Getting the money to buy land in Texas is a hurdle for many. The good news is that land in Texas is quite affordable. Rates from one area to another vary, but broadly speaking, buying land is a viable investment that is much more affordable than buying or constructing commercial buildings.
Other than the rolling hills, green fields, and majestic mountains, there are 7 good reasons why you should buy land in Texas:
1) PROPERTY TAX EXEMPTIONS
When you buy land in Texas, you may qualify for a wildlife or an agricultural and timber exemption. These exemptions can reduce your annual property taxes by thousands. The exemptions are given for land used for agriculture, such as for pasture and grazing land, timberland, and wildlife preservation.
2) WRITING OFF EXPENSES
Another financial advantage of buying land in Texas is that you can file a Schedule F in your federal income taxes. This is for those who use their land for farming. With Schedule F, you can write off expenses accrued through farming, including interest on a loan taken out to purchase your land. Additionally, if you build on your property, you may be able to claim the interest on the construction loan in your federal income taxes.
3) YOU CAN GET UTILITIES
Whether you want to build a house or use your land for recreation, you can get utilities on your land. You will need to find out who the local utility provider(s) in your area are and contact the company to ask them for an estimate. To get water on a remote property, you will most likely need to drill a well.
4) YOU CAN INVEST AND MAKE MONEY OFF YOUR LAND
Perhaps you want to buy land in Texas with the purpose of starting a business. You will find there are a number of businesses you can get into ranging from opening an inn or B&B with hunting grounds to setting up a camping ground.
5) FREEDOM TO DEVELOP
Real estate developments in cities and metropolitan areas are often controlled. This is not the case with developments on raw land in Texas. You will only need to get approval from the local authorities like the county subdivision and surrounding municipalities governing the area.
6) FINANCING
Most people are not in a position to raise the money needed to buy land with one payment. Those looking to buy raw land also face a challenge because banks and other conventional lenders do not understand this market. One reason is that they don’t have ways to accurately determine the value of land as it is.
If you are looking to buy land in Texas, you can borrow from lenders who specifically finance the purchase and development of rural land in Texas. Some of the financing companies are land owners and farmers who understand the needs and challenges of those who are looking to buy land and engage in agribusiness.
7) VERY AFFORDABLE RATES
Getting the money to buy land in Texas is a hurdle for many. The good news is that land in Texas is quite affordable. Rates from one area to another vary, but broadly speaking, buying land is a viable investment that is much more affordable than buying or constructing commercial buildings.
UNCOMPLICATED, AFFORDABLE AND FINANCED LAND PURCHASING IN WEST TEXAS
If you are looking to purchase land in the Texas Panhandle, take a look at our current Land and Farm & Ranch Listings.