As a first-time land buyer in Arkansas, you have a broad range of land for sale to choose from that will suit your investment goals. Whether your intentions are set on investing in heavily timbered property for management purposes, vast farmlands for crops or livestock, or a recreation haven, you will find what you are looking for. Here is some advice for you to consider when searching for and buying your first property.
Determine your goal ahead of time.
Knowing the way you intend to use your first property will greatly enhance your search results, and shorten the time it takes you to find your ideal parcel. If you intend to farm your land, you should look for property that has expansive pastures or fields that will support the crops you want to grow.
When looking at recreational land for sale in Arkansas, you need to know what kind of activities you enjoy. Hunting will be best supported by a mix of wooded areas, swampland, and cropland. For trail riding, you need to be able to cut and maintain your paths easily. If you are looking for timberland, there are several ways to approach your investment to make the most profit possible from your purchase.
Finding a property priced well below your budget can seem like an advantage, but if the property does not suit your goals, it is probably not right for you.
Just as you should not look for “a steal,” you should not tighten your standards so much that you miss a property that could meet or exceed your goals. Land sales are unique in that each parcel of land is different in its features. If a property is well priced and meets most of your needs while only requiring minor redevelopment, it might be perfect for you. Laser focus for your goals is important, but tunnel vision can lead you to bypass valuable properties. Make sure your search is broad enough to include a few properties that could be a good fit with a little extra investment.
Hire a professional.
A land professional can be your ultimate guide to investing in timberland and other income-producing property in Arkansas. As a first-time land buyer, partnering with someone who knows the ins and outs of the industry will shave time and stress from your experience. Your land realtor will have access to extensive property records, and know whether there are competing offers on the property you want. They can help determine how profitable your land might be, and how quickly you will see returns. They will work hard on your behalf to stay in your budget, choose the best property for your goals, and guide you through the purchasing process. Having a professional by your side gives you a leg up on competing buyers, and can decrease your risk of loss.
Do your due diligence.
Do not buy the first property you find without making sure it is right for you. Depending on what your intentions are, there may be inspections, surveys, and appraisals that need to be done before you move forward with a purchase. Being a first-time land buyer is an exciting prospect, and making money off your property as quickly as possible is important. However, skipping important processes that make your investment safer for you is a poor approach.
A land appraisal can be very beneficial, and if you are financing your land with a lender, this will be required. An appraisal will tell you the actual value of the property, and could predict what its future value could be. Developing your land for farm use or recreation may require well and water tests to make sure water is available and safe for drinking. Having the existing timber assessed to decide if it is marketable, how much is available, and what your income could be will help you decide if a particular parcel is worth investing in.
You might not find the right timber investment land for sale as soon as you start your search. It could take time to find the property that meets your needs, and to do the research necessary to make sure it will be profitable. It is possible that you are outbid by another buyer, or that you go through extensive inspections only to find out the property will not suit your needs. Do not let these pitfalls derail your plans or squash your enthusiasm. Arkansas has abundant land, and new properties become available often.
Being a first-time land buyer in Arkansas can seem intimidating. You may not know where to start, what your goal should be, or how to figure out and work within your budget. It does not have to be a difficult process. Following the advice above will help you create and carry out a successful plan that will decrease your time commitment, and maximize your income potential. Working with an experienced professional will only increase your success, and allow you to buy more land in the future.
If you have more questions about buying land or the other services offered by Davis DuBose Knight, call us today at (877)681-9908. Our team will be happy to guide you through finding your dream property, and reaching your land ownership goals.