First time property purchaser looking for advice

[CityLimtRedneck]

Wife and I are looking at moving out of the suburbs to get on some property. I have a property I'm going to go look at tomorrow that checks most of our boxes on what we are looking for. Just curious what advice y'all would give to someone looking at land for the first time. Thanks for any wisdom y'all can instill!

Bit of info on the property

Septic tank on property

Water is from a well

Access to property is from an easement that runs through a couple other properties

[Chance Love]

First bit of advice would be to hire a Realtor to work for you. Won't cost you a dime. Will most likely save you some $$, and for sure some headaches.

And if you find something you really like, be ready to jump on it. Pretty hot market right now.

[DFWPI]

Yup

First bit of advice would be to hire a Realtor to work for you. Won't cost you a dime. Will most likely save you some $$, and for sure some headaches.

And if you find something you really like, be ready to jump on it. Pretty hot market right now.

Exactly.....

Spoke with one of my investors yesterday trying to buy a house and comps weren’t what they should be, so of course, she calls me AGAIN to get correct comps. She was paying about $15k over what she should have been offering as a flip.

[TKRanch]

Pay close attention to "easements" and make certain they are documented and guaranteed. If no house on property, just having a septic does not mean that it would accomodate what you build, so confirm that or it could be the added cost of new septic and dealing with old one as well. Also check into how old the well is as same is important. If it is an OLD well it may not be adequate for what you need and drilling new is not cheap.

Make certain that even if you do not get any minerals on the property, you have control of the surface rights of the property. And of course make certain you aware of all restrictions that could be involved.

Good luck!

[Pineywoods]

Pay close attention to "easements" and make certain they are documented and guaranteed. If no house on property, just having a septic does not mean that it would accomodate what you build, so confirm that or it could be the added cost of new septic and dealing with old one as well. Also check into how old the well is as same is important. If it is an OLD well it may not be adequate for what you need and drilling new is not cheap.

Make certain that even if you do not get any minerals on the property, you have control of the surface rights of the property. And of course make certain you aware of all restrictions that could be involved.

Good luck!

Solid advice

[35remington]

First bit of advice would be to hire a Realtor to work for you. Won't cost you a dime.

Let's not act like a self-represented buyer can't negotiate for the 3% cut a buyer's agent would've received.

[DFWPI]

Let's not act like a self-represented buyer can't negotiate for the 3% cut a buyer's agent would've received.

From my short 3-years as a realtor, I’ve seen a few times, but hasn’t worked out well for most of them.


From my Make Believe World

[C.W.Ashby]

Let's not act like a self-represented buyer can't negotiate for the 3% cut a buyer's agent would've received.

Sure they can...maybe. But in my nearly 20 yrs I can't tell you the number that come in my office after they have done it and need me to "fix" what they have gotten themselves in to. There are reasons professionals get paid in every vocation. There really is more to it than negotiating price, if it is done right

[Grayson]

Let's not act like a self-represented buyer can't negotiate for the 3% cut a buyer's agent would've received.

True but a good realtor who knows their stuff like Chance Love is worth 3% and then some. It's not all about the money, especially for a self-proclaimed "first time property purchaser."

[35remington]

True but a good realtor who knows their stuff like Chance Love is worth 3% and then some. It's not all about the money, especially for a self-proclaimed "first time property purchaser."

Agreed. To be clear, I wasn't recommending OP go this route. Carry on!

[HogHunter34]

Good advice above
I’d definitely find out more on the easement. Not sure the layout & property access but I’d make sure it’s not a land locked situation
Also, check on electrical service with local provider if you haven’t factored that
Might also make sure no flood plain zoning for building purposes

[dbelcher269]

The easement is the biggest flag so far and I'd recommend a realtor for sure if you don't have experience buying and selling properties, especially with that easement. Mineral rights, possible easements THROUGH your property, history of property (was is used for landfill, prior industrial use, etc) are things to be interested in. If no electricity, can youget it ran down the easement? Same for water. Good luck in your search.

[Kevin]

I enjoyed reading this before jumping in... Some of it is not relevant for Texas, but a lot of it is.

https://www.amazon.com/How-Dirt-Smart-Buyer-Country-Property/dp/0741434431/ref=sr_1_3?dchild=1&keywords=dirt+smart+buyer&qid=1611255485&sr=8-3

I purchased a FSBO and then once I was ready to purchase, contacted a real estate agent to help close it out at a fixed fee. Worked out really well. Im not sure how feasible that is now-days since everything is flying off the market so fast.

[RDL]

Like said above with all the other great advice having a realtor that works on your behalf is worth every penny!


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