Purchasing land can be an exciting and rewarding endeavor. Texas is an ideal state for buyers who are looking to buy a piece of property with room to roam and plenty of opportunities to build their dream home or start a farm. However, before you make the jump to buying a piece of land in Texas, it’s important to know what to look for in order to ensure that the property fits your needs. To help you with this process, our Laredo branch Relationship Manager Audrey Vasquez has compiled a list of 10 essential questions to ask when considering a Texas Land Purchase Offer.
1. What Is the Proposed Purchase Price?
When buying land in Texas, it is crucial to understand the prevailing market conditions and how they can influence the final sale price of the property. A professional real estate agent can provide you with the information and research needed to determine the best prevailing market prices in your area. Having this knowledge allows you to make a more informed and confident buying decision when making an offer on a piece of Texas land.
2. Does the Land Have Access to Electricity, Sewage and Water?
Before committing to purchasing a piece of Texas Land Purchase Offers, it is critical that you verify whether or not it has access to electricity, sewage and water. These services can be expensive to establish, so it’s important to make sure that they are available before finalizing a purchase.
3. Do Mineral Rights Convey With the Property?
Depending on the location and purpose of your purchase, it may be beneficial to purchase land that is accompanied by mineral rights. Mineral rights can be a significant source of revenue for property owners and can increase the value of your land significantly. However, it’s important to understand that acquiring the rights to extract minerals from your land will come with certain legal and environmental requirements.
4. Is the Property Zoned for the Purpose You Have in Mind?
When purchasing land in Texas, it’s crucial to understand how the zoning laws affect your intended use of the property. Whether you’re planning to build a home, hunt, camp or develop the land for commercial purposes, it’s important to make sure that you have a clear understanding of what you can and cannot do with the property before purchasing it.
5. Are There Any Pre-existing Contracts or Agreements Associated With the Property?
Before you buy a piece of Texas land, it’s important to find out if there are any pre-existing contracts or agreements associated with the property. This can save you time and money by avoiding a lengthy legal process and can allow you to move forward with the purchase much sooner.
6. Is the Property Eligible for Tax Exemptions?
Depending on the state in which you are purchasing, certain properties may be eligible for tax exemptions. These exemptions can safeguard a certain amount of the property’s value from taxation, and are usually available to homeowners or members of specific classes. It’s important to check with a qualified and experienced real estate professional about the tax laws in your area to see what options are available to you.