The Forgotten Coast of Florida offers several lots and vacant land for sale throughout its charming communities and surrounding towns such as Apalachicola, Carrabelle, and Port St. Joe. These properties can start at less than $25,000, with beautiful parcels of land trending upwards of $3 million. Here are some of the best tips I can offer when buying land or vacant lots in the Forgotten Coast area.
Know where you want to buy.
While it might seem obvious, the location is everything. Consider both immediate and future consequences of your purchase. If you're buying for investment purposes, ensure the land will have resale value. If you're building, verify that the land is “improved” or can be improved, with access to utilities and water.
Consider a land survey.
A survey might not always be necessary, especially if the land was recently surveyed. However, obtaining a survey is beneficial to clearly define the property boundaries. Survey costs can vary, ranging from $300 to over $1000 depending on the land type and specific requirements. Additionally, soil tests can help determine if the land can support buildings and infrastructure. Environmental assessments may also be needed, particularly if you're building near wetlands or nature preserves. These tests can save you from buying land with contaminated soil.
Real Estate expert Bill Gassett of Maximum Real Estate Exposure gave me helpful tips on land surveys buyers should know when purchasing land.
"One of the essential things that every land buyer must consider is a land survey. If the seller does not have one, it is a must to pay for it. A survey tells you precisely what you're purchasing. Without a survey, you may regret your purchase!
For example, the survey will identify if there are wetlands. Can you imagine wanting to put in a pool only to find out it isn't possible? These are the kinds of problems that a property survey will help you avoid.
Land surveys also identify the exact lot lines of the property. You can determine precisely what you'll be buying and where you can make any improvements. Skipping a land survey is one of the most significant land purchase mistakes."
Can I Make a Contingent Offer When Buying Land?
Yes, you can make a Contingent offer when buying land. A contingent offer means the purchase depends on certain conditions being met. Common contingencies include:
- Financing: The offer depends on securing a loan.
- Survey: A satisfactory land survey to confirm boundaries and identify issues.
- Environmental: Assessments to check for soil contamination or protected wetlands.
- Zoning: Confirming the land is zoned for your intended use.
- Inspection: Soil tests and other inspections to ensure the land is suitable.
- Utility Access: Verifying that utilities can be accessed or installed affordably.
- Title: Ensuring a clear title with no legal issues.
Include clear conditions, deadlines, and actions if contingencies aren't met in your offer. This protects you and ensures the land meets your needs before finalizing the purchase.
Understand the cost of utilities, sewage, power, and water.
Many pieces of raw land may not have utilities hooked up. Connecting to utilities can cost thousands, depending on the distance from the nearest connections. You might need to install pipes to reach city sewer lines, wiring, or septic systems. These costs should be integrated into your budget, as they can significantly impact the overall expense of owning and building on vacant land.
Have an exit strategy.
It's wise to have an exit strategy in case your plans fall through. The land may not be suitable after completing all tests and analyses. While you own the land, it will be subject to property taxes, even if it remains vacant. Turning it into a residence can be part of your exit strategy. Consider the entire process, from preparing the land for building to selling or living in it as your primary residence.
Prepare for challenges.
Building from the ground up comes with its own set of challenges and unexpected hiccups. Buying land and constructing a new home can be an exciting yet sometimes stressful undertaking. There are plenty of lots and lands that are fully buildable as they are. Start your online search here, or please call our office for a dedicated list of all current lots and vacant land that match your price range and requirements.
