Although the great state of Texas may once have been considered part of the frontier, it now seems that virtually everyone is interested in breaking away from hustle and bustle of the crowded cities on the coasts and buying land in Texas.
If you’ve never bought land before, you might find that you feel a bit out of your depth as you explore your options, but these Texas land buying tips will simplify this topic so you can complete your purchase with the assurance that you’ve covered all of your bases.
Texas Land Market
Business is booming for Texas real estate, and it’s not hard to see why. From its sprawling ranches to its rolling hills, Texas has something offer virtually everyone, but that means that this land (which was once incredibly affordable) is starting to inch up in price overall.
Though land in Texas is still incredibly cost-effective compared to similarly beautiful areas in other parts of the country, it’s a great idea to buy now, before it gets more expensive. Whether you want to find a property that will offer you a calm respite from the stresses of daily life, or you believe that investing in land in Texas could be a valuable business opportunity, it’s vital that you approach the purchase carefully.
5 Things to Consider Before Buying
As you think about purchasing land in Texas, be sure that these factors play into your decision; that way, when a truly striking property presents itself, you can feel confident that you know how to assess it thoroughly.
1 -Make Sure There Are No Restrictions
If you plan to purchase your land in Texas, then develop it in some way. It’s important that you ensure there are no restrictions that will keep you from carrying out your plans to their full potential. Local regulations are sometimes in place without you realizing it, so alert your realtor to any lofty dreams you have for a property before you complete your purchase.
2 – Research Tax Advantages
One of the great things about buying land in Texas is the potential for exemptions on property taxes and write-offs for federal taxes. Depending upon how you plan to use your land, you could save thousands on taxes every year, so think about pursuing one of these money-saving options right from the start.
3 – Look into Utilities and Other Infrastructure Elements
Some particularly rural plots of land may not have any utilities, or even roads connecting them to the grid. If this is the case, you’ll want to check with providers that it won’t be difficult to get your property set up with water and electricity before you purchase, or you may have some trouble down the line.
4 – Consult with Local Experts
Likely, you don’t know everything there is to know about the rural stretch of land you’re looking at; that’s why it’s so important to work with a knowledgeable realtor who can provide insight. Someone who’s an expert on the area you’re looking at will be able to answer some of your more obscure questions.
5 – Take Note of The Surroundings
Before you settle on a property, you should look at the adjacent properties, too. This is especially important if you have a very narrow focus for the land you’re purchasing; for example, you probably don’t want to set up an inn that directly abuts a cattle farm.
Buy Land and Build on It?
Generally speaking, buying Texas land is a great idea if you’re planning to develop. When you’re buying rural land, you usually only need to get approval from the local authorities in the country as opposed to dealing with the bureaucracy in cities; this makes the building process far faster, and far more affordable.
This advantage is doubly beneficial because it means that if you’re purchasing land with the intention of using it as a business, you can begin making money off of your investment that much faster.
Cost of Building in Texas
Some of the most popular types of buildings that owners will add to their properties in Texas are houses and homesteads. The cost of building these types of structures depends largely upon what you’re looking for—the more grandiose your vision, the more expensive the building process is bound to be.
The good news is, the building permits themselves will be comparatively negligible (likely under $1,000), because of the factors mentioned above. With a bit of extra room in your budget and plenty of extra space to expand your dreams, you can always add on to your buildings in the future.
Buying land in Texas presents virtually limitless opportunities for those with creative vision; when you’re ready to invest in the property that you’ve been imagining, contact our brokers, or find your ideal land on Land Broker MLS search.
