As a potential land buyer, finding the perfect property can be an exciting experience. You’re taking the first step to put down roots and securing an important asset that will benefit your family’s future.
While there’s much to look forward to when beginning the process of land buying, it’s also important to consider factors that you may not have thought of before. One simple, yet important consideration is determining how much land you need.
There’s no one-size-fits-all answer to this question, and buyers will need to consider several things in order to make the right decision. Let the experts and owner-financed property sellers at Santa Cruz Properties give you some insight to help you make the best decision possible.
Tips for Determining the Right Size of Property for You
1. Determine your budget.
Most potential property owners usually rely on a predetermined budget to narrow down what they can afford. Keep in mind, however, your budget will only serve as a starting point and won’t necessarily be the only determinant when choosing your ideal property.
Like most real estate transactions, location plays a critical role in pricing. Similar sized lots may differ in price based on a range of factors including nearby amenities, potential for growth, and demand.
Additional factors to consider include topography and land resources. Property with water or other resources will likely increase cost.
2. Figure out what size property makes the most sense for you.
South Texas is a wonderful place to call home. Safe, family-friendly, affordable, and surrounded by great amenities, year-after-year these communities continue to thrive and grow. Once you find your dream property, take into account how the land size measures up to your expectations.
You may have found great land offering plenty of acreage, but think about the associated costs of land clearance and preparation that could eat up a large chunk of your budget. Use a topographic map to identify ideal flat areas for a home site or other structures. Find land free of rocks and vegetation, and keep in mind that larger property could require a larger investment of time and labor.
Land requiring clearing and grading could mean a bigger expense depending on the lot size. Remember to revisit your budget frequently to help determine what you’re truly willing to spend. Larger properties will require, at times, for you to spend more if there’s extensive clearing to be done.
In contrast, a smaller sized property will mean lower maintenance costs for a buyer. Often, smaller lots will have already been cleared of rocks and unsightly vegetation, making it a more appealing property to own.
Smaller properties also mean not having to invest too much in landscaping or other beautification projects. Buyers can redirect land improvement funds toward other improvements that can be made to a home or any future structure.
Future income may also be determined by your property’s size. Should you put your property on the market at a future date, consider that there may or may not be too many buyers in search of larger and more costly land. Smaller, more manageable properties make for more appealing investments for those in search of future rental income — or looking to sell.
3. Assess your long term goals.
Finding yourself in the position to own land means you’ve worked hard to make the dream of ownership a reality for you and your family.
Looking at how a property will serve your long-term goals will help you make the right decision. Perhaps you’re considering retirement and are looking for easily managed land, which may mean you’ll be looking at smaller properties. Or perhaps you’re recently married and on the path toward starting a family. In this case, a larger property may make the most sense for your situation.
Regardless of the circumstances, finding yourself in the position to choose the right property is a great spot to be in, and it’s important to evaluate what’s important to you and your loved ones in order to make an informed decision.