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

Do Ponds Add Value To Your Property?

August 23, 2021 by chorton Leave a Comment

People love to live near water bodies where they can swim or recreate. Some people prefer the ocean or a lake to be their favorite body of water. People are building ponds to access the water on their property, so that they don’t have to leave their land. This trend is a good investment. However, landowners will need to find out how much a pond can add to their property before they dig up their land.

A pond can add value to your property by creating beautiful scenery and recreational opportunities. A pond could be a good idea if your property has large acreage that is not yet developed and located where a pond can easily be dug. Most ponds built in recent years have a size of one-half to two acres.

You may want to stop developing your land if your property is small or not well developed. Foundation problems could result from digging a pond near your home or other structures.

Although a small pond can be a great addition to a property’s value, it will still need to be maintained. Common maintenance costs for owning a small pond include:

Vegetation removal
Monitoring water quality
Health studies on flora and fauna and their treatment

Although all ponds require some maintenance once they have been established, there are ways to avoid significant maintenance costs.

A pond built on your property can be very disruptive. You should consult a professional to determine if it is a good idea. The professional will take a look at the soil and land to provide further information about the development process. After the professional has appraised your land and given you permission to proceed with the pond development process, it is important to meet with the professional to discuss the details and spend time designing and building the pond that you desire.

Experienced professionals will anticipate potential problems when designing a pond. You can also have your design modified to ensure that the pond fits your property.

You will need to ensure that your property is able to support a pond before you consider installing one. A pond will likely increase the property’s overall value if it can be supported. The addition of a pool will increase your property’s overall value. It will also provide you with additional recreational opportunities, which can help you attract more buyers when you sell. A pond will need to be maintained. These maintenance costs can be reduced significantly by planning and designing well.

Original article at https://land.us/2021/07/does-a-pond-add-value-to-a-home/

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.