In this article I’ll tell you about Financing For Real Estate In South Dakota. The state of South Dakota in the United States of America is a place suitable for home-buyers who wish to lead a relaxed, laid back lifestyle. The landscape varies from large glaciers and hills to vast plains. The cost of living in South Dakota is still below the national average, and real estate and homes in this state are still relatively inexpensive.
In a state like South Dakota, it is more feasible to buy large tracts of land for the purpose of farming, or building a ranch, because the soil is very well-suited to such agricultural lifestyle—particularly in the central, lowland areas.
Tourism makes an important contribution towards the economy of South Dakota because of world famous tourist destinations such as Mount Rushmore and The Badlands. Apart from the scenic beauty and the peaceful, relaxed lifestyle, South Dakota also offers an advantageous tax situation, as residents have to pay less per capita than any other state in the US. Moreover, there is no corporate or personal income tax, and no personal property or inheritance tax.
The standard of living and health care in South Dakota is characterized by affordable prices, available housing and real estate investments, and use of advanced technology. The state produces hard-working labour force as well as efficient and educated employees for the corporate world.
The South Dakota Real Estate Commission is a regulatory body, which has the responsibility of administering the Real Estate Licensing Act, the timeshare act, the condomium act and the subdivision act. The main objective of the South Dakota Real Estate Commission is to protect public interest during any real estate transactions within the state. Their other duties include enforcing standards for education, licensing and practice of real estate brokers, salespersons, auctioneers, property managers, residential rental agents, timeshare agents and home inspectors.
The South Dakota Department of Agriculture offers several financing programmes that may benefit potential real estate licensees to know and pass on the information to potential buyers. These loans are aimed at assisting new buyers of real estate to make a beginning for their farm, ranch or any other form of agribusiness. For this reason, these loans have very low interest rates. Some of these programmes are the Beginning farmer Bond Program, the AgriBusiness Bond Programme, and the Value-Added Agribusiness Relending Programme.
These financial help programmes not only enable potential farmers and agribusiness entrepreneurs in South Dakota to buy land and capital for their business, but also allows them to replay these loans over a long period of time at lower interest rates. Knowledge of such financial programmes enables realtors to inform potential buyers of real estate in South Dakota, and thus facilitate greater real estate transactions.
Some of the cities and suburban areas well-known for real estate include Big Stone City, Custer, Brookings, Sturgis, Aberdeen, among many others.