How to Find Good Tennessee Land: Key Considerations for Buyers
When you start your search for a perfect piece of land you have to identify what is important to you. Is it privacy? Is it proximity to schools and shopping? Or perhaps it is the ability to grow crops or love off the land. Perhaps you want to buy land as an investment.
Location and Activities
If being near an urban area is important to you then proximity to high-growth areas, such as Nashville and Knoxville, can impact property value and rental income. Other factors for buying land is access to utilities, such as water, electricity, and sewage. These are crucial for development and daily life.
If you are interested in buying land in the country, your priorities will be different. Access to important amenities is still important, but maybe you don’t need to commute to a job. Regardless, access to land via roads or easements is incredibly important. Sometimes parcels of land have no right of way access which makes them essentially unusable.
While researching and looking for your perfect country estate, it’s important to learn about local zoning laws and restrictions. In our opinion, unrestricted land is ideal and more valuable because there are literally no limits on what you can do. There can be drawbacks to this as well as nothing prevents neighbors from piling junk on their property.
Making a decisions on buying land – Know the land Characteristics and Topography
A buildable lot must meet specific requirements, including zoning, utilities, and environmental clearances. Ensure the land is suitable for construction and has the necessary permits, or do the research to obtain the permits yourself.
The physical characteristics of the land are also very important. Things such as boundary lines, neighbors, the community, and road access will determine if the land is a good fit. Additionally you will want to consider environmental factors such as flooding, pollution, or environmental hazards.
Make sure to walk the land if you are seriously considering making an offer. It’s important to evaluate the terrain and elevation as photos alone don’t tell an accurate story. Consider the natural features such as water sources, available sunlight, driveway access, and the plant life. Perhaps you want heavily wooded land, or you may prefer land that is already cleared. Buyers will have different criteria to fit their needs.
Evaluate property history, previous sales prices and usage
One of the most important things when buying land is the price. Just because the land was listed at an attractive price does not mean it is a good investment. In Tennessee we can use the Tennessee Property Assessor map to view parcels of land and their approximate boundaries and previous sale info.
In some cases you will find that land has been owned for decades by the same individual, or you may find that land has changed hands frequently. If the land has had several owners in the last few years it could mean a couple things. One scenario is that people see the potential in the land and have bought it as an investment and sold for profit. In other cases it could be that the land appeared attractive but had serious flaws such as not piercing for a septic system or troublesome neighbors etc.
This information is not readily available, but viewing the sales records and history can help you piece together the puzzle and ask the right questions. With luck, the selling relator or current owner can help answer the questions and any concerns you may have.
Ready to make an offer? Learn how to determine the value of the land
Before making an offer on land, do some research to uderstand property values and market trends in the area. After all, you want to make an informed investment decision. Research tax implications and incentives, such as low property taxes and business-friendly tax structure.
A big question when buying land is to buy in cash or with a loan. The easy answer is that cash is king and is preferred by everyone. Sellers find cash offers appealing because it is more straightforward and no appraisal has to be done. Land loans can be a great option as well, but in general we wouldn’t recommend a land loan unless the land is very expensive or is just too good to pass up.
Beyond the purchase price, consider the ongoing costs of land ownership, such as property taxes, insurance, and maintenance. Some land may have a low price but high taxes and a monthly home owners association. Other land may be priced higher but with no HOA and very low county taxes. These are all important considerations.
You bought your dream land! Now what??
Time to get to work!! Reach out to local contractors, excavators or surveyors to begin the planning phase. Always remember to get multiple quotes so that you get a competitive price.
Maybe you don’t want to build on the land immediately. If you are viewing your land as a nature retreat, you may want to study it through all seasons to evaluate where a good build site would be. Or you can slowly develop trails and develop the land piece by piece.
Investors may not want to do any work at all on the land. They might want to look at ways to easily increase the lands appeal such as having new photography or aerial footage captured. This can help when reselling the land as the next buyer will get a better picture of the land and will better be able to understand it’s value.
Good luck on your journey. This is the fun part!
