Look before you leap when buying land
that’s been going on- Have you started thinking of land outside of town? Maybe to build your dream home on? Maybe a cabin?... or maybe even to get off the grid? If so, it's wise to know a few important details.
So IF you’re thinking about buying land? Here are some things to keep in mind Land is definitely not a quick flip. You should only plan to buy land if you're going to hold on to it 10 to 20 years because the value isn't going to rise as quickly as land with a home.
Review deed restrictions before getting your heart set on land, to determine what you can and can't do Restrictions might building types or styles or minimum square footage. many deed restrictions and HOAs in Texas will require a 1200 square foot minimum house. The key is to check restrictions and limitations before purchasing
Research zoning restrictions. Land may be zoned for commercial use, residential use, or both. Maybe you work from home, and want to have a workshop -You'll need to know if the land is zoned for additional structures like detached garages or ADUs. gun range? Target practice? This is a minimum of 10 acres required.
Find out about easement stipulations, or if there's an easement on a property's title,
utility easement- could cost 1,500+ to get replatted. You'll want to know the stipulations before buying.
Water, septic and electric considerations. If you're looking at land that's not on a city sewer system, you may have to dig a well for water. A you’ll want to get an idea of how deep the wells are in the area - Drilling can cost you over $10,000, plus the costs of water filtration.
A septic tank. You will want a perc test by a septic engineer to decide if and what kind of system can be used. They measure how absorbent the soil is. If you can't support a septic tank on your land, you probably won't be able to build or get a mortgage.
Electric -If its not already run it could cost 5k plus – 400 ft. –driveway 10K
The most common restrictions I see are no mobile homes, no junk yards, no pig farms, no shooting ranges, no commercial businesses, etc.
the best thing you can do if you want to buy land is to pay cash if at all possible – loans aren’t through normal lenders. It’s much more difficult and at a higher interest rate. If you aren't going to build a home on your land right away, lenders will see you as a risk, and you may have to pay 30 to 50% upfront (if not full price)
so, IF YOU ARE THINKING OF BUYING, SELLING OR INVESTING, PLEASE subscribe to my YouTube channel https://bit.ly/3r0fO9A
and check out my playlists. There are buyer tips, seller strategies and a real estate playlist that covers many other topics surrounding real estate decisions
Susanna Gentry Realtor 512.987.0475. 10900 Lakeline Mall Dr, Austin Tx 78717
Susanna Gentry Realtor, Coldwell Banker is a Seller Representative Specialist and Real Estate Negotiations Expert, Specializing in luxury single family homes in Round Rock, Cedar Park, Leander, Georgetown and Liberty Hill. North Austin; Williamson and Travis Counties. Susanna sells Austin, Austin realtor, real estate agent, Austin real estate, real estate investor