Here are 6 things you want to make sure are included in your land buying checklist!
- Make sure the lot is buildable.
Two aspects determine if a lot is buildable. A soil analysis will determine if the land can be built on. Checking the zoning of the land will help you determine if you are allowed to build on the lot and where you can place your home on it. Here at Lonestar Land Sales, we do all the checks necessary to ensure land is buildable!
2. Confirm Financing
Buying a piece of land is more than just the sticker price! Transaction costs and closing costs like title insurance can add up to an impressive sum. You should expect costs related to inspections and utility connections. Making sure that you have, or have access, to sufficient financing is an important step. A Lonestar Land Sales expert can help you get an accurate picture of the costs, and we even offer owner financing on some properties. For more information on typical costs, you can check out this budgeting guide.
3. Restrictions, easements, and needed permits
There are many reasons why a piece of land has restrictions and easements placed on it by a local authority, or why you will need permits. To keep a natural area preserved, there might be restrictions on the size of building you can build relative to the size of your property. An easement could ensure that a neighbor has access to their land. Permits are necessary to ensure that the home you build meets local building codes and town planning requirements. Knowing these things in advance will take you a long way! It can be very frustrating if you’re forced to change or delay your plans mid-construction. Discuss your ideas and plans with your Lonestar Land Sales expert, and we’ll help you find the information you need.
4. Understand water and electricity availability
Without water and electricity, that piece of land is no better than a camping site! It’s great news if that land is already connected to utilities, but if not, it is important to know how services can be brought to the site and how much that is likely to cost. Make sure to research what kind of services local authorities provide, and how much it will cost.
5. Understand the property outline
Never buy a piece of land based on nice pictures and a description in a brochure. Your Lonestar Land Sales land expert will walk the property with you to confirm that the property description matches reality, and where the property starts and ends. It’s also important to check that the property has access from the road.
6. Check for property tax exemptions
Paying taxes is fine and good, but paying too much is always bad. We recommend asking the seller what tax exemptions they enjoy and if they transfer with the sale. It’s also important to check in with the local authorities to get information on all available tax exemption programs. Of course, you should verify everything you find with a tax professional. Taking these steps can easily save you thousands of dollars a year on property taxes.
To find and buy the right piece of land, you need a competent partner that can walk alongside you. Lonestar Land Sales is the partner you need to buy land in Texas. We cover areas around Austin, Dallas, Houston, or San Antonio.