When the available homes or properties do not check the items on your list, buying land is a viable option. This alternative offers you more freedom for customization that otherwise may not be possible when buying resales. Indeed, there are several factors to consider before signing a purchase agreement. Here we put together what you need to know when buying land in Oklahoma City.
Your Ultimate Guide to Buying Land in Oklahoma
According to US News, Oklahoma is the 3rd cheapest state in the U.S. This shows great potential for high affordability relative to most housing markets in the country.
Oklahoma City has one of the world’s largest livestock markets and has promising developability. Whether you are looking to build a property on the land or are looking to invest, below are the important things to keep in mind when buying land in Oklahoma City:
Zoning and Building Restrictions Matter
There are jurisdictions governing how land may be utilized. Lands may be zoned for residential or commercial use or both. Depending on your goal, it is crucial to determine if the land you want to buy is intended and can be developed for housing or industrial purposes.
The City of Oklahoma City Zoning and Planning Code contains a set of standards for the development of land, including permitted uses, land size, setbacks, densities, landscaping, parking, screening, and other regulations. Specific areas in OKC may also require design approval. These are just some of the factors to take into account in regards to zoning codes. You may also want to take a look at the zoning map to see if your prospect lot is within the area of purpose.
Read more about the zoning rules in Oklahoma City here.
Location and Utility Sources
Location is the number one facet of real estate; in fact, agents stand by this mantra. As a prospective buyer, this should also be one of the first things to consider before investing in real estate property.
Certainly, assessing the location will largely depend on your necessity. Oklahoma City is gradually incorporating a metropolitan feel in its western culture. Therefore, there are several areas allocated for different grounds. You may want to factor in amenities such as public transit, walkability, rail and intercity bus, schools, and parks for residential purposes. You may want to look into access to resources such as water, electricity, and natural gas for agricultural lands.
Property Setback Line
A setback is a minimum distance from which a house, buildings, or other structures must be away from the road, street, or border of the lot. Some jurisdictions encompass landscapes, fences, and tanks within the property.
For instance, In Oklahoma City, office and commercial districts generally require a 15-ft setback line for yards. Considering the lot measurements and the size of the structure, knowing the setback requirements gives you an idea the land property can accommodate your needs.
Planning Your Next Steps
Now that your prospect land checks the important items above, it is time to proceed with your purchase.
The first step is to submit a written offer letter to the seller or landowner. Doing your market value research is practical and gives you an informative decision in offering a reasonable deal. If the seller agrees on the offer, whether at an auction or the conventional way, make sure to appraise the contract before signing a purchase agreement.
If you need help with the process and the paperwork, it is ideal to consult professionals specializing in real estate to make the process a lot smoother and more manageable.
Thinking of buying land in Oklahoma City? We are here to make acquiring a property easier for you. Wiggins Auctioneers is a team of well-versed and dedicated professionals with decades of experience in successful property auctions. Contact us today for lands and homes for sale in Oklahoma City.