Buying land, whether with a building or vacant, is a hot trend in today’s real estate market. As more people leave big cities for a life in the country, the demand for land continues to grow. If you’re looking to make the leap and buy your own piece of land, there are some things you need to know.
Perks of Buying Land.
There are many perks to investing in land. For starters, it’s a limited commodity — no one is “making” more of it. That said, all kinds of properties are constantly being built on available lots.
Purchasing land and enhancing it with a home, farm or using it as a recreational property, can not only increase its financial value, but its personal value for you and your family. You can also add an easement (see more about easements below) to generate even more income. Overall, it’s a solid investment.
Key Considerations: Know your Property’s Purpose and Determine Easements
Determine what type of land you want. There are multiple types of land use. You can use it for farm land, ranch land, to build a country home on, hunting land or even for access to a neighboring property (an easement). Knowing the purpose of your land use will determine where and how many acres you’ll need.
The next consideration is to check for easements on the property. An easement is a legally binding contract between a land owner and a mutual trust that limits the use of your land for a certain reason, whether it’s for access, utilities or conservation. If an easement is already on the property, you’ll want to find out the stipulations of the contract. If there isn’t one, you can put one on if you desire. Sometimes they help preserve the land and ensure enjoyment of the property for years to come. They can also put some extra money in your pocket.
What about Zoning and Deed Restrictions?
Just like easements, you’ll need to check for any zoning or deed restrictions to see what you can and cannot do with the land. Some properties are already zoned for commercial, residential or other uses. Zoning restrictions can determine if and how big of a structure you can building on your property. A qualified real estate agent will be able to get these answers for you.
If you’re looking for land, a real estate agent specializing in land sales will be able to guide you through the process and answer any questions you might have.
United Country Real Estate has land experts across the nation ready to help you find your dream property. Learn more at.