Recreational land provides exciting potential such as having your very own activity place, renting the recreational property for profit, and making improvements to increase its land value. Are you a first-time land buyer looking into opportunities in recreational land? Here are some important things to keep in mind.
Beginner’s Guide to Buying Recreational Land
What is Recreational Land?
Recreational land is, from the word itself, land allocated for recreational purposes such as gymnasiums, sports fields, swimming pools, playgrounds, public beaches and parks, fishing, hunting, and camping sites.
Cities add recreational land into their blueprints for people to play in. These areas have been decided just like how residential land and commercial properties are set in.
Important Things to Know When Buying Recreational Land
The rules governing recreational land may slightly differ from that of residential and raw land. If you are a newbie in land buying, specifically recreational property, here are some things you need to know before making a purchase:
Decide on How You Want to Use the Land
Recreational land is versatile and suitable for a myriad of purposes. However, not all of them can be used for all types of activities. When buying land, it is crucial to check the zoning, acreage, and regulations that might exist within that area. For instance, if you envision your land for hunting, the rules could be different from a fishing area. Also, you would need a larger area and adequate flora and fauna to sustain life in your recreational property.
Make Sure You Have Legal Access
Land access comes with the location of your property. This term is also referred to as an easement. An easement is the right to use or cross into another land. If other private properties surround your land, you need to know how you can have access.
Ideally, an accessible recreational land location is the one near the public road since people are going to be visiting your land. If an easement currently does not exist, you may consider a claim for an easement.
Proximity to Utilities
Given that recreational land is used for different activities, utility sources such as electricity, telephone service, and water must be available near your property. Some pieces of land have access to utilities connected. In contrast, others may state “nearby utilities,” which could mean that it does not have utilities directly connected to it. Setting up utilities is a costly process considering the cost of connection fees and line extensions. Relative to how you envision using your land, proximity to utilities is definitely a factor to consider.
Cost of Developing Your Land
Buying raw land is different from purchasing a residential property. Typically, residential properties present the price upfront. At the same time, recreational land comes at a lower rate, but the additional costs come later. The cost to develop your land can vary greatly, depending on the size of the lot, connection to utilities, what you want to build, and so on. Given these, it is a good idea to assess your current financial situation to ensure everything is taken into consideration.
Work With Experienced Land Experts
When you have done your research and picked the most suitable piece of recreational property, the next step is to find an experienced recreational land expert to walk you through every step, from negotiations, insurance, legal concerns, and finally, closing. It is beneficial to work with recreational land experts as they have unique skills and expertise in finding a potential property that matches a variety of recreational activities so you can make the most out of your investment.
Are you thinking about investing in recreational land in Oklahoma? Let us know how we can help you. Our experienced and dedicated staff at Wiggins Auctioneers understands your real estate needs. We have offices located in Enid, Oklahoma City, and Fairview, OK Get in touch with us to know more.