Buying land in North Carolina can be an exciting investment, whether you're planning to build your dream home, start a farm, or develop a business. However, purchasing land is different from buying a house and requires careful consideration. Here are five key things to know before making a land purchase in North Carolina.
1. Understand Zoning and Land Use Regulations
Before buying land, check the local zoning laws to ensure the property can be used for your intended purpose. North Carolina counties and municipalities have different regulations regarding residential, agricultural, and commercial land use. Contact the local planning and zoning office to verify restrictions and potential rezoning options. A Southern Oaks Realty agent is happy to assist you in this discovery process!
2. Check for Utilities and Road Access
Not all land parcels come with access to essential utilities like water, septic/sewer, electricity, and internet. Investigate whether utilities are available on-site or if you'll need to pay for installation. Additionally, confirm if the land has legal road access; some properties are "landlocked," requiring easements or agreements with neighboring owners.
3. Conduct a Land Survey and Soil Test
Hiring a professional surveyor ensures you understand the exact property boundaries, avoiding disputes with neighbors. A soil test (percolation test) is crucial if you plan to install a septic system, as not all soil types are suitable for wastewater management. Required setbacks and privacy borders may also be mandated and will need to be checked with the local planning and zoning office.
4. Assess Environmental Factors and Restrictions
Some land may have environmental restrictions, such as wetlands, flood zones, or protected wildlife areas, that limit development options. Check with the North Carolina Department of Environmental Quality (NCDEQ) and FEMA flood maps to ensure the land is safe for your intended use.
5. Consider Financing and Property Taxes
Unlike traditional home purchases, financing vacant land can be more challenging. Many lenders require a higher down payment and offer shorter loan terms. Research land loans or owner financing options. Additionally, be aware of property tax rates and any potential tax incentives for agricultural or conservation land use.
Final Thoughts
Buying land in North Carolina can be a fantastic investment, but thorough research is key to avoiding costly mistakes. Work with an experienced real estate agent who specializes in land sales to guide you through the process. If you're considering buying land, contact Southern Oaks Realty today for expert advice and available listings!