How Do You Know When You’re Ready to Sell Your Ranch?
Do you have a ranch that you purchased with a big idea in mind but it’s not panned out the way you envisioned? Or do you have a family ranch that has been passed down to you and you’re not sure what to do with it? If you answered yes to either question, the thought of selling might have crossed your mind. But how do you know if it’s the right time to sell?
Below are some questions to ask yourself before you decide if selling your ranch is the best option for you.
1. Do you want the ranch?
The first question seems obvious but sometimes the answer isn’t that simple. There are a lot of key factors in deciding whether or not you really want to keep your ranch. This is especially true when it comes to family properties.
Ranches that have been passed down through multiple generations can be tough to part with, especially when emotions are tangled up in the decision or many family members have an interest in the property. But the reality is, not everyone within the family may have the desire to spend their life on a ranch. Since these wants and needs will differ from person to person, selling the ranch may be best for everyone. Who knows, someone within the family might want to purchase the ranch and have sole ownership.
2. Do you need the cash?
One reason many people sell their ranch is to gain a profit and/or cut expenses. If it’s not a working ranch bringing in income, it can get expensive depending on how it’s operated.
One way to help make the decision is to compare your income and expenses. Is maintaining the ranch taking away from being able to pursue other needs and wants in your life? Currently, real estate prices are appreciating in most places, so selling your ranch may be your answer.
3. What are your needs?
Your needs evolve with time and it is okay to evolve with them. Maybe you’ve outgrown your current ranch and have a desire to upsize. If there’s not land around you to expand, selling your current ranch and acquiring a new one may be your best bet. On the other hand, if you’ve bitten off more than you have to chew and your ranch is too much land for you to manage, selling to downsize can also be an option. Take some time to assess your needs and know whether selling the ranch is the right decision.
4. Do you want to relocate?
A change of scenery is one of the major reasons most people sell their ranch. As stated earlier, your needs evolve with time, so when your life starts to take a different direction, don’t let your ranch hold you back. The profits made from the sale could help fund and secure your move to a new life in a new location.
5. Does it fit in your long-term strategy?
Not everyone wants to live on or be responsible for a ranch for the rest of their life. You might have purchased the ranch as an investment or livestock farming opportunity but now no longer get the same satisfaction as you did working the ranch as you did in the beginning. Looking forward to where you want to be in the next few years can help you know whether to sell or not.
Now that you’ve considered the reasons you should or shouldn’t sell, it’s time to talk to a professional.
Brandon Bownds is a true subject matter expert specializing in selling live water, hunting, and recreational ranches and farms throughout Texas for over 24 years. Feel free to give him a call with any questions you may have to help solidify your choice. If you’re ready to put your ranch on the market, let Bownds Ranches do the work for you. Dedicated every step of the way to see you through a smooth process and extended follow up. Brandon Bownds, Broker (830) 966-6111.