slim. High number of properties in rural areas and low demand means that there are higher chances of getting the property you’d like, whether it be for further investment or for your own needs.
The average home price in the US rural areas is around 35% cheaper than in urban places, according to the research conducted by Zillow. The percentage goes to near 50% if we look at the prices for a square foot. Combine this with the lower competition and you can hardly get a better price anywhere in the city.
Not only is buying houses in rural areas cheaper, but the taxes are also lower. If you are less than satisfied with your yearly wage, moving from the city to the suburbs can be a great opportunity to save money for the long run.
Development and Expansion
In a lot of cases, buying property in rural areas in Elm Groove can be a great investment. The growing population is always expanding and in a decade or so most rural areas will double in size. This means that you might end up selling your property for a lot better price in the future. Also, this is a good moment to purchase a big property in a place that might be the hot spot tomorrow.
If you are planning on buying rental property, this is even better for you, as you might be able to purchase several properties and expand your portfolio. Not only that you can become one of the leaders on the local market, but with good planning in just a few years you might earn a fortune.
When it comes to property development, there are way less restrictions outside of the city. This is one of the big reasons why families and investors are considering buying property in rural areas more and more. For example, if you decided that you needed to expand your home but you live in the city, this is probably forbidden by state laws. On the other hand, expanding your property is a lot easier in suburban areas.
This is also great if you plan on renting your home via sites such as AirBnB, as there are way less regulations restricting your activities.
The United States Department of Agriculture is approving loans for people who are planning on buying a house in a rural area. These loans are great for people who can’t afford to pay a huge down payment, as you will be able to buy a home without it! The purpose of this is to help expand and develop underpopulated areas in the US. If this doesn’t sound too appealing, keep in mind that around 97% of areas are covered by this loan.
Lower Crime Rates
This is especially important for families with children, who want to live in safe neighborhoods. The violent crime rate in cities is almost three times bigger than the crime rate in rural areas! The same goes for ‘lesser’ crimes such as theft or property crime.
Less Public Service
No matter where you are, a rural area will not have the same variety of public services as bigger cities. Not only that, but the quality of those services might be in question. This is one of the reasons why not many people are buying property in rural areas. They worry that moving outside of the city will make it harder for them to find the right schools or the right shops.
Sadly, for most people living in rural areas means less income. When you combine that with the lower tax and home prices it ends up more or less the same, but if you are planning on purchasing a rental property you might be in trouble as finding a tenant can be a challenge. This isn’t to say that buying property in rural areas will cause losses, it simply means that it is a long term investment that takes time to pay off.
Not only that, but when buying houses in rural areas you have to check out whether there are any water sources nearby, in case of a fire. Also, some services that you might not even think about from day to day, such as exterminators or vets, can be harder to find.
All in all, buying property in rural areas can be a great idea, whether you are looking for a place to live or a property that you can earn money on. However you shouldn’t rush into making such a decision, as rural areas come with their fair share of flaws. Assess the risks, calculate what you will gain and what you will lose, and make a first step!