A ranch is classified as a piece of property that has multiple uses which could include hay, cattle, fishing, hunting, recreation, vineyards and of course working ranches. If you are in the market to purchase a ranch, do as much research as you can on the property before narrowing down your selections. Some of the questions you should consider asking include any changes or modifications made to the property by the previous owners along property changes according to the seasons. Gather as much data about the property as you can and make sure you include surveys, legal descriptions, tax information and assessments. It is important to have a complete understanding on how the property is assessed, for example agricultural, timber, mineral ownership, water rights etc. Also gather information regarding utilities and any exclusions or inclusions associated with the property.
Ranch House Comps in the Neighborhood
Compare the information you have gathered and with other properties within a predetermined area and look for any similarities. Include both regional and local information including resort areas. If the property you are considering has any development or conservation potential, take those factors into consideration and ask your accountant to draft a forecast which contains the developmental estimates and costs. You will also want to get together a complete set of building specifications and plans including ranch house floor plans, blueprints and building diagrams.
Study the Ranch Property Maps & Boundaries
Understand the boundaries, for example how much of the property is wooded and how much of the property is devoted to crop or hay production? What is the size and depth of any natural water sources such as ponds or lakes? Note any improvements that have been made on your maps and calculate the capacity of your pastures. Other considerations include weed control, planting and fertilization of pastures. If the property is fenced, research which fences are considered boundary fences and which are cross fences.
Fishing & Hunting Ranches
If there are any hunting and fishing opportunities or amenities or if the ranch is primarily used for recreation and hunting, gather the necessary information regarding tags, applicable licensing and hunting season dates for the area. Consider the income that has been produced by the ranch in the prior years from revenue generated by vineyards, hunting lodges etc. All of these factors contribute to the value of the ranch and the amount of money you should consider bidding for the sale.
Take Advantage of Real Estate Ranch Open Houses AKA Previews
Check the auction listings in the area. Many reputable auction houses including the knowledgeable experts at Central Texas Auction and Realty will invite potential buyers to an “open house” so they can inspect the property first hand. Check the property structures including the residence and barns for any maintenance issues and examine the fences to make sure they are in good repair without any sagging wires or damaged boards. Take advantage of any photography that has been provided on site especially aerial views for larger property listings.
Buying & Selling Ranch Houses & Properties in Belton, Waco, Killeen, Temple & Central Texas
There are many aspects to consider when preparing to purchase a ranch in Texas. Consult with your Central Texas Auction and Realty real estate professionals today to learn more about ranch listings in Central Texas and the surrounding areas.