The Rio Grande Valley has plenty of gorgeous rural land for individuals looking to make an investment. But before you make the leap of purchasing rural property, there are several things that you should take into consideration to ensure you are getting the most out of your money.
Planning is the ultimate prerequisite for making an informed decision. For more information on our owner financed properties available in Hidalgo County and Starr County, consult our Santa Cruz Properties realty experts at 956-383-0868.
Ten Tips for Finding the Right Rural Property in the RGV
If you are interested in purchasing rural land, it is important to do a thorough search of properties available. There are various tools that you can use to research properties including searching online, reading through newspapers, or working with a qualified realtor.
Our Edinburg realtors at Santa Cruz Properties can offer you comparable sites and prices in the area.
Investigate the Location
One of the biggest factors when planning to purchase rural land is the location. Does flooding occur in the area? Is there a presence of endangered wildlife on site? How about environmental conditions that may affect expenses and maintenance of the property?
Infrastructure on the property is also vital to take into consideration. Outside city limits, you may not have sewage service. Furthermore, water, electricity, telephone, and cable and can be limited or not available.
Consult a Realtor
A realtor can be an excellent source of information regarding the expenses and exterior factors pertaining to the property you are considering. The realtor can provide essential information regarding closing costs, necessary documents, tax-related costs, and other fees.
Local Farm Lenders
Local realtors, as well as Local Farm Lenders, can provide information on acquiring rural property insurance. While it may be difficult to find an insurance policy, there are resources available to you.
What is your intent for purchasing rural land? Do you plan on subdividing the property? If so, it is important to check if there are county subdivision laws or other municipal jurisdictions that may affect what you do with the property.
It is important to assess how these restrictions can affect your use of the property. Also, consider what surrounding factors may exist that can affect your decision to purchase. Does an extensive livestock operation occur on a neighboring site? Will highway infrastructure make for an environment noisier than you hoped for?
All of these elements can impact your decision to close on a property. Thorough investigation and asking you realtor many questions can help prevent a purchase you will regret.
Consider Property Improvements
Will you need to make considerable improvements to the property? If the land does not meet your needs or requires too much maintenance to meet your satisfaction, consider other properties.
Some of the property improvements that can impact your decision may include: fences, buildings, maintenance, pods, appliances, landscaping, or clean-up fees.
These determining factors also play into safety and the overall aesthetic of your land. Don’t forget neighboring properties as well; while your parcel of land may be adequately maintained, will your neighbors bring down the value of yours?
Cost of Ownership
There is more than meets the eye when purchasing land.
The type of land you purchase will determine the down payment you will need to make. Also, consider the costs of acquiring a necessary title policy that will ensure your ownership of the property.
Securing your land with a title policy is the most effective way to purchase land. Upon signing the title policy, the closing agent will provide you with all the necessary documents for closing.
It can be extremely helpful to seek an attorney to assess your questions and reassure you of legal terms.
School Districts: Are there nearby schools for your children? How about an efficient proximity to bus routes?
Neighbors: They can provide information regarding steps to take in installing septic systems and wells. They can also be a second pair of eyes on your property or a go-to for questions regarding the property and resources nearby.
County USDA Farm Service Agency Office: It is very important to contact the right agency regarding farm businesses and helping you with conservation issues such as environmental factors and wildlife.
Before signing a contract, all parties must be aware of any improvements you deem necessary to be included in the cost of the contract. All parties include the buyer, seller, realtor, and any other party involved in the closing of the contract.