land Archives | Preferred Properties of Texas Home & Ranch Properties Stephenville

Closing Cost For Land

April 26, 2021 by chorton Leave a Comment

Closing costs refer to a range of fees utilized to finalize a property transaction. These are additional costs paid on top of the purchase price, and for most buyers, wind up adding tens of thousands –or even tens of thousands–of dollars on the first spend. Because of this, it is crucial to factor in closing costs when deciding if a piece of land is based on what you can afford.

There are an assortment of different cost factors included in property closing costs. They may change based on how you fund your property buy and that you use to finalize the price, but these are the costs you will need to think about as you figure out how much a parcel of land may run you.

• Escrow fees — In addition to paying escrow itself, additionally, there are escrow fees, such as fees to hold funds and ease the transaction.

• Bank fees — If you take a loan out for your property, expect to cover origination charges, processing fees, credit report fees, and application fees, among other potential relevant costs.

• Transfer taxes — You will find taxation involved in transferring land from 1 owner to another (typically a set percentage of the transfer cost ), with the specific speed depending on what state you are purchasing.

• Recording fees — These are fees for drafting and documenting the property sale in public documents.

• Agent and attorney fees — Commission charges for both the buyer and seller’s broker, and any relevant attorney fees.

• Other third party charges — Plan having additional closing costs for paying appraisers, surveyors, inspectors, and anyone else whose services that you use to shut your buy.

In many land sales, it is the buyer’s duty to pay closing costs. That said, a few buyers can arrange to divide closing costs with the seller–or perhaps have the seller pay for all of them. The better price you are offering from the start, the better chance you have of alleviating some of the final cost burden, since a seller might be prepared to cover some or all of the costs if it means a shorter closing period or a cash buy.

Closing costs for land is negotiable just like everything else in real estate. Who pays, how much they pay, and if things become paid out are all things that you may have the ability to negotiate on your favor, although there are never any guarantees.

Property Taxes On Vacant Land

April 17, 2021 by chorton Leave a Comment

Property taxes apply to all property investments, irrespective of whether you’re living on the land, building on it, or earning an income from it. Meaning that if you own vacant land, you are going to need to pay property taxes on it though you can also be qualified for some fairly decent deductions.

Property taxes are calculated on vacant land, the amount of property taxes that you owe on vacant land are calculated from your county tax assessor and are generally based on the”highest and best use” potential of the plot–i.e. its most rewarding use. Nevertheless, you can anticipate the amount you’ll spend for vacant land is a lot less than the quantity you’d owe for enhanced land.

Based on where you live, you might have state-specific rules that govern land taxes on vacant property and just how much they can increase every year. In California, for example, Proposition 13 dictates that the assessed value of your empty land cannot go up by more than 2 percent in any given year, regardless of other changes which might have impacted its usage and profit potential.

Imagine if you disagree with the appraised value of your land? It’s not unusual for property owners to locate themselves facing higher property taxes than they anticipated. As a good guideline, it’s always a fantastic idea to examine the real estate tax history of a plot of property before buying it so that you can find a heads up on what you’re in for. But should you purchase vacant land and think the assessed value is too high–or if you believe it’s gone up a lot in the past year–then you’ve got some potential recourse.

To appeal your property tax assessment, start by digging to the data. Pull up your property’s record card and search for discrepancies in the description of your land, since if they exist you should have no trouble obtaining a fast adjustment. If that does not work, look to the comps and your land itself to make a case for why the appraised value is too high. You can then take this information to your county, where you’ll go through a formal appeal procedure.

Be aware you will probably face limitations on when you can appeal your vacant property taxes. As an example, expect that you won’t have the ability to place an appeal before a new assessment comes out after buying, which from that you might have between 30 and 90 days to launch your circumstance.

Vacant land tax deductions, on the bright side, as a property investor you are qualified to write off certain expenses related to owning your vacant property, and that includes your property taxes. You might also write off the interest that you pay in your own land loan. Both of these expenses will proceed in your Schedule A tax type, which insures personal itemized deductions.

Keep in mind that under the Tax Cuts and Jobs Act (TCJA), certain deductions which are standard for investors of empty land–believe developments, maintenance fees, and legal and accounting charges –are no more workable write-offs unless you’re a land dealer purchasing land for a fast turnaround purchase.

Texas Hunting Property

November 4, 2020 by chorton Leave a Comment

Texas hunting property has long been admired for its vast array of hunting opportunities it provides. More than 95 percent of Texas land is privately owned or handled that provides seekers with hardly any public hunting opportunities. The dearth of public hunting property has motivated Texas hunters to purchase their own territory to search from.

