Hey land lovers! Here in North Texas we are seeing 2020 when it comes to a hot land market. Small tracts and residential lots ten acres and under are at a premium. I wanted to briefly discuss making offers on land and some items that will need your attention.
First and foremost when you look at any tract I highly recommend a Realtor with experience in land. Not every real estate agent has this expertise and it could cost you. There are many items to address when purchasing land in tracts of one to ten acres:
- Water
- Electric
- Septic/Sewer
- Deed Restrictions
- Access/Egress
- Platting
- Flood Plain
- Soil
- Trees
- Fencing
The above items can certainly overwhelm first time land buyers and that is why here at Newland Real Estate we have experienced agents ready to answer or find the answer to your important questions.
buying undeveloped land?
I generally go through the above list and then get into what is important to you specifically as a buyer. Here are some examples of what I personally evaluate when looking at a property with an interested buyer.
Water
Is water available at the property? Water is a very important aspect to look at as a buyer. Do you want co-op water, or are you willing to drill a freshwater well? If there is no co-op water, and septic is required, the state of Texas requires the platted lot to be at least two acres to allow for a well and septic. If sewer is available that will not be required, but it usually isn’t.
Electric
Is electric available at the property? Electricity should be available at the property line. If not I would check to see if the required easement(s) will be available to run electric to the property.
Septic
Is septic required or is it already available at the property? Septic is almost always required on acreage lots and it’s important to know that there is land available on the lot that is out of the FEMA flood plain for a septic spray field, drip system or leach field.
Access/Egress
What access is available to the property? Access and egress should be established, preferably on a county or city road. There are many tracts I’ve seen that are literally land locked by private owners and have no easement or established road for access and egress.
Flood Plain
Is there floodplain on the property and if there is what does that mean for me as a potential owner? Flood plain on land is something some may view as a negative but personally I think it’s the most beautiful part of many land tracts. Most importantly there should be adequate land out of the flood plain for a build site, septic location and well if needed.
Soil type, trees and fencing are subjective but should be evaluated as to their importance to you. For instance are you running cattle, growing crops or breeding horses?
Working with an agent who is familiar with each of these factors can make the difference between you finding the piece of land you have always dreamed of! Be sure to look out for parts 2 and 3!