When buying land in Floresville, it is imperative you keep a few things in mind. Not all lots are the same, and some can have features that can become very expensive to deal with. In our latest post, we explore what to watch out for when buying land in Floresville.
Buying land is a bit different than other real estate purchases. There is less data to go off of and fewer experts to work with. Faye Y Taylor with StepStone Realty is a land expert in Floresville and we can help you whether you are looking to buy or sell land in the area. Here are just a few things to do before you buy.
Working With People Who Aren’t Land Specialists
While most agents can help you buy many different types of properties, you will want to make sure that if you choose to hire an agent, that they are a land professional. Land specialists will have a better understanding of environments impacts, how to handle them, development nearby and the inside track on the best developers to work with. There is also other factors such as ag exemptions, mineral rights, water, septic requirements, fencing, easements and other factors that can come into play with a land purchase.
Make Sure Your Financing Is Lined Up
You will need to have your financing in place before you buy. While it is critical to get pre-approved before any financed purchase, you will likely want to have the funds immediately available so you can close quickly. Many land transactions are done in cash. It is very likely that someone will make a competitive bid on a lot you want, with the ability to pay in cash and close in only a few days. You wouldn’t want to miss out on a lot you want because your financing was tied up in red tape at the bank. The other factor is understanding financing if you choose to finance. Financing on land can be different than regular financing. If you borrow from a bank the loan typically has a balloon payment. The loan itself is amortized over 10- 15 years but will have a balloon payment at 5 years. There are lenders that specialize in land and they have different guidelines.
It is not uncommon for people to buy a lot with the assumption they will be able to build, only to find out that it isn’t possible. Depending on where you live, there are protected animals and plants, that if found on your lot, can immediately prohibit all development. That is rare in this area of the country but it may be a factor in some areas. Other things to consider are soil type and flood zones. Different types of soil affect the build type and the foundation of a home. If you are looking in the coastal areas, you might have an issue with the sand more so than in the interior parts of the state. Make sure to do your homework before you buy! A local agent should have those types of information.
Easements allow other to have access to parts of your land for their convenience. This might be for utilities, or if a neighbor needs the ability to cross your land to access theirs. Before you buy, learn about what, if any, easements are in place on the land you wish to buy. In Wilson county, easements are no longer granted except in special circumstances. Understanding easements is critical if the property you are looking at has an ingress/ egress easement.
Restrictions On Future Development
If you are buying land for development, think about not only what you want to build now, but what you might want to add down the road. Will you be able to add an addition? A pool? A shed? A well? You don’t want to buy and develop a property only to find you are limited on what you can do with it. If you are buying a lot in a subdivision, there will be deed restrictions. Get a copy before you buy. Those deed restrictions will govern what you can and do with it in the future.
Be A Nosy Neighbor
If ever there was a time to be a nosy neighbor, this is it. Find out who and what is located around you. Check out the neighborhood, talking to anyone you can. Ask them if they know why the land is for sale in the first place. What they think of the area. If they have heard anything about zoning changes or new development.
Before buying land in Floresville or the surrounding areas make sure to do your homework. Work with local trusted professionals such as Faye Y Taylor with StepStone Realty to ensure you are dealing with knowledgeable land professionals.
Ready to learn more about buying land in Floresville? We can help! Send us a message or give our team a call today! (210) 216-7722
As the Floresville Real Estate Agent – Faye Y Taylor is here for your questions and to help