Questions Land Buyers Should Ask
When you make any kind of big investment, it’s likely that before the buy, you’ll do some research, read some reviews, or ask a few questions regarding your potential buy. Buying rural land is no different and it’s imperative to know what you’re getting into before making a land purchase! Yet if you’re not a real estate agent, how do you know what to look for in rural land or the right questions to ask? Don’t worry! The land experts at Backwoods Land Co. are here to guide you through the most important questions to ask when buying land.
Questions to Ask When Buying Land
The key to a successful land purchase is information! It boils down to the fact that you can never have too much information when it comes to buying property or real estate. And yet it’s also true that not all information is equal! While it’s fantastic to gather as many details as possible about your potential rural land purchase, there are a few top questions to ask when buying rural land that outweigh others. Make sure your investment is the wisest you can make and you’re not wasting your hard-earned money!
1.Are there environmental hazards on the land?
In most states, the seller doesn’t have to tell you anything related to environmental hazards unless you ask. Environmental hazards might not always be visible, so be sure to ask if any have been identified and if so, consult an expert to see how this might be resolved or how it may affect your property.
2. What is the property zoned for and are there building restrictions?
One of the most important tips to buying land is checking the zoning. Make sure the property is zoned for the uses you need. Additionally, if you’re planning on building on the land, make sure you know if there are any restrictions about building.
3. How is the property accessed?
How are you going to access the property? This is important because a frontage road not only adds value to a property as a local road but also guarantees your access. A deeded access can be a little trickier, as this is where a property is only accessible through a road owned by another landowner (i.e. a neighbor). In the case of a deeded access, make sure all the details are in the contract and agreed upon prior to purchase.
4. What rights and titles are included in the land?
The dos and don’ts of buying land revolve around title issues. Never buy land that has title problems! Protect your rights as a land buyer and investigate if the title is free and clear or if there are disclosures that the seller should be making. You can hire a title lawyer or conduct a title check to find out more information.
It’s also important to consider if you will gain any rights to the land such as road access rights, mineral rights, development rights, and so on.
5. Are there easements on the land?
An easement on your land would mean that you’d have to share the land with another party, whether it is a conservation group, a neighbor, or any other group that has easements on your land.
6. What are the taxes related to the land?
Every good buying land checklist should include a question about property taxes. It’s important to know what the ongoing costs of owning a property will be to ensure you can adequately cover related costs. There also may be tax exemptions available to you if you utilize the land for certain endeavors. It would be helpful to explore these possibilities in order to receive tax cuts, especially if it lines up with what you already planned to do with the land. For example, some tax exemptions come from using the land for agriculture, timber, or by making improvements or developing the land.
7. What utilities are available on my land?
In today’s modern world, very few people want to live completely off-grid. Although this may be a nice respite from life, it’s vital to know if water, sewage, electricity, and other important utilities are readily available or if you’ll need to budget for adding those to the property.
8. What about property lines and neighbors?
Another consideration when buying land is the property lines – are they well defined or will you end up in a neighborhood dispute over boundaries? Besides knowing that your land boundaries are marked correctly, also consider the neighbors. Will your land uses fit well with the community? Are there planned developments coming soon that don’t align with your wishes?
What to Know When Buying Land
Buying vacant land can be an opportunity of a lifetime and a wonderful investment but it’s imperative to set yourself up for success by asking all the right questions when buying land. Ask your land professional these questions when buying land and you’ll rest easy knowing everything there is to know about your potential purchase. If you’re happy with the answers you get to these important land buying questions, then go for it!
Backwoods Land Co. is here to help with the details! We know land and have spent our careers gathering information about what makes land purchases successful. Call or click today for a land consultation or help finding your dream land purchase in Mississippi. Backwoods will get you set up with the perfect property!