How to Buy Rural Undeveloped Land
Many people like the idea of owning undeveloped land in the country. As the population grows, interest in owning rural land continues to increase. Rural land purchasers face a unique set of challenges that differ from those faced if purchasing land in the city or suburbs.
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Uses
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Identify uses for the land. Undeveloped, rural land may be used for farming, hunting, camping or building a vacation home. Some people buy land to resell, profiting on the difference between the purchase and sale price. Land with potential multiple uses may be more valuable than land suitable for a single use.
Water
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Research the availability of water. Rural owners typically must drill wells and provide their own water. Farm Credit of Texas warns that even if water is available on a piece of land, it may be too expensive to feasibly develop.
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Annexation
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Determine future annexation potential. Cities often choose to grow by annexing nearby land. According to the Wisconsin Association of Realtors, annexation typically increases land value.
Survey
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Survey the property before purchasing it. According to David Miller Surveying of Amarillo, Texas, old surveys may not show encroachments or other problems that could impact the land's value.
Security
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Determine how to secure the land until it is to be developed. Dumping, illegal timber harvesting and squatting occur regularly on unsecured rural land.
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References
Resources
- Photo Credit Farm land image by gburba from Fotolia.com