Whether they intend to search for a bow or firearm, then there are numerous things every hunter must remember when searching in their property. Here’s some advice regarding Texas searching requirements, why they’re necessary, and many ideas to follow when searching on your land.

TEXAS HUNTING REQUIREMENTS

Hunting on Texas property may be a complex procedure that’s littered with different misconceptions. The majority of the confusion revolves about the number of acres are necessary so as to shoot a weapon, the way to get permission to hunt on property, and also precisely when hunters will need to get a Texas hunting license.

1. HOW MANY ACRES?

Any hunter seeking to search for a bow or firearm is going to want to affirm the plot of property they’re searching on is a minimum of 10 acres. Texas state laws demand at least 10 yards, and some other hunter discovered violating this law could get numerous fines, or worse, upon repeat crimes.

2. PERMISSION FROM A LAND OWNER

Obtaining searching approval in the Texas landowner is quite straightforward. All that’s required is verbal consent, but Texas laws urges that landowners and seekers finish a Texas hunting rental certification.

3. TEXAS HUNTING LICENSE

All Texas seekers which are hunting on public or private property are needed to buy a Texas hunting license. Hunting nuisance animals like feral hogs and coyotes doesn’t want a license.

4. WHY HUNTING REQUIREMENTS ARE ESSENTIAL

The majority of the hunting conditions in Texas are rather lenient, although some seekers still wonder why that’s how it is. Texas requires that seekers only release their firearms on plots of land which are 10 or more acres to guarantee the protection of the others. Including neighboring landowners, outdoor fans, along with other seekers.

Permission to hunt on private property is necessary from a landowner to your evident reasons and to make sure that hunters are knowledgeable about the property’s dimensions and bounds.

The hunting permit system in Texas enables wildlife agencies to keep an eye on the amount of hunters and the a variety of game species. The permit system also ensures that the correct use of firearms and bows.

TIPS TO FOLLOW WHEN HUNTING ON YOUR OWN LAND

When searching your property, it is important to maintain the property boundaries in the mind in

addition to anyone else which may be searching on your own property, and the influence on the wildlife inhabitants.

Hunters in Texas must ALWAYS follow these hints:

Never release a firearm close to a property border or aim towards a different land.
Produce and complete a hunting rental for each and every hunter which you allow to get your property.
Monitor the sport populations in your home regularly to determine if searching is achievable.
Always keep a valid hunting permit and take it with you to the area.
GOOD LUCK ON YOUR NEXT HUNT!
Hunting on private property is a time-honored Texas tradition. Adhering to the principles and regulations created by the Texas Parks & Wildlife Department will make sure it is a tradition that continues to grow and thrive. When venturing out to your next search, don’t forget to scope the possessions bounds, obtain consent and a signed searching lease, and be certain that you buy a Texas hunting license. Fantastic luck and happy searching.

Are you in the market to buy your own hunting land for sale in Texas then call a trusted Realtor at Preferred Properties of Texas

The Right 20 Questions for Land Buyers

May 20, 2020 by chorton Leave a Comment

What are the right questions for a buyer to ask when considering purchasing a piece of rural land for sale? It all depends on the objectives the buyer has in mind when making their purchase.

A recent article on LANDTHINK entitled, “Top 20 Questions for Land Buyers” garnered a lot of attention and created quite a bit of controversy among LANDTHINK readers. I read many of the comments, and started thinking about what my list of questions would look like as I perform due diligence for myself or my clients when considering a property. That list would need to be tweaked a little depending on the objective for the purchase. For example, a person considering developing a tract into a subdivision on a river would have some significantly different questions to answer than a person merely buying a rural retreat for their family. So the following list would be my jumping off point for most buyers of rural tracts:

How is the property accessed? (Road frontage, deeded easement, etc..)
Are there any water features on the property? (rivers, creek, lake, springs)
Are utilities available to the property?
What is the timber like? (stand types, age, planted or natural)
Has the property been surveyed? (Are boundaries marked?)
Who are the neighbors surrounding the tract?
Can I get a clear title to the property with title insurance?
Do the timber, mineral and water rights convey with the sale?
Are there any easements on the property? (adjoining owners, conservation, utility)
Are there any known environmental concerns or latent defects with the property?
How is this property zoned? (agricultural, residential, commercial?)
What are the annual property taxes?
Have the owners received notice from any governmental agency about possible assessments or actions in the near future that would affect this property?
Will the property be conveyed subject to covenant and restrictions? (If so, what are they?)
How does the land lay? (slopes, bottomland, elevation change, etc…)
Are there internal roads and trails?
Do all of the improvements to the property convey with the sale? (gates and fences, shooting houses, out buildings, etc…)
Does the land drain well or does it stay wet for much of the year?
If I had to sell this property again in a year, is it desirable to other potential buyers?
Can I pee off my porch in privacy?

