Do you dream of moving away from the city and owning your own land? Millions of people share this same vision. Perhaps you want to try your hand at farming or just want a quiet, peaceful place to build your dream home. Whatever the reason, it’s important to know what you want when purchasing land for the first time. That’s why Land Resellers would like to provide you with the following tips for what you should look for when buying land.
Make A List
First, and foremost, it’s essential to know how much land you can afford. Your budget will be the ultimate factor when it comes to purchasing land. Some people either obtain a land loan or make monthly payments to a seller to slowly pay it off over time. Others save up and pay for their land with cash. Even more, many people combine land loans with construction loans if they plan on building their dream home right away. Whatever the scenario, it’s important to figure out how much you can afford and stick to that budget.
Once you’ve figured out how much you can afford, it’s time to decide on other factors. How much land do you want? What are you going to use the land for? Do you want a large backyard? A garden? A swimming pool? Write down everything you want to do with your land in the future. Once you have a budget and a dream lot in mind, you can start looking for available properties.
Take, for example, the following list:
5-10 Acres to grow crops or raise animals. (Make sure you have enough land to do what you want with the property. However, the more land you purchase, the more upkeep it may require.)
No covenants that dictate what I can do with my land. (This is especially important if you love your freedom. However, you may end up with a neighbor who likes to collect junk on their property, which can affect your land’s value in the future.)
Water rights. (Make sure you have full water rights if you plan on irrigating your land. If this doesn’t apply to you, make sure you can legally drill a well on the property to avoid unwanted surprises when you own the land.)
Must be under my budget of $50,000. (Take the time to research available properties in the area and decide what the right price is for you.)
Must have trees. (Trees take a very long time to grow. That’s why you might want to purchase property with large, mature trees that provide plenty of shade.)
Flat land. (If you don’t want to mow uphill, or don’t want to deal with steep, slick roads in the winter, you may not want to purchase land that’s on a hill or mountain. Flat land also reduces a number of building challenges like retaining walls.)
Ideal location. (Are you happy with the schools and amenities in the area? Take the time to do your research and make sure the local community has what you want before you make a purchasing decision.)
Quality soil. (If you plan on growing a garden or crops, it’s important to make the land come with quality soil. You can test the soil yourself using available kits online or take a sample to a professional soil testing lab in your area.)
A gorgeous view. (Buying land with a gorgeous view is important if you plan on building your dream house. Who doesn’t want to enjoy summer sunsets or a breathtaking view of the valley below?)
How to Find Available Land
Depending on what you want, it can take you a little while to find the right land property to purchase. That’s why it’s important to stay vigilant and search online daily and take afternoon drives in the local areas you're hoping to purchase.
Places To Search For Land
At Land Resellers, you can easily browse land listings from all 50 states. Through simple search filters, you can narrow your searches to the type of land, size, location, or price without creating an account. Here you can find some of the most beautiful raw and undeveloped land, sprawling ranches, and custom home sites in the nation.
For a subscription price of $20-$50 per month, you can keep an eye out for land listings using the MLS database that provides data about properties for sale. However, you can also contact a real estate agent to search for you and contact you right away if something gets listed in your budget and meets all your land requirements.
Drive Around
Sometimes land for sale isn’t listed online. That’s why it’s always a good idea to drive around an area you're interested in and look for land for sale by owner signs. Simply take a picture of the sign and contact the owner when you get home to ask about the land and it’s price.
Additional Land Buying Tips
How Is The Land Zoned?
When it comes to determining the value of a plot of land, it’s important to factor in what it can be used for. Can it be commercially or residentially developed? Is it better suited for agriculture? By making sure what you can do with the land in accordance with local zoning requirements, you can get a better sense of what it’s actually worth.
Determine Annual Taxes
Owning land can be a profitable investment. However, it’s also a taxable one. Local governments levy property tax on undeveloped land just like they do for homes and commercial buildings. That’s why it’s important to determine what you will have to pay in property taxes each year before making a purchase. Keep in mind that property taxes will vary greatly depending on the location of land and its highest and best use potential. You don’t want to purchase land that comes with ridiculously high taxes in proportion to its actual value. Instead, it’s better to find a piece of land that falls in the 1%-4% tax range of its full market value.
Is A Property Accessible?
When it comes to purchasing land, it’s important to note that not all property is accessible. While you may find just what you’re looking for, it could be surrounded on all sides by private property that makes it virtually useless. Such is the case with thousands of properties throughout the U.S. However, accessibility issues can be resolved if you can establish a legal easement with one of your neighbors that is willing to allow you entry through their property. Keep in mind, however, that while this can be done for free, you might have to pay extra for this access to give a neighbor reason to help you.
Does It Come With Utilities?
Before you purchase a plot of land, it’s important to understand what utilities you will need to install and how much it will cost. This can be the ultimate deal-breaker when it comes to building a future home. That’s why you should take the time to consider how you will access the following:
- Water
- Septic
- Power
- Gas
- Phone
- Internet
While you may find the perfect plot of land, it may not have access to municipal utilities. This can result in thousands of dollars to have them installed on your property.
Research Deed Restrictions
Before you purchase a piece of land, it’s important to research any deed restrictions that come along with it. A deed restriction is a provision in a deed that limits how a property can be used and what can be built there. For example, you don’t want to get into the process of building a home, only to discover there are limits on the number of bedrooms you can have. That’s why it’s best to know if there are any deed restrictions before you make a purchase to ensure you won’t have any problems developing it in the future.
Land Resellers
At Land Resellers, we hope these tips on what you should look for when buying land help you find the perfect property. Need some help searching? We can help! As an online marketplace designed for buying and selling land, we can help you search for specific land properties in different parts of the country that match your unique criteria and budget. With detail-rich listings, you can also view important information like land type, location, acreage, price, and other specifications. In addition, you can compare different properties using numerous filter options and side-by-side comparisons to find the ideal property you are looking for.