Finding Your Perfect Piece of Land: Tips for Buyers in the Real Estate Market

Finding Your Perfect Piece of Land: Tips for Buyers in the Real Estate Market

Williamson County is a beautiful area in central Tennessee with lots of rolling hills, mature trees, and gorgeous vistas. With a historic downtown area, plenty of local parks, and outstanding schools, Williamson is one of the most popular spots in the region to call home. This area is home to some of Tennessee’s most prestigious neighborhoods, like Franklin and Brentwood.

Davidson County, located in the heart of Tennessee, is one of the state's most vibrant and affluent areas. With a lively urban center in Nashville and sprawling residential areas like Belle Meade, Davidson County is one of the most highly sought-after markets in the state. Large plots of land can be more difficult to find in this county, but an expert agent can help you find the perfect property.

Benefits of purchasing land

Whether you are looking for a piece of land where you can build your dream home or you want an expansive lot for a sprawling estate, there are definite benefits to purchasing land versus buying a pre-built home.

Avoiding shortages

Markets across the country are experiencing housing supply shortages, with fewer homes hitting the market. Homes in desirable areas are snapped up quickly in the competitive Williamson County and Davidson County markets. To avoid facing housing supply shortage issues, consider buying the perfect piece of land where you can customize your dream home.

Lower initial cost

Vacant land comes with a lower initial investment cost, which is attractive if you want to pay cash for the acreage. And if you plan to use the land as an investment tool, lots are much easier and cheaper to maintain than homes. The land also has a higher resale value and appreciation rate than a house.

More freedom

Purchasing a plot of land allows you to create your dream home later. You can work with an architect and builder to design the perfect house. And if your property is in a rural region or an area without covenants, you will have fewer restrictions on the size and type of structures built on the land.

Tips for finding your perfect piece of land

Mark Twain once wrote, “Buy land; they’re not making it anymore.” If this sentiment rings true for you, consider buying the perfect plot of land where you can build your dream life. But before purchasing that property, there are some things to consider. If you want to find the perfect piece of land, here are some tips for buyers in the Williamson County and Davidson County real estate markets.

Decide what type of plot you want

Before working with an agent to find your dream property, decide what kind of land works best for your situation. Most residential acreage falls into three categories: raw, unimproved, and build-ready. Raw and unimproved lots will require significant money and time before building can occur. Build-ready lots are set up for construction but also tend to be smaller in size and a bit more expensive.

Work with an expert agent

Interview several agents and find one with experience in land and lot purchases. They can help you find the perfect acreage and may even get a preview of new tracts before they officially hit the market. Expert agents are invaluable sources of knowledge; working with one will make the entire process much easier. Your agent can also connect you to available financing options.

Consider paying cash

Most lenders look at vacant lots and large tracts of land as a risky investment and might be reluctant to approve financing for its purchase. Since land is often cheaper than buying a prebuilt home, consider paying cash. You must account for extra expenses like utility installation and property taxes when accounting for the purchase price.

Have the land surveyed and tested

Make sure you have the most recent survey results for the parcel, notating property lines and any easements. And if the land you are looking to purchase has yet to be tested, have a full environmental study on the soil and any water on the property.

Understand land zoning

Open land is designated for specific uses by a local zoning commission. If you plan to build a home on the property you purchase, ensure it is zoned for residential use before completing the purchase. You will also need to check with the land developer and local government to see if there are any restrictions, covenants, or ordinances about the size, location, or type of structure that can be built on the land. If you want to move forward with the purchase with the hopes of having it rezoned, your agent can add an approval contingency to the sales contract.

Be aware of hidden costs

In addition to building a home on the property, extra costs are associated with purchasing a piece of land. You will need to pay any associated property taxes, pay to clear the land, and have utilities hooked up. If the seller does not finance them, you must pay for any surveying and testing done on the land.

A real estate expert

Are you ready to find the perfect piece of land for your dream property? You need an experienced agent to help you navigate the regional land market to find the space that meets all your needs. The Williamson and Davidson County real estate market is dynamic, and an expert agent can help you find your perfect tract.

Greg Sanford has years of experience and expertise in the Williamson and Davidson County markets. Greg was born and raised in the area, and his dedication to serving clients is unmatched. His team is dedicated to client-centric service, helping buyers with every step of the real estate process. With white-glove service and bespoke representation, Greg and his team are poised to help you find the perfect piece of land.

*Header photo courtesy of Shutterstock


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