There are a “lot” of reasons why land lots are a hot commodity. From agriculture and livestock to outdoor recreation and hunting, more investors feel the itch to purchase acreage for personal use or as a long-term investment. But even if you know your dream zone for a land parcel, it’s far from simple to pick out your property.
The Ultimate Beginner’s Guide to Finding Land Lots Near Me
Finding land lots near you involves a lot of careful research, and you may need to enlist professional help along the way. However, there are a few tips and tools to make the land-picking process easier. As long as you follow the basic guidelines on finding land lots in your area, you should be on the right course toward making the perfect purchase.
Define Your Needs, Budget, and Preferences
You can’t begin your land quest if you have no idea what you’re looking for in a parcel. That’s why the first step in locating the perfect land lot is to clearly define your needs so you know how to filter through the available properties you run across.
Start by addressing the primary purpose of your land parcel. Whether you’re interested in residential development, farmland and livestock, or recreational use, you need to know why you want to put this land in your portfolio. From here, you can better estimate a suitable range for the size of your new property and neighborhoods that best fit your stated goals.
Another major concern to factor into your analysis is your finances. How much capital do you have on hand, and how much will you put into this project? Be sure to have a firm max cap on your funds so you know a suitable price range for your property.
Start With Online Research
Looking for land takes a lot more time and energy than a Google search for “land lots near me,” but that doesn’t mean you can’t use the Internet to your advantage. Plenty of online tools — many free to use! — offer an excellent first glance into available land lots. For instance, websites like Landbrokemls.com can be helpful when filtering through available lots in your preferred location. You can also set up automatic alerts for new land lots in areas you have an eye on.
In addition to public websites, consider researching government websites for the latest details on land sale listings. Municipalities sometimes offer attractive lots for sale, so looking into surplus land auctions or properties a city might be selling for redevelopment is worthwhile. Incorporating these online tools into your initial analysis could lead you to a land lot that fits your criteria. Even if you don’t find a specific land lot that meets your preferences, using these online methods can give you a sense of the average price in your target area so you can budget accordingly.
Use More Traditional Land Searching Methods
Although online resources are a convenient place to start, they can’t supply all the details you’ll find using more traditional “boots-on-the-ground” methods. Drive around areas where you’re interested in investing in land lots to get a feel for the territory and scout out any “For Sale” signs. It also helps to read through local publications in the real estate section, network with locals, and attend conferences to learn about hidden gems.
At this stage, you may also enlist the help of a local land broker or real estate agent familiar with the area you’ve got on your radar. Working with a professional helps take the strain of searching off your shoulders and makes it more likely you’ll find the most attractive land lots you may have never heard about. As a bonus, your land broker can help you determine the fair value for different land lots, negotiate the best rate, and draw a financial plan to suit your budget.
Evaluate Potential Land Lots In-Person
Once you have a list of potential lots, it’s time to look more closely at the properties in person. During this stage, you’ll look into finer details of land parcels that could significantly affect your legal rights, including local zoning laws and the precise boundaries around your property. Call trusted surveyors with access to hi-tech tools like drones to get a comprehensive report on the legal lines for different property deals.
If you’re most concerned with agriculture, then this is the time to survey your land’s topography and soil quality to see if it’s suitable for cultivation. You should also look into your land’s drainage and terrain, as well as access to utilities like water, electricity, and sewage. Lastly, consider any environmental hazards or restrictions in your area that may influence your insurance needs, including proximity to wetlands or flood zones.
Review Financing Options and Secure Your Capital
Before you scoop up a land lot you like, double-check you have your financing in order to make a smooth purchase. While buying a land lot outright in cash is the most straightforward transaction, it’s not feasible for every investor.
For greater flexibility, you might have to look into a land loan specifically designed for these situations. Land loans work similarly to traditional mortgages but tend to have higher interest rates and shorter repayment terms due to their perceived risk. Also, you’ll likely find land loans at credit unions or regional banks rather than national financial institutions. Shop around for different rates on land loans, and consider any applicable programs like the Farm Credit system that could help you raise the necessary capital for your purchase.
Take Your Time Finding Your Best Land Lots
Finding your ideal land lot purchase doesn’t happen overnight, but carefully following a few basic steps can streamline the process. Whatever reason you’re looking for land lots near you, the strategy and tools to find these opportunities are the same. It can be frustrating to go through each step carefully, but your patience and diligence will more likely end with a perfect parcel.
