Texas Panhandle, and Moore County, in particular, is prime grounds if you’re interested in investing in acreage and large parcels of land. Since the region features generally level prairies, Texas Panhandle attracts aspiring and seasoned farmers, ranchers, as well as those who simply want to live a country lifestyle.
Here are a couple of things you should know when buying land in the Texas Panhandle.
Three important things you need to do
Buying land, just like purchasing a home, requires a process that can be lengthy at times. It mostly depends on your situation. Still, here are three things you should never forget to do when you’re investing in land.
- Conduct a survey. Before you make an offer or close a deal, get in touch with a professional land surveyor to conduct a boundary survey. Doing so will confirm the property’s boundaries, its acreage, and if there are any encroachments in the land.
- Invest in a title policy. Spending on a title policy is a one-time expense that is worth every penny. It makes sure the land’s title is clean and issue-free, protecting you from any individual who tries to claim the land through undisclosed liens.
- Have the property appraised. Make sure the money you’ll spend is appropriate to the actual value of the property. An appraisal will also help you secure financing from your chosen lender.
Important considerations when buying land
There is so much more to land than meets the eye. Before you make an offer, take note of the following factors.
- Mineral rights. Land listings in Texas usually don’t come with mineral rights. If you do want to make sure, a professional landman can inspect it for you. Do note that this can be costly.
- Access to utilities. Whether you’re purchasing the land for recreational use or otherwise, it pays to know the kind of utilities available to the property. A great seller should be able to tell you about all the local utility providers.
- Land loans. Financing for a land purchase is vastly different from a home mortgage, which is why not a lot of banks approve land loans. To fill the void are farm credit institutions, which specifically deal with such financing. Aside from information about land loans, these institutions will also guide you throughout the approval process and even inform you about property tax discounts for which you may be eligible.
- Closing costs. Like home buying, land purchases also involve closing costs. The most common is that of the title policy, recording fees, attorney fees, and escrow fees.
- Property tax exemptions. As a landowner in Texas, you might be eligible for tax exemptions, whether it be agricultural, wildlife, and/or timber. Talk to your real estate agent, appraisal district, and tax advisor to see if you qualify for any of these exemptions.
Buy land in Moore County today!
This is just the tip of the iceberg– there is still plenty to learn about buying acreage and land in the Texas Panhandle. Fortunately, The Real Estate Gals are here to help you out. Contact us today at 806-930-8888 (Cheryl Clark) or 806-884-8769 (Jayme Clark) for more information about land purchase in Moore County.