If you’re considering buying land in Texas there are some differences to buying a house or a property with an “improvement” on it. It’s actually much simpler but you should know the basics before jumping in. One big piece of information is that you should have a qualified real estate agent to assist in the purchase so you are well covered for all legalities, issues, problems, or confusing legal jargon that might crop up. If you are not familiar with these issues and the documents that go along with the purchase, you could find yourself in hot water. It’s best to trust the purchase and documents to a legal entity when it comes to land buying.
But other than that, most land purchases don’t require home inspections of course, no insurance binders, or HOA dues that will need to be paid. You’ll need to make sure taxes are up to date or know exactly what you’ll be paying for them and if you need any boundary surveys. Most likely you have done your homework and found a parcel of land that suits your need. Whether you are building or using it as raw land, you’ll want to make sure all your future needs are in order such as water, sewer or septic, utilities and how much land is usable. I assume you know what you are going to do with the land but it’s best to predict future use as well. If you ever sell the home, it’s a good idea to consider what it would take to make it usable for someone else as well, either to build or improve.
Are you considering, farming, building, diversifying, or subdividing? These are all avenues that could be advantageous to take as long as you know what the property could be used for. Know your budget and how much you plan on using toward improving the property. Land purchase usually requires more downpayment upwards of 20-50% of the land value or purchase price.
It’s also not a bad idea to investigate neighboring properties. Talk to land owners surrounding your property. Find out who you may be dealing with when it comes to fences or boundary lines. It’s best to iron out any issues now instead of being surprised when Farmer John’s cattle are tromping through your field.
Consider easements. How will you and others access the property? Make sure the title is clear and you understand any government or private easements to the land.
Basically, it is much easier but very different from buying a house. Go with a trained professional and you could sign in as little as 30 minutes and close in just days! Give me a call today to learn how!
Read more: TIPS ON BUYING LAND IN TEXAS