Buying land in Texas, and better yet, investing in land in any state is a big commitment. We might be biased, but there’s no better state to own land than Texas. While there are a few requirements and stipulations to consider, purchasing acres in Texas is a relatively simple process. Texas has lots of rural and suburban areas to purchase land, so the opportunities are endless.
Purchasing property is arguably one of the biggest investments you will ever make and could be considered a milestone in your life. Since it is such a big decision, it’s imperative you do your homework on how the process works and what that means for you as the buyer. Lucky for you, we created this simple guideline on what you need to know about buying land in Texas, as well as popular places for sale.
Starting the Process
Before you embark on a land-buying journey, you must consider the reasons why you want to buy land in Texas.
Key Reasons for Buying Land in Texas:
- Will you be building a home?
- Is it solely for investment purposes?
- Will you be participating in agricultural activities?
- Are you interested in owning animals?
Even though Texas is rapidly growing in population, there is still a ton of open space, meaning plenty of options to choose from.
After figuring out your purpose for the investment, consider your budget for buying land in Texas. Getting a loan to buy land can be a hurdle, however, Texas has pretty affordable rates which makes it easier on the buyer. Consult with an agent to see the best value and loan options. If you are building a house, look at permit fees and utility costs. This will help narrow down your search and give you a solid foundation to start.
Property Taxes for Buying Land in Texas
Property taxes are specific to each state, and Texas has a few unique ones. When you buy land in Texas, you may qualify for a wildlife or agricultural tax exemption. These are huge, and can significantly decrease your taxes by thousands. These appraisal taxes are based on the agricultural value of the land rather than the market value, so be sure to do some research when looking into properties.
This seems like an obvious consideration but is also wildly overlooked by new residents of Texas. Many areas in Texas were used as large cotton farms and oil pipelines for decades, which can sometimes affect the wildlife and growth on your property. Another thing that can affect wildlife in Texas is flood plains, as it draws in animals like deer and waterfowl due to higher soil moisture levels. These kinds of things are unique to Texas and should be considered based on your investment purpose.
Good Investments in Texas
As stated above, there is plenty of land in Texas at affordable rates. Places like Kaufman County, Greyson County, and Bell County offer extremely low rates for great locations around North and Central Texas. Buying land in Texas may seem like a huge undertaking, but with the right consultant, thorough research, and adequate planning, you’ll be sure to make the process a breeze!
Ready to find the perfect acreage in Texas? Schedule a call with the Locating Texas real estate team to get exclusive insights into the cities and areas where you can buy land in Texas.