Many families are looking to purchase acreage to better fit their lifestyles. Whether they are searching for privacy, peace, or more room, the country is the perfect location.
The Gallagher family wanted to build their dream home in rural Wisconsin, where they could find a connection to family roots and the land itself. Here is their story.
Eric and Stacy Gallagher had a specific vision for their dream home: It was a place in the country where they could feel connected to the land, and get away from everything that comes with living in built-up areas.
But not just any piece of land would do. For the Gallaghers their dream home would also sit on land steeped in family history, a parcel that was once farmed by Eric’s grandfather, Harold.
“When we moved in, we tried to save a lot of the history and the memories that Eric had,” said Stacy Gallagher. “So all of our landscaping and our fireplace use fieldstone that Eric’s dad and grandpa picked out of the fields themselves when they were farming it in the ‘60s.”
It often starts with the land
Chris Gartner, a loan officer with Compeer Financial, said that the Gallagher’s desire was a common one for people looking to relocate from the city or suburbs to the country. “When I ask people where are you looking to move, there’s usually a story,” he said. “Often they grew up in the country or have family there.”
The Gallaghers dream homestead would be of a specific type. They designed and built a new modern home on a rural parcel, not in town but near enough for both of them to commute to their jobs. The Gallaghers did not buy the land with the intent of farming it, but appreciate the scenery and experience of living in a farming community.
Finding the right financing
Surprisingly, finding financing for the build was one of the most challenging aspects of the process. “We battled with logistics with the loan,” Stacy Gallagher said. “Some lenders don’t want to deal with large acreage. It can get quite complex if you’re not well-versed.”
Chris explained why many real estate professionals don’t deal with rural properties. “Most real estate companies make money reselling the loans on the secondary market,” he says. “But the secondary market doesn’t always exist for rural mortgages.” As a result, the companies a person would work with to buy a suburban home might not touch a rural property. Even worse, they might back out late in the process.
The Gallaghers found their financing partner in Compeer Financial, which specializes in rural properties. Compeer loan officers have access to markets and programs unique to rural real estate; more importantly, they understand the wants and needs of people looking to move to the country.
“Talking to [our Compeer loan officer] — that sealed our deal,” Eric Gallagher said. “He took us seriously, never judged us for our age, inexperience or goals. His knowledge is incredible. He helped us make sense out of all the logistics and details.”
Practical considerations, fantastic new lifestyle
While relocating to the country is often driven by emotional considerations, there are very practical things to think about, said Gartner.
Some things taken for granted by city or suburban-dwellers, like electric service, water, sewer, and snow removal need to be examined closely. While these aren’t the specific domain of a loan officer, people working with Compeer benefit from the smart advice and referrals their loan officers can provide after years of helping others plan for a life in the country.
There also are things to consider that are specific to the land – like whether a property is part of a conservation area, local limits on parcel size, and clarifying the title and boundaries of land that might have passed through many hands over the decades. Rural real estate specialists know how to navigate these topics.
Both an old and new way
of living
But the payoff from moving to the country can’t easily be measured. “The thing people notice first is the peace and quiet” Gartner said. “The thing I hear over and over is that this is the place to raise a family, and now that the rules have changed about working from home, people are realizing there are new opportunities and new ways to live.”
For the Gallaghers, moving out to the country also meant moving in to a whole new way of life, a chance to move forward while connecting with their past.
“We both grew up in a rural setting, so this is our forever home now,” Gartner said. “My grandfather’s gone, and my dad’s retired, and we’re not farming anymore. But my good friend farms, so I still get to hop in the combine or hop in the tractor. My daughter is right there by my side, and she loves every minute of it. For me that’s what it’s all about.”
