What things should I consider when buying vacant land?
Many people dream of owning a piece of the earth. To make the dream come true, there are some things you should consider when beginning the search. First ask yourself the purpose for the land. Is it an investment? Weekend getaway? Recreation land? A place for the family to get away from technology and the worries of the busy work week?
Some rural properties offer an immediate return on investment, especially if timber, oil & gas, or cropland are involved. Sometimes it may take a few years to realize a monetary investment. Make sure proper title research is completed while in contract. Items to look for are oil & gas rights, coal rights, timber rights, recorded easements, and others depending on the location of the property. Title research should be completed by a qualified title company and attorney.
Most of the time, perspective landowners are hoping to find the perfect getaway property to enjoy nature and outdoor activities. In Ohio, most folks start with a particular county to begin their search for their natural wonderland. Always consider the access to the property and the types of utilities available. Future plans may include building a cabin or retirement home. Does the property have a recent survey or are the property lines obvious? Is there a pond or creek on the property? Many folks like the idea of having a water source for wildlife and recreation.
Whatever the reason you have for buying rural land, make sure you are prepared. There are many websites that have land for sale, but you may also want to consider using the services of a real estate agent, especially one that has experience in natural resources and conservation. Also, be financially prepared to buy, having the resources to purchase, or be pre-approved by a lender. Once you find the land you want, be ready to act, there are plenty of other people looking.