Buying land is a great investment that one needs to be careful with. Some people often think that good land is about how large it is.
Buying land involves various aspects. It would be best if you looked at the bigger picture before buying the land. Below are several attributes you should consider.
Before you buy land, please determine what you want to do with it. Maybe, you want to use it for agricultural activities such as planting crops, soil cultivation, or planting and growing trees. Some people also buy land to permanently converse it for tax benefit purposes, while others would want to develop it at some point.
Whatever you plan to do with the land, consider the long-term benefits and only purchase the land if you feel okay with the conversation easements. Remember, some lands have certain regulations, covenants, and restrictions that you must follow, and that is why it is best to investigate first.
It is imperative to know the soil type and the annual precipitation before buying land. Check the water rights to see if they are applicable and what is expected of a landowner.
Also, ensure you read and understand the water rights and the delivery methods of the water rights. Additionally, consider the growing and cutting season for each year and the farm ground as well.
Some people often buy land because of its fabulous view, and they forget about checking the infrastructure. First, you need to consider the cost of setting up utility infrastructure for the property. While you may want to rely on solar, it is imperative to consider an electric grid for various reasons.
Another attribute to consider is domestic water. If you’re planning to buy the land in a rural area, it’d be best to inquire from the neighboring landowners about the type of water sources available within the community.
However, some states would have the information on their websites. So, search online on the Division of Water Resources website and find out more information. Be wary of areas with water trailers or pickup trucks parked within the area because it could mean that they are pulling water for domestic use.
While you may assume that properties within the United States have easy access, you’d want to know that you may not access some areas during the winter unless you’re using a snowmobile.
You can’t also access some properties after rain because of the heavy clay. In this case, you’d want to check the vegetation and soil type for the area first.
The climatic conditions vary from one region to another, and it’d be best to check if you can access the land during varying seasons throughout the year.
Additionally, you should find out if you need to cross your neighbor’s property before accessing your land. It’d not be ideal to do so. So, investigate this and find out if the land has direct access.
If you plan to set up residential on your land, you’d want to ensure that it is suitable. Check the geographical sites such as mountains and hills. For instance, an area that has a mountain will have exposure to natural light during winter.
A place with hills would provide good shade in the afternoon in hot summer. Additionally, the land should help you to generate income from leasing, hunting, fishing, and timber harvesting.
If you are an avid fisherman, you’d want to consider land where you can fish freely without any restrictions. In this case, you’d like to consider an area with ranch communities or platted subdivisions since such areas have affordable fishing options and with no restrictions.
The property owners of such areas are usually absentees since they have primary residences elsewhere.
The Bottom Line
Following the attributes above can help you secure suitable land worth a bang for your buck. However, it’d be best to take time shopping around for various types of land to make the appropriate choice.