Texas, also known as the Lone Star State, is among the most populated states in the United States. With its invitingly warm weather, unique attractions, and cultural diversity, there’s no wonder why there is a demand for people to live there. According to data from Texas Tribune, the state’s population is growing at a rate of over 1,000 persons a day.
If you’re looking to buy land in Texas, its expansive terrain and numerous cities and regions are your oysters. Anyone can find something interesting in this All-American state with its ample mix of rodeos and urban areas.
What Are the Benefits of Buying Land in Texas
Apart from the vast fields, rolling hills, and majestic mountain ranges, there are many other fantastic reasons why it’s worth buying land for sale in Texas. Listed below are the benefits:
- You can score affordable prices.
Land for sale in Texas is affordable. Although rates in different areas may vary from one another, purchasing vacant land here is a wise and viable investment, compared to placing your money on construction or purchasing commercial establishments.
- You can quickly gain funding through financing.
If you think you are not in the position to purchase land through a one-time payment, there are many lenders in Texas interested specifically in financing rural land purchase or development. The majority of these financers are farmers and landowners themselves, who understand the challenges of engaging in agribusiness.
- There’s more freedom to develop properties.
Unlike in cities and other urban areas where most real estate developments follow strict provisions, development on raw lands in the Lone Star State are quite lax. The only thing you need to do is seek approval from local authorities such as the county subdivision and nearby municipalities.
- You can invest and earn a profit from the land.
You can use your purchased land to start relevant businesses in the area like a B&B, camping grounds, an inn, or even hunting grounds.
- You can deduct some of your expenses.
You can file a “Schedule F” in your income tax if you’re planning on using the vacant land for farming. With this, you can write off your accumulated farming expenses and any loans to buy the property.
- You may qualify for various tax exemptions.
You may also qualify for tax exemptions imposed on agriculture, timber, and wildlife. These can lessen the amount of your annual property tax significantly. This exemption mostly applies to land use for grazing, pasture, wood harvest, and wildlife preservation.
If you’re thinking of buying land in Texas, don’t doubt it. There are many things to look forward to when you finally do.