What to Look For When Buying Land: Your Guide to Finding the Perfect Plot
Are you considering buying land for the first time? Owning land is not only an excellent investment but also opens the door for you to create a home tailored to your lifestyle. When we talk about lifestyle, we are not just talking about what you can see out of your window, but also about accessibility to amenities, being part of a community, and the peacefulness of rural living.
Buying a plot of land, particularly in a rural area like Nebraska, is a big decision that can offer many benefits. It provides an avenue to experience a lifestyle many people can only dream of, filled with the beauty of the outdoors and a serene atmosphere.
However, navigating the land purchase process can feel complex and daunting for potential buyers. There are many factors that you need to carefully consider, such as zoning regulations, flood zones, property taxes, and more.
In this blog post, we aim to equip you with all the knowledge you need to make an informed decision when buying land. With the right guidance and information, you’ll be ready to own your piece of Nebraska land. Read on as we highlight what you need to know before buying the plot of land you have been dreaming about.
Detailed Assessment and Due Diligence
Due Diligence
The process of buying land often requires more due diligence compared to buying a pre-built residential property. But what does due diligence mean in the context of buying vacant land? Essentially, it is the careful assessment of various aspects of the land before finalizing the purchase. This important step helps in identifying potential issues that might affect your intended land use, ensuring that your land purchase is the right decision.
Many potential buyers find it helpful to work with real estate agents who specialize in land transactions. Real estate agents have the expertise to navigate through various stipulations and legalities that are unique to land purchases. They play a crucial role in guiding buyers on aspects such as researching the previous owner, understanding deed restrictions, and ensuring a thorough title search.
What To Research
Title Search
A title search can help identify any potential legal issues with the property’s title and reveal if the seller has the legal authority to sell the land. This could save you from disputes in the future.
Deed Restrictions
As part of your due diligence, it is also necessary to look into any deed restrictions that might be tied to the land. These are rules that dictate what can and cannot be done on the plot of land. For example, some land may be restricted from certain types of construction due to environmental concerns or might have limitations on how many structures are allowed on the property.
Zoning Regulations
Understanding the local zoning department regulations is another critical factor. The zoning ordinances determine what the land can or cannot be used for. It is important to ensure that these regulations align with your intended use of the land, be it for residential, commercial, agricultural, or other purposes.
Homeowners Association
If you’re planning to build a home there, also make sure to check with the homeowners association rules if there’s one overseeing the community and the potential implications of not having a building permit.
Location Analysis
It is often said in the real estate realm, “Location, location, location,” and purchasing vacant land is no exception to this principle. When buying land, the location plays an important role on two fronts – your lifestyle and your wallet!
Choosing Your Lifestyle
Starting with lifestyle – the location of a plot of land impacts your daily life. How far is it from urban areas or amenities like grocery stores, schools, and medical facilities? It is essential to consider if there is easy access to these necessities, especially in rural areas.
Picking Your Price
On the economic front, location plays a crucial role in determining property taxes and future property prices. While rural areas in Nebraska are often thought to have lower property taxes, this is not always the case. Rural Nebraskans can sometimes pay higher property and income taxes than their urban counterparts. However, land within city limits or near future development projects, like new schools or hospitals, may offer potential appreciation in value over time, appealing to those looking for a long-term investment.
Land Characteristics
Flood Zones
Before finalizing your purchase, it is wise to consider the land’s position relative to flood zones. Evaluate the land and the implications of the flood zone designation, which could affect your insurance costs and eligibility for certain types of construction loans.
Access
Another consideration that is vital when buying a rural property is checking legal access and road access. Does the land have direct access to public roads, or do you have to cross someone else’s property to reach it? If the latter, you must ensure you have a legal right of way.
Understanding the considerations of a land’s location is an important step for buyers. Whether you see yourself as a resident of a rural haven or closer to the hustle and bustle of city life, understanding the location’s details will enable you to make an informed land purchase decision.
Considerations Before Building Your Home: Land Preparation
Once you decide on your land’s location, you may be excited to start designing and planning your dream home. However, it is essential to consider the potential additional costs and steps that need to be taken to prepare the land for construction.
Land Considerations
Soil Type
Examining the land’s characteristics should be the first step. This includes understanding the soil type, which can significantly affect your ability to build your home and may impact your landscaping plans. Nebraska, for instance, has a diverse range of soil types across different regions. Soil testing, including a percolation test (or perc test), is necessary to ensure suitability for a septic system. The perc test results will help determine if the soil can adequately support a septic system, a crucial aspect of developing a residential property in rural areas.
Water Access
Adequate access to water is another important consideration when preparing the land for building. It is crucial to understand water rights when considering land in rural areas. Especially for families who envision orchards, gardens, or agricultural fields, understanding this is important.
Sewage
Are you planning to install a sewer system or will you rely on a septic tank? These decisions can have a significant influence on the prepared budget. Remember that installing a septic system and constructing a septic tank can incur additional costs and considerations.
Sustainability
Beyond the land’s characteristics and preparation, look towards sustainable energy sources. Are there opportunities to harness solar power that can be both cost-effective and environmentally friendly? Considering the direction of your home can make a considerable difference to the potential energy you can harness with solar panels.
Development
Lastly, the purchase cost of undeveloped land is typically lower compared to developed land. However, bear in mind that the cost of additional preparation before construction starts can sometimes add up, subtly hidden in the forms of grading, clearing, and excavating the raw land into a construction-ready site.
Envisioning your dream house on vacant land can be exciting, but a thorough understanding of land preparation and the potential additional costs involved helps ensure a smooth process after the land purchase. When you are informed and prepared, envisioning gardens, fruit trees, or a small ranch on your land will not just be a dream but become a reality.
Why Turn to Lashley Land for Your Land Purchase?
Investing in land is a major step, particularly in the beautiful rural areas of Nebraska. Given the complexities of land buying—from due diligence to location analysis—having the right real estate guidance is crucial. An experienced agent can simplify this process, helping you navigate each step with confidence and ensuring you find the perfect property. At Lashley Land, we specialize in connecting you with the perfect piece of Nebraska real estate, offering expert advice and support throughout the process. Ready to start your journey to owning a dream property? Contact Lashley Land today, and let us help you make your dream of rural living a reality!