It seems more and more people are looking at a Seachange, Treechange or just something a bit more rural these days as a retirement option or even a day to day living option.
The rise of more and more fly in/fly out work plus the ever expanding work from home options are really making this dreams realities. Once upon a time it really was a dream to live away from suburbia with the peace and solitude of a more remote location. It now seems on an almost weekly basis I’m having these conversations with clients and progressively helping them finance these dreams.
As with anything, some sense of reality still needs to be part of the decision… how will it effect you socially, where will the kids go to school, are you ‘really’ prepared to commute, plus many other considerations. Realistic acreage sizes and locations are also things to consider. How will you manage a property of real size and more importantly, will the bank lend you the money?
Who really needs a hundred or even a thousand acres really? That’s more a farm than a home, in my opinion anyway. If you want a farm, that’s fine, just be honest with yourself. Getting the right type of finance at the start makes a big difference.
Other things to consider are the real value of the properties. If it is a few acres and has possibly been income producing, whether by growing produce or merely grazing stock, this may be factored into the ‘value’ you could pay for the property. Lenders/banks will generally only take a real value of the land or house and land, not allowing for these other factors. Also they may not be willing to consider certain properties, if they can be seem to be for commercial use or they may require you to take a more expensive commercial or agribusiness loan instead of a good old home loan. Just things to consider, that’s all.
In the end, where you live is your decision, mortgage brokers just help facilitate the loan… However, I do want you to know what you have considered and present many options as possible and make a good, informed decision. Spending vast amounts of money on property is perfectly fine, but if you’re going to do it, do it right.