Purchasing Land in Weatherford
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Check the following information for land buying tips and
What are you looking for?
- Land with a view
- Land to build your dream home
- Land with Privacy
- Land for your animals
- Land to build a shop
- Land with no restrictions
- Land close to town
- Land with an ag or wildlife exemption in place
- Land with specific zoning
Buying land can be complex, so make sure you're working with a real estate agent that can answer your questions. Just because there is not an HOA, doesn't mean there are not restrictions on that non-HOA land. Often times there are deed restrictions on the land that prevent, limit or dictate what that property can be used for, such as:
- Size of home
- Building material
- Types of buildings
- Number of buildings
- Location of buildings
- Fencing
- Animals allowed
- Number of animals
- Building time frame
Not only that but there could be county and/or utility restrictions even when buying land that is outside the city limits, such as:
- How much land in order to have a water well drilled
- How many water wells you can have
- How much land you need to have a septic system installed
- What power company is available and the cost to bring power to your home
- Is there a co-op water or electric provider
Other factors to consider when purchasing land can include:
- Is it in a flood zone
- Can it be subdivided
- What is the current zoning
- FYI, if it is already commercial or industrial then getting back to residential use could be difficult.
- What is the expected economic growth and development in the surrounding area
- The land may be outside the city limits now, but not forever
- Are there any easements or right of ways on the land
- These can include oil and gas well access, buried oil or gas lines that limit building areas, easements for logging companies, electric lines that limit building areas or create eye sores, even water lines, sewer lines, pump stations, electric substations.
Land Loans are not the same as traditional mortgage loans
If you do need to finance the land and already have an approval from a traditional mortgage broker, that approval is likely not to include purchasing land. If you're buying the land to build your dream home sooner than later, then you need to look into construction loans. Make sure you are aware of any time to build restrictions on the land before finalizing the purchase.
These loans can include two closings. The first would be the construction loan, which normally provides for 9-12 months to complete construction. They typically have a tad higher interest rate. Once construction is complete and the certificate of occupancy is issued you will be ready for the second closing, which is also know as the permanent financing. Just because you started your land loan or construction loan with one bank doesn't mean you cannot use a different lender for the permanent financing. In fact, most traditional home lenders will have better rates and terms for the permanent financing than offered by the first bank. There are lenders that will offer a construction loan with a single closing, just make sure those terms make sense.
These timelines make it all the more important to have a reputable builder working on your project. They are already at the mercy of weather delays. So you want a builder that does great work, but also completes it on time! For example: if you were given 12 months to complete your new home and close on it, but the home is not complete... the lender could require that the loan amount to paid in full on that due date. Obviously that can pose serious problems. However, if the build is almost complete and forward progress is easily documented. Then, lenders have been know to work with the clients and extend that deadline.
If you're buying the land and don't have an immediate need to build on it, then a normal land loan will suffice. Most land loans require a minimum of 15% down with fixed rate terms at 10-15 years. Sometimes you can find a lender that will allow lower down payments or longer terms. That normally depends on that lender's intention for your loan and your credit and asset profiles! If you need some credit guidance or would like to talk with a reputable lender, give Luke a call!
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