Why do I want to buy land?
As I have gotten older and thinking about the older me and my future generations buying land has become appealing. I like the fact that I can do many things with land, farm it, timber harvest, grow Christmas trees, provide a natural habitat for wildlife, etc.
But where to begin?
Well google of course! and talking to my wife! She is coming around to the idea!
I want to take you along this journey in future posts to see if I achieve this goal.
This journey started in 2021 about buying land. I started looking on Redfin and Zillow to get an idea of how much it would cost in a few different states.
How to Search
According to the Land Market Survey released by the National Association of Realtors, land sales increased by 6 percent last year, and for good reason. Undeveloped land is still one of the most affordable forms of real estate, making it more financially accessible to first-time buyers.
- I use Redfin and Zillow to search for land- you can customize your search by size, price, etc.
- Land, Farms, and Ranches for Sale – Land.com– this site includes mineral rights and owner financing in your search criteria
- LandAndFarm.com.
- LandSearch.com
- Investing in Farmland Simplified | AcreTrader– I found this site and will do a review on another post
From the Family Handyman:
Local Resources
Some FSBO properties can be found in classified ads in local newspapers or online directories like Craiglist and Facebook Marketplace. EasySellFL.com founder and CEO Greg Bond also recommends contacting land owners directly. “We have mailed neighborhoods with cheap, buildable lots and found many times the owners are happy to part with their land for a huge discount,” Bond says.
Bond suggests finding land owners’ contact information on the Geographic Information Systems (GIS) map from the County Assessor’s Office website. Bond also advises checking county tax deed auctions, where land is auctioned off at a substantial discount when the owner fails to pay property taxes.
Finance the purchase
Next I am learning about financing the land. It is different then buying a house.
Do you use all cash, owner financing, get a USDA loan, take out a home equity loan, or see if a local bank/credit union does a loan for land buying?
Look at every expense!
A piece of land with a great view can hit all the emotions and you fall in love with it. But you need to out those feelings aside and look at it in a practical way. Here is my list of expenses to consider when looking at a property.
- Utilities- are they on the property or do you have to install them
- Water- Does it have access to public water or a well
- Taxes
- Internet service or cable
- Road Access- Do you have to put one in
- Zone and land use restrictions- contact the local county government to find out more
- Home Owners Association (HOA) fees
Reminders:
I would also look at the county’s long-range plans for what could be built or how the land could be used around me. Staff at the government agencies responsible for zoning are well-versed in the details of the plans and can answer any questions you have.
Also check out water rights do you own them or does someone else. If someone else does what does that mean for you?
A lot goes into making any decision, so I want to be careful and take my time. Is this the right move for me to make? Do I want to invest alot of time and money into this project? Only time will tell.
Your turn: Have you bought land? Any tips?
