5 Important Factors to Consider When Buying Property with Acreage

Are you considering purchasing a property with acreage? Dreaming of building a custom home on it? In this video blog, Bryan David, broker-owner of Expect Realty, shares five crucial factors to keep in mind before putting in an offer. Learn about considerations such as land clearing, existing surveys, utilities, flood zones, and future developments to make an informed decision.

1. Land Clearing: Cleared or Not?

One of the first factors to consider when buying a property with acreage is whether the land is cleared or not. Clearing land can be a substantial cost, averaging from four to six thousand dollars per acre, and sometimes more if the debris has to be hauled away instead of burned. It’s crucial to assess whether the property meets your desired requirements in terms of its existing state.

2. Existing Surveys: A Cost-Saving Measure

The availability of an existing survey can save you a significant amount of money. If the seller has a survey, it eliminates the need for you to acquire one, which can cost around $1,000, or much more depending on the size and accessibility of the property. Ensure that your offer is contingent upon obtaining a satisfactory survey, allowing you enough time to complete the process before closing the deal.

3. Utilities: Availability and Cost

Consider, and confirm with local authorities, the availability of utilities such as power, water, and sewer on or at the property. You can save a considerable amount of money if they are available as tapping into these utilities can cost two to three thousand dollars. Conversely, if municipal utilities are not accessible or available, you may need to install a well or septic system, which could be as much as ten thousand dollars or more. If there’s an existing well and septic, it’s essential to have them tested for quality and functionality. It’s a good idea to add a satisfaction contingency in your offer to verify or test utilities.

4. Flood Zones and Wetlands

Assessing the property’s vulnerability to flooding and its designation as wetlands is crucial. Consult with the county or city planning department and floodplain manager to examine flood maps and determine the flood zone in which the property resides. Additionally, consider conducting a wetland study delineation if required. Visiting the property after rainfall can provide insights into its water retention and drainage capabilities. Biloxi, along with every other city and area along the coast have considerable wetlands so do your due diligence. A piece of property priced well below market that looks like a smoking deal likely has access or wetlands issues.

5. Future Developments and Surrounding Property

Look into future plans for the area surrounding the property. Contact the planning department to gather information about potential road expansions, zoning changes, and other developments that may impact the land. Search the internet for news of future commercial developments as well. Understanding the long-term prospects of the area will help you make an informed decision and avoid unexpected surprises down the road. You don’t want to purchase a country piece of property only to find out later that DR Horton Biloxi is building a thousand home subdivision next door.

Purchasing property with acreage requires careful consideration of multiple factors. By keeping these five important factors in mind – land clearing, existing surveys, utilities, flood zones, and future developments – you can make an informed decision when putting in an offer. Remember to consult with experts, conduct thorough inspections, and assess the property’s suitability for your needs. With these insights, you’ll be better equipped to navigate the process of buying property with acreage. 

As you embark on your journey to purchase a home in the beautiful Mississippi Gulf Coast, it’s essential to have a trusted partner by your side. At Expect Realty, we specialize in residential home sales, representing both home buyers and home sellers in this stunning region. Our team of experienced professionals is dedicated to helping you find your dream home and navigate the buying process with ease. Whether you’re a first-time buyer or a seasoned investor, we’re here to provide personalized guidance and ensure your real estate goals are met. Give us a call today at (228) 215-1861 to schedule a consultation and let us help you make your homeownership dreams a reality.

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