Country Living

If you are looking to buy a home in the country, there are some additional considerations to your buying decisions and perhaps restrictions on the choice of financing you have available to buy a home in the country.

• Water quality- recent tests should be done for your own sake, but the lender will usually ask for oganic and mineral content of a well.   If you have community treated water, this is not an issue.
• Water quality- a well digger's report and recent flow test should be done for your own sake, but the lender will usually as for the rate of the water flow at rest and at peak use.
• Septic- although the septic tank and field may have been in use for years, often the municipal authority has standards within their bylaws for these structures.  Ask for a compliance certificate because re doing a septic tank or field can be expensive.
• land use- if the land is "zoned" agriculture or commercial, or has had use as a farm or commercial enterprise, many lenders do not provide residential mortgages on properties with these uses.
• land size- most lenders have a limit to the value they place on land.  Usually the 5 acres surrounding the house is what they will ask for a value, and surplus land means pay cash for that parcel of land.
• buildings- most lenders limit the constructed value or building to the house and a garage, just like city property.  So, barns, corrals, fencing, storage and work sheds are all on a "cash only" basis for residential mortgages.
• other things to watch for?  make sure your road to your home is a tile right, not just a neighourly agreement.  And, if you are relying on internet confirm you have secure access to signals.