Buyers that are considering purchasing land for growing crops would also be concerned about things such as:

What is the corn grain yield per acre?
Is it possible to irrigate with a center pivot?
Is an irrigation permit available from the Army Corps of Engineers?
What is the soil profile of the property?
Where are the nearest grain processors?

An investor purchasing timberland for their portfolio would ask questions like:

What is the site index of the land?
Is any of the timber merchantable now?
Is more than 70% of the property sloped suitably for growing and harvesting timber?
Where are the nearest wood outlets and mills?

The list could go on indefinitely for developers, hunters, farmers, investors, and survivalists. The point I am trying to make is that you need to know what your objectives for owning a rural property are before you can even know the right set of questions to ask. This is one reason a buyer should engage the help of a competent agent when purchasing a rural property. Having someone working for you that knows the right questions to ask can save you thousands of dollars and make your transaction much safer and pain-free.

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Hunting Land For Sale

May 1, 2020 by chorton Leave a Comment

Hey y’all looking for a place to hunt, no worries our team of land specialists is ready to help you to find your dream property. While hunting deer may be the primary motivation to purchase Hunting Land For Sale in Stephenville located in Erath County Texas, but there may be other activities also important to you? Fishing, small-scale farming land or livestock. Maybe lake, tank, pond or live water creek that offers excellent opportunity for fishing when it’s not deer hunting season. When buying hunting land, there are some things you need to check out. Whether water is convenient on the land, that usually enough for hunting purposes. Streams, creeks, tanks or ponds are also welcome benefits that provide easily accessible surface, and alleviates the need and cost of tank, pond, lake or well.

Camping with your family in your hunting area is also good fun time that you can take part pleasure in any time of the year when you need a break from hunting. If you are searching for Hunting Land For Sale, look at small tracts a little differently and consider buying one. You can call us at (254) 965-7775 to buy your land. You can visit our website at preferredpropertiestx.com to know about our other services in other areas of Texas.

Building On Your Land – What You Need to Know

April 15, 2020 by chorton Leave a Comment

The land we own can serve many purposes. Some buy land as a place to hunt or fish, while others plan to grow crops or start a farm. For others, it’s a place to build your dream home or vacation getaway. Regardless of your reason, if you’re planning to build a home, cabin or outbuilding on your land, there are a few things you need to know first.

Zoning

Before building any structure on your land, you need to determine whether it’s actually legal to do so. Zoning restrictions and topography may dictate that a home or structure may not legally be built, or it will be required to be in a certain area of the property. Be sure to check with an experienced local builder to help you navigate any potential issues.

Finding a Lender

Once you have any zoning issues sorted out, your next step should be to meet with a lender that’s experienced in construction loans so that you can be pre-approved for a loan based on your financial needs. In general, a build-on-your-lot or custom home will require a down payment of 20% to 25% of the entire cost of building the home, including permits and site preparations. Most lenders are willing to finance construction for a year. When the home or building is complete they will require you to refinance into a permanent loan for the property.

Building a Home

There are three primary options for having a home built on your land. Choose the one that fits your needs and budget best:

Build-On-Your-Lot Builder – Most of these builders will have a variety of pre-designed floor plans for you to choose from. Oftentimes they can offer you a choice of specific fixtures and appliances for your home. This can save you money, but make sure these products match what you’re looking for.

Design-Build – These firms work with you to plan your new home from the ground up. It’s a similar process to working with a build-on-your-lot builder, except your home will be a custom design. These firms usually have in-house architects or a contract with an architect who will work with the construction company.

Architect – Of course, you can always hire your own architect to build your new home or building. The architect can create the exact home you’re envisioning using your ideas and their expertise. If you choose to hire your own architect, be sure that the architect and builder are willing to work together and can confidently meet your budget.

Feel free to contact our office, we are happy to answer any questions.

The Realtors at Preferred Properties of Texas in Stephenville are here to help you buy and sell real estate for over 25 years!