Texas is one of the top states in the U.S. that continues to attract transplants who are looking to relocate to a serene area.
Due to the size of Texas, it’s fairly easy to find a plot of land to purchase where you can retire or raise a family. There are a few important tips to follow if you’re looking for a wonderful piece of land in Texas.
Hire a Buyer’s Agent
According to landassociation.org, obtaining a buyer’s agent will allow you to discover more pieces of land that are available on the market. It’s important to hire a real estate professional to assist you because they have access to the Multiple Listing Service (MLS) and can inform you of new properties that are recently listed. This can give you an advantage over other buyers who are searching on their own.
A buyer’s agent will also represent you and will serve your interest. They’ll act as the middle man between you and the seller and can assist you in negotiating the selling price without offending the seller. Their tactics and experience can increase your chances of making the right purchase and finding a property quicker, according to thetinylife.com.
Searing online on websites like https://texasland.com/land/central/williamson/coupland/ can also allow you to find more properties on your own if you don’t want to hire a buyer’s agent.
Perform a Property Inspection
Similar to buying a house, you should also plan to perform a property inspection on the land you’re considering purchasing. This step is performed after both you and the seller agree to the terms of the real estate transaction. A property inspection will require hiring a qualified consultant to determine if any issues are present.
Compared to buying a residential or commercial property, property inspections are optional. This will also allow you to be connected with agricultural experts or wildlife biologists to learn more about the local area and have your questions answered.
Rural Land Surveys
Rural land surveys are a key part of buying a piece of land in Texas and will define the property that you want to acquire. The surveys detail the property’s boundaries with the use of meters and bounds.
The inspection will also allow you to determine if the property will suit your long-term needs. Avoid buying land sight unseen, which can make it easy to make the wrong purchase due to a lack of information you obtain.
An inspection can also tell you if you have any access to utilities like internet access or water, which is crucial if you plan to build a house on the property, according to thefamilyhandyman.com.
Securing Financing
Securing financing in advance is necessary to ensure you have the funds to make an offer on a piece of land that you discover. The seller is more likely to take your offer seriously if you’ve already been approved for a loan. This will also prevent you from losing the land to another buyer who already has the money to complete the transaction.
Some of the top rural land lenders include Farm Credit System, a local bank or credit union, and a national bank chain.
Make an Offer
Your offer should depend on how long the property has been listed on the real estate market. Your buyer’s agent will know about the local market to determine if you should offer 10% of the property’s listed price. If the property has sat on the market for at least a year, you can offer an even lower amount.
The Contact
When the contract is created, keep in mind that all of the mineral rights are immediately transferred to you from the seller. The contract also needs to include the escrow period’s timeframe, typically ten days. Most sellers don’t want the escrow period to extend to 30 days.
With the contract, you can negotiate the closing costs, which include the title policies and the closing costs to generate your loan. This is an average of two to five percent of the transaction.
When you’re looking to become a land owner, obtaining the help of a real estate professional can expedite the process and avoid delays or complications. With the right steps followed, you can be more prepared to take the plunge and look forward to relocating to a large piece of land that allows you to start a new season in life.
