Frequently Asked Questions

Every scenario will be different depending on each individual’s situation. The short answer is quite simple… Buy the land with a vacant land loan or cash. Then, meet with different builders and/or contractors to produce plans or select a model. Finally, obtain a new construction loan and sit back and watch your dream come to life. Consult a local Realtor to walk you through a step-by-step process.

Despite the vacancy offered by empty land, zoning is important to consider when it comes to purchasing property. For instance, recreational zoned lands would allow activities such as hunting, fishing, camping, etc. whereas residential lands are zoned for those who plan to build their dreamhouse. Our agents at Palmetto Realty can help identify these zones and provide customized listing options depending on the purpose of the land you intend to buy.

One of the biggest differences when it comes to buying land vs. buying a home has to do with financing. Fortunately, the underwriting and approval process is typically simpler than it is for a home loan. However, because Land Loans are riskier for the lender, you will need to expect a minimum down payment of 20-25%. The down payment rate and approval process also takes into account whether you are purchasing the land for land-only or for land/construction, which could only require 5% down depending on the lender. This is why hiring a trusted realtor such as one of our Palmetto Realty agents is invaluable when it comes to purchasing property.

The best way to answer this question is by contacting us so we can walk through a series of questions to give a contextualized answer. The good news is that even though the process of purchasing land is different than a typical home, land financing is absolutely possible. The key is to work with small banks, farm credit institutions, and the right lenders who are able and resourced to provide financing options–whether you’re looking to buy 10+ acres or simply want land to build unique structures such as barndominiums, modular homes, or kit homes.

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