Buying Land In Arkansas
Do you live and work in the great state of Arkansas, perhaps you’re considering relocating here? If your dream of finding the perfect home here hasn’t quite gone to plan, you may like to consider building your own. This is equally as true for business owners as future homeowners.
But where should you buy in Arkansas? How do you know which land is right for your purpose? Is building the best option for you? The expert REALTORS® at The Brandon Group can help you navigate all this and more. Matching you with the perfect property is our passion.
Why Build Over Buy?
There are so many great reasons to buy land and build your own home or business premises. While you will need to factor in additional time for sourcing architects, planning permits, and materials, but you stand to gain:
– A tailored space that is built to suit your style, you choose everything from the home floor plan to its finishes.
– A home without existing damage or issues such as termites, deferred maintenance, or structural problems.
– A more efficient home that meets current building codes and regulations around heating and cooling, ventilation, insulation, and air filtration. Budget permitting, you can also set your home up to run on solar. Saving you thousands in the long run on energy costs.
– More time spent doing what you want instead of maintenance on an older property.
– A great investment, even if you never build on the land, land represents a sound financial investment with the potential for large financial gains.
Things To Consider Before Buying Land
Before you buy a parcel of land, you should ensure you are across all of the potential complications and necessary planning. You need to consider:
When you buy an existing house or business premises, the associated costs are much more visible upfront. When you buy land to build, budgeting and costs can be harder to quantify. It is essential that you sit down and go through all expected costs. Don’t forget to factor in rent or mortgage at another location while your build is completed.
It is helpful to gain insights and perspectives from specialists such as a REALTOR®, architect, and builder who can advise about associated costs you may have not considered.
A great REALTOR® will also do an appraisal of the land to ensure you do not overpay, keeping more funds in your pocket towards a build and any future investments.
So you’ve found your dream location, but what are the caveats and city planning laws attached to the land? Some areas will be zoned for residential only, industrial/commercial, high rise, farming, and more. There may also be future plans already in place for road widening or new freeways. To ensure you’re building on an appropriate parcel that suits you both now and in the future.
Even if you think you’ll stay in your newly built home forever, it is wise to take into account the growth of the area so you do not overcapitalize when building. Life can be unpredictable and should you need to sell your home, you ideally want to sell it for a profit. Your REALTOR® is the best person to advise you on this and can help you determine whether your purchase is a sound investment.
New builds are rarely straightforward and can come with many unexpected delays. Ensure you can manage and see the build through even if its deadline for completion is missed or moved. The best practice is to have a contingency plan for your living situation or business should the deadline be extended.
Securing financing for a build can be a little more complicated than that of an existing property. This is due to banks considering new construction to be riskier as the asset isn’t yet built to secure the loan against.
Before finalizing your purchase on a parcel of land, be sure to confirm with your lender that they will offer you the full value of the loan needed to complete the build. This is especially important if you were pre-approved to buy an existing premises and changed your plans with the intention to now build.
Why Buy Land In Arkansas
Arkansas ranks among one of the best states in the region to buy land, and there’s plenty of it!
According to the U.S. Department of Agriculture’s 2017 Land Values documentation:
“Arkansas consistently tops the lists of delta states land values for farmland, cropland, and grazing land. Therefore, Arkansas beats out Alabama and Mississippi as the best land investment opportunity in the region.”
In a survey done by Land.com Arkansas land was rated at the 18th lowest price point per acre out of the 48 states. Making it one of the most reasonable places to buy and build in the USA.
So where to buy in Arkansas? The options are endless, Arkansas is one of the most picturesque and liveable states with a huge focus on enjoying the outdoors. For the best cities in Arkansas to live in check out our previous blog on this topic, for the best cities to start a business (or build business premises) read our advice here.
The Brandon Group – Buy Or Build, Your Dream Home Is Our Passion
Buying land to build on won’t be everyone’s preferred approach to securing their dream home. At The Brandon Group, we understand that what constitutes the perfect home is different for everyone.
Our goal when working with you is to help match you with your ideal property. We both live and work in Northwest Arkansas and know it inside out. This knowledge and expertise uniquely qualifies us to assist you to find your perfect property.
Whether you prefer to buy an existing home or commercial property or build on a clean slate, we can support you to make your dream a reality.
Call us today on (479) 787-3080 and experience exceptional, fully qualified service with The Brandon Group.