News Release From:
University Extension Center
Courthouse Room 201
Palmyra, MO 63461
(573) 769-2177
Contact: Community Development Specialist, David Hill

BUYER'S GUIDE FOR SMALL ACERAGES

The urge to move to the country is something many experience. People want freedom from smog, dirt, crime and city traffic. The want open spaces, relatively more quietness, trees, a garden spot and perhaps room for some animals. Many families find country living ideal; for others problem arise.

An array of factors may cause a family to become disappointed in country living. This may stem from the property being misrepresented, or possibly one or all parties concerned not having the background and knowledge for the situation.

People who have never lived in a rural area or those who have been away for a long time may not be prepared for the adjustment. They may experience inconvenience or lack of services compared with more urbanized living. Habits and routine of everyday living are changed, and nuisances may arise that they neither knew about nor expected. These and other social, economic and physical forces should be studied and evaluated by the potential country or "outer suburbia" dweller.

Developing a way to evaluate small acerages from the home buyers's perspective can be confusing. A systematic evaluation method could be useful. Many people who want to live in the country don't know what to look for or how to analyze the property they have found. The price of open land is sometimes higher than expected. If buildings are included the house may seem overpriced to be so far from town.

Here is one possible method to provide some guidance to a potential purchaser of a country home or open land on which to build. It is not to derive a dollar value of property but rather to call attention to some of the many factors that affect value and offer ways to measure whether to proceed in a particular negotiation or to look elsewhere. Buying property is similar to making any other investment. Consult with some you know and trust and who has knowledge of real property values and construction. It is always good to talk to a few people who live in the area or who have had experience. no investment is free of risk or uncertainty. A decision based upon properly evaluated facts can lessen the risk, and the possibility of making a bad investment.

One way is to make up a score sheet to use in evaluating property attributes. Remember, however, you are using your own judgement in making the comparisons. You are rating the property "as is," not what it may be after some alterations or improvements. Additions, changes or remodeling that needs to be done may influence a decision but should not affect the "as is" evaluation being made. Be careful to not let desires bias your decision.

At least, six main categories would be useful in setting up a scoresheet. Seven to fifteen subheadings of greater detail are fairly common. Primary considerations are: Neighborhood(presently existing nuisances), Protection from Adverse Influence (flood plain, deed restrictions), Community Services(access to what you need-water source, wastewater disposal), Cost Factors(taxes, property upkeep, transportation, insurances, utilities, special equipment needs), Dwelling Characteristics---house and lot location(soil suitability, trees, site orientation) and Dwelling Design(appropriate to family size, traffic patterns, ease of maintenance). These are some basic categories and components.

Obviously, each prospective buyer should carefully examine his own assessments. Property attributes do vary among prospective buyers. A nearby school may be more important to a couple with small children than to retirees. Factors such as susceptibility to flooding or a particular type of permissible nearby use may affect scoring drastically. The point is to have sound, objective criteria to evaluate your potential circumstances and how they could affect life along with the pocketbook.

For a sample Home Buyer's Guide for Evaluating Small Acerages contact your county's University Extension Center.