Owning a piece of land is truly rewarding and also a dream that may look easy to make a reality. There are plenty of land parcels available in the United States to buy for building a house, farming, or to sell after appreciation. Unlike other alternatives, land as an investment option ensures large profit margins, higher returns, and passive income.
However, finding the right block of land comes with many considerations. There are many potential hurdles a buyer might face when searching and buying a property.
It is crucial to know that the land buying process demands potential buyers to determine what to look out for and do the necessary things to get the best deal possible.
You might have researched before buying land. But if you are still thinking about what to know before buying land, you have come to the right place. Below we will explain everything in detail and try to answer your questions.
Set a Budget
After you decide to buy land, the next step is to determine the amount you can pay. Buying land is a huge undertaking. Thus, buyers must set a realistic budget with all the fees, land price, permits, and other charges in mind. Determining a budget is a crucial step to assure you get maximum benefits of land ownership.
Find Land for Sale
Buyers can find and purchase land through conventional methods and also through classified ads, land sale outlets. However, we recommend searching the land for sale on online platforms built, especially to buy and sell land. The good thing about such platforms is that users can select a particular location, like state or county, and filter the land list according to their needs.
Choose the Right Piece of Land
Buying a parcel of land is a significant financial decision that requires meticulous research to gain the best property. A buyer must research zoning laws of the area where the property is located. This way, you can ensure you don’t buy a commercially zoned property for building a house or vice versa. Also, make sure there aren’t any issues with the property itself that will create problems while drilling a well or installing power and other utilities. A property that you intend to purchase should not have any liens or complex environmental issues.
Determine Annual Taxes
Owning land can be more beneficial if you are aware of annual taxes. Keep in mind that the local governments levy property tax on homes, commercial buildings, and also for undeveloped land. It’s imperative to determine how much property tax you will have to pay each year before buying land. Buyers would not want to invest in land that comes with sky-high taxes. Thus, it is advised to choose the right property with an annual tax of around 1%-4% to make your purchase more cost-effective.
Is your Land Accessible?
Buyers must remember that not all properties are accessible. Whenever you choose the land to purchase, it’s possible that it is surrounded by private properties and might need an access easement. An easement agreement allows property owners to access someone’s property in order to reach the land they own. Usually, a parcel of land is divided into lots to sell individually. Landlocked parcels demand owners to establish a legal easement to reach their property through surrounding properties.
Visit Land in Person and Check nearby Properties
Many buyers notice the property they purchased has lots of junk, and other stuff. Thus, every time you choose and purchase a property, visit it in person to ensure there is no junk or material to clean. Otherwise, you will need to pay debris removal and cleanup charges. Besides that, potential buyers must know that nearby properties can impact the land value and cost. Make sure your property is not located next to a landfill and spot environmental hazards by walking around. However, environmental hazards can’t always be noticed by the naked eye, if there are any concerns you should review the local EPA website for a list of notices.
Talk to Your Builder Before Buying
Once you purchase a property, there is not much you can do to reduce building costs. It is essential to talk to a builder before you decide to purchase a piece of land. A builder can provide valuable insights for a property you are interested in and help you make the best decision.
Find Deed Restrictions on Property
Vacant land may have hidden risks like deed restrictions. You are more likely to pick a land on which you can build a house without any restrictions. Deed restrictions limit or restrict how a property owner can use it or build a house on it. Knowing about deed restrictions helps you avoid sudden misfortunes in the future and safeguard your investment.
We’ve mentioned crucial things to help you know what to ask when buying land and gain maximum benefits. However, you should be aware of topography, wetlands, and previous uses. Also, carry out a Percolation test to find out at which rate water drains through the soil if septic is needed. Always research the land parcel you plan to buy to get the best lot.
Are you searching for a land parcel in Oregon, Florida, or other states? We understand that finding the property of your dream isn’t a piece of cake. At APXN Property, we offer excellent land buying opportunities with surety of safety and benefits. As a trustworthy platform for buying land, we serve our customers with well-priced properties in the United States. Our curated list of available rural properties like hunting land, ranches, farmland, undeveloped land with details including size, location, financing, cost, zoning information, HOA, GPS coordinates, Annual Taxes, etc. Besides, our customers get access to the most exclusive land buying opportunities and ensure a 100% satisfaction or money-back guarantee.