Purchasing your first piece of property can seem like a daunting task. From surveys and inspections to legal work, there are a lot of moving parts to keep track of.
With some key insider knowledge of the land-buying process, however, signing that deed doesn’t have to be intimidating. To simplify the procedure and ease your mind, we’ve prepared ten essential tips that every potential land buyer should know before their first purchase.
#1: Know Your Space Requirements
Are you planning to raise livestock, develop the property, or simply looking for some open space to relax and enjoy life? Your intentions will determine your spatial needs and must-haves for your land. The higher your acreage requirement, the more you’re likely to pay for a piece of property.
#2: Make Sure the Property is Suitable for Your Future Intentions
Along with making sure you have adequate space, you’ll also want to check if a piece of land is suitable for your future dreams and goals. Local ordinances may limit how you can and can’t use your property.
In Texas, for instance, city governments can pass laws stopping you from raising livestock on your property. In some cases, there may even be prohibitions against keeping chicken and other fowl—so be sure to read up on local guidelines before you sign.1
#3: Understand Your Security Obligations
Alongside prohibitions limiting where you can and can’t raise livestock, many localities also have ordinances determining your responsibility to put up fences to pen them in. Returning to our previous example, Texas is an open-range state, meaning livestock are allowed to roam freely without fences.
County governments, however, are allowed to enact closed-range policies. In such counties, landowners are legally obligated to put up fences to prevent their animals from wandering past their property line.2
#4: Perform a Title Search
Title searches allow you to look through a state’s public records to verify the contents of a property’s deed. They can tell you a property’s valid owner, whether or not there are any liens against it, and other critical information you should know before buying.3
In rare cases, deeds can be faked or altered. Likewise, previous owners may neglect to mention any competing claims to the property. Ordering a title search through a title company can provide you peace of mind and ensure your property will be legally yours after purchase.
#5: Get the Land Surveyed
If you’re closely considering investing in a piece of land, it’s imperative to get it surveyed before closing the deal. Land surveys tell you the dimensions, shape, and boundaries of a property via a professional analysis by a qualified surveyor.4
Surveys can save you a ton of hassle down the road. If the property’s previous owners built a fence past their property line, aren’t sure of the land’s actual boundaries, or any other issues arise from the survey, they can be dealt with before the property changes hands.
#6: Take Out a Liability Insurance Policy
Purchasing land means taking responsibility for its associated dangers—such as dense brush, rushing streams, and potential fall hazards. If anyone injures themselves or damages their personal property while on your land—even if they’re an uninvited trespasser—you can still be sued and held accountable.
Land liability insurance protects you from such litigious individuals and can prevent you from having to pay them out of pocket if you lose a lawsuit. If you’re definitely going to buy a piece of land, getting liability insurance should top your to-do list after taking ownership.
#7: Determine Its Accessibility
You may find properties for sale that seem like fantastic deals on large plots of land but, before taking the plunge, ask yourself: How will I get there? Some pieces of rural land don’t have public roads leading directly to them—meaning you may need to pave your own access if necessary.
Furthermore, some properties are situated on private roads that are maintained by everyone who lives on them. So, while you may have instant access to your front door, you might also have to factor in additional annual costs for upkeep and repairs.
#8: Test the Groundwater
The further you are from any urban areas and wastewater treatment plants, the less likely you are to get your water supply from municipal sources. Over 9% of American homes rely on both wells and septic tanks for their water and waste collection needs, so if you’re going to purchase a rural property, there’s a solid chance you’ll be one of them.5
To ensure your groundwater is fit for irrigation, sanitation, and consumption, get it tested before moving into a property. Then, you’ll get a working sense of the kind of filtration you’ll need to install to make the water source viable for your needs.
#9: See the Property Yourself
This one may seem like a no-brainer, but there’s an increasing trend toward making offers on properties without seeing them in person first. In fact, nearly half of recent homebuyers have made such offers.6
Don’t make the same mistake with your private slice of paradise! Take the time to physically tour a property and ensure it meets your dreams and desires before making an offer.
#10: Find Your Property Through a Trusted Land Listing Service
Private sellers and local realty companies often lack a variety of plots and may try to push whatever is available onto you. If you work with a larger, more trusted national land listing service instead, you’ll gain access to countless properties, have more freedom to negotiate, and, in the end, find the perfect place to match your needs and budget.
Browse Ravishing Rural Properties at Land.com
Our team at Land.com works with the largest and most reliable real estate networks in the country to provide a plethora of breathtaking rural properties for our customers to consider.
From wide-open Colorado ranches to untouched wooded plots deep in the Alaskan wilderness, we have gorgeous properties across the nation to choose from.
Put these tips to the test and browse our selection to find your perfect piece of property. Contact us today to get started on your land-buying journey.
Sources:
- Texas State Law Library. Backyard Animals. https://guides.sll.texas.gov/
- Investopedia. Title Search: What It Is, How It’s Done, and Title Insurance. https://www.investopedia.com/
- Masterclass. Land Survey Guide: 6 Reasons for a Property Survey. https://www.masterclass.com/
- American Hunting Lease Association. Vacant Land Liability Insurance. https://ahuntinglease.org/
- Journal of the American Water Resources Association. The geography and socioeconomic characteristics of U.S. households reliant on private wells and septic systems. https://onlinelibrary.wiley.com/
- Consumer News and Broadcasting Channel. The big risks in buying a house sight unseen. https://www.cnbc.com/
