Buying a large tract of vacant land can be a bit trickier than purchasing a standard lot in a subdivision setting. Unlike the suburban lot that has likely already been improved with access to utilities, services, and paved streets, larger tracts of vacant land are more likely to be wholly unimproved. In many cases, vacant land may be accessible only by gravel roads or via easements from other landowners in the area.
Vacant land does, however, possess potential benefits for buyers. These benefits may include fewer restrictions, privacy, and the potential to be developed or utilized for many purposes, including agricultural, business, industrial, recreational, or residential. If you are a prospective buyer who is interested in purchasing a large tract of vacant land, here are some helpful pointers for improving your selection process and ownership experience.
What are examples of added value that should be considered?
Selecting a parcel of vacant land that offers some type of additional value beyond the land itself can make the purchase more financially beneficial. Some examples of added value that prospective buyers should consider looking for include:
- marketable timber resources capable of being harvested and sold for lumber or other uses
- productive fruit and nut trees in sufficient numbers to be managed as a seasonally marketable product
- populations of fish or wildlife that could allow the property to be marketed to outdoor enthusiasts or groups who enjoy hunting, fishing, camping, or hiking
- large cleared areas that could be easily used to grow low-maintenance seasonal crops, like hay or be used for livestock grazing
Purchasing a tract of vacant land that offers some type of added value can allow owners to utilize the income it produces to offset the costs of annual taxes and insurance or to help with mortgage debt or future development.
What other factors should prospective buyers be concerned with?
In addition to looking for properties that offer some type of added value, prospective purchasers will want to carefully evaluate each property they are considering to ensure that there are no obstacles that could be expensive or time-consuming to address. Some examples of problems that may be best to avoid include:
- properties that are landlocked
- properties where adding utility access is cost-prohibitive
- properties that may have title problems or long-standing boundary line disputes
Purchasing a large tract of vacant land can be an excellent investment if the selection process is careful and the purchase process is handled with expertise. Prospective buyers who would like to enjoy the best possible vacant land purchase experience can do so by working closely with a reputable real estate professional who specializes in land listings and sales.
Use these tips to look for property for sale.