How to Spot the Ideal Piece of Land to Build Your New Ranch in Wyoming
Are you ready to get out of the city and spend your time in great open spaces? Are you looking for the adventure of a lifetime? Look no further than good ol’ Wyoming, where ranch real estate is the perfect investment for both your time and your money.
Before you start packing up your house and moving out west, though, there are many important factors you’ll need to consider.
Finding the Right Piece of Land
If you’re going to have any hope at being a successful rancher, you need to find a piece of land that will support you and your livestock. That means, first, knowing how many head of cattle the land can carry. Sellers will often overestimate this number, so it’s always a good idea to do some research or consider having a professional come to see the property and give you his expert opinion.
Other important things to note about a property include accessibility, any restrictions on land use, and water access and flood potential. Ensure that the property can be easily accessed by road and won’t require crossing a neighboring property. Restrictions on land use may come from zoning regulations, pesticide use or burning. Water is obviously a crucial resource for anyone hoping to run a ranch and it’s important to understand how the land and water interact with each other. You’ll need to be aware of overall water accessibility plus any potential groundwater contamination, and you should also take note of areas that will be prone to flooding or may have draining issues.
Lastly, you want to look for a ranch that has potential for future growth. With good management and pasture division, many ranches can grow the size of their herd over time. You want to make sure you’re looking at ranches that have the potential for increased carrying capacity over time.
Paying the Right Price
Finding a ranch for the “right price” is not a simple endeavor. Buying a ranch is a great investment for wealthy individuals who won’t necessarily rely on immediate income from the property and who can afford to pay extra for added luxuries like beautiful views and spots for fishing and hunting. This trend has been on the rise for many years and will likely continue, further perpetuating the fact that buying a ranch is a great investment.
Potential buyers will frequently (almost always) discover that the market value of a piece of land is more than twice the production value because of this phenomenon. This means that buying a ranch hoping to turn an immediate profit is very unlikely, but it doesn’t mean that making a profit is impossible. There are many options for ranch management that can help to grow the profitability of the land.
There aren’t many guarantees when it comes to owning a ranch, it’s a volatile industry. With the right piece of land, though, bought at a good price, you’ll be well on your way to enjoying the best parts of the ranching lifestyle.