As the pandemic hit, housing priorities changed as well. With many people having the ability to work anywhere, places with a lower cost of living and land became more desirable. There are pros and cons to buying a home with acreage as compared to one on a normal sized lot. Below are some things to consider when exploring the option of land with a home purchase:
Inspections
So, you fell in love with a beautiful home on rolling acreage. Congrats, but now let the inspections begin. With large lots, you’re likely in a rural area, meaning there may not be local city utilities. These types of lots normally have septic and well water, which means separate inspections for each. You’ll want to be sure your septic tank is large enough for your home (or larger if needed if you plan to add on). Additionally, you’ll need to know that your field lines are clear and run to the proper place. With well water, you’ll want to be sure it’s tested and running properly. If a property survey is not available, it’s a good time to go ahead and get one since there might not be a clearly defined boundary like a fenced in yard. That’s all in addition to the normal home and termite inspections required by your lender.
Maintenance
When showing a home on land, I always like to check garages, barns, and storage units for lawn equipment. Why you might ask? Usually it can be negotiated with the sale of the property. You’ll have mowing, trimming, and bush hogging with acreage, just to name a few. Also keep in mind that you’ll likely have to fence in areas of the land and then maintain that fence. Most people end up having some sort of animals on the property and also want to keep unwanted animals out.
Privacy
One of the main reasons people buy a home with land is to live privately. With well planned landscaping and tree planting, you can often insulate your home from road traffic and other properties. This can make your home a relaxing getaway for everyday life. You can’t control what happens outside your property lines, but having ample space around your house helps keep control of the immediate surroundings.
Income/Cost Advantages
Did you know in certain areas you can qualify for greenbelt status, depending on acreage and usage, and get a tax deduction? Savvy homeowners find ways to produce the minimum qualified income off their land. Some of those include selling hay, growing produce, or other recreational purposes that generate income. This is where it’s important to have a real estate agent who not only works with you to get the best deal but also knows land well and can help you get set up for the future.
Click here to learn more about me and how I can help you with your real estate needs. Whether Memphis or Pickwick, primary home or investment, I’m happy to offer my services. Contact me at 901-468-7030 or Marygrodskyrealtor@gmail.com
Mary Grodsky, Crye-Leike Realtors
E: Marygrodskyrealtor@gmail.com
C: 901-468-7030
O: 901-756-8900
