Reasons to Buy Land Before the End of 2020

2020 has been a rough year for all of us. For many, life today looks nothing like what it did at the beginning of the year — but life does still go on. Big decisions like getting married and buying a home are still being made. While making those choices is particularly difficult right now, there are some silver linings.

The end of 2020 is actually a great time to invest in real estate. Real estate is generally a smart investment, no matter what the time of year. But some times are better than others. 

Below the team at SRC Land explains why 2020 is a good year for land buyers, and why real estate might just be the investment you’ve been looking for.

Buying Property in 2020

There’s no denying that this year has been unprecedented. The combination of an election year and a pandemic has collided with the other real estate trends that have been developing for years, all of which have come to make 2020 a particularly good time for those interested in buying a home or property.

1. Mortgage Rates Are Low

If you’re considering buying a home, you’re probably considering credit options. While SRC Land offers Harlingen owner-financed lots for those unable to access credit through traditional lenders, low mortgage rates may be one factor to consider if you’re wondering if buying a home before the end of 2020 is right for you. Specifically, mortgage rates have dropped significantly since their peak in 2018. In fact, mortgage rates have hit record lows 9 times this year.

2. Prices Are Low

According to data collected by the Federal Reserve, sales prices on homes have been decreasing since 2017, based on a median price. That decline reached nearly 10 percent by the end of 2019. In 2020, prices haven’t dropped, but they have reached a “softening period.” Those prices are expected to rebound in the coming year.

3. The Stock Market Is Weathering the Storm

2019 was a good year for stock investors, putting them in a solid position to start the year. While 2020 has been chaotic, the stock market is still doing relatively well. This means both that the economy is healthy and that your own investments may be rebounding.

Buying Property at the End of the Year

Just like Halloween candy and airline tickets, you can save money on property by buying at the right time. By being patient and striking at the right time, you can save considerable money on your investment.

1. Thin Competition from Buyers

The one thing all of us probably remember from Economics 101 is the concept of supply and demand. When demand is low, prices are likely to drop. Because of this, October and November are generally a great time for home shopping. This is the time when most buyers stop looking for the year. December is particularly good because most potential buyers will be busy with the holidays.

2. Save on Taxes

Buying a lot or land for sale in Harlingen represents a significant opportunity to save money on your taxes for this year. These savings come in a few key forms:

  • Deductions —  If you buy a home prior to Dec. 31, you can deduct some of your mortgage loan interest, closing fees, and property taxes. Taken together, these deductions add up fast. This is especially true when your mortgage is still relatively new and your payments are primarily covering the interest.
  • Tax Credits — Investment in things like energy-efficient homes can sometimes qualify you for specific tax credits.

3. Sellers Want to Save on Taxes Too

Buyers aren’t the only ones looking to save money on their taxes; sellers want to get in on those potential savings, as well. This is partly due to the fact that many sellers might be waiting to close a sale before purchasing their own home. This need to close in time to negotiate another purchase could lead sellers to be more flexible with the deals they offer you.

4. Save on Contractors

Winter can be an excellent time to do home renovations, especially in Texas. Winter tends to reach a slow down period during which many contractors may offer lower rates or simply be more available. This means you may have an easier time hiring plumbers, roofers, electricians, inspectors, and even moving companies.

The General Benefits of Buying Property

Thankfully, 2020 won’t last forever. Even once the year is over, buying and investing in real estate will still represent a great way to build your financial portfolio and future. There are countless benefits to buying and owning your own home, some of which include:

1. Earning a Consistent Income

Those interested in securing a source of stable passive income should consider purchasing property. Once an investor has a mortgage, the property can be rented out to create a consistent flow of income. This sort of stability is the foundation of an individual’s long-term financial health.

2. Owning Your Own Home

The rental-income opportunities of buying land lead to another benefit of purchasing a home: you won’t need to pay rent anymore. Sure, when you buy a home you will probably have some sort of mortgage, but the payments you make on that mortgage will go towards a home that you own rather than a temporary living space. This also means that you will have the freedom to make any changes to the home that you may want.

3. Building Your Equity

When you initially begin making payments on a mortgage, the majority of that money goes towards paying off the interest on the loan. However, once you begin paying off the principle of the loan, the actual borrowed amount, the equity in your home will begin to grow. After consistent payments, you can borrow against that equity for things like additional properties or college tuition.

 

Take advantage of the great opportunities available to homebuyers in 2020 with SRC Land.

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Everything You Need To Know About Buying Commercial Land

Let’s say you have an idea for the perfect development. All of your plans are set, and you’re ready to find the peace of land that’ll make your dream a reality. But where do you begin? In an overwhelming world of zoning laws, environmental problems, construction concerns, and laws about land usage, purchasing land for commercial use can seem like a daunting task.

When you consider all the finer details that go into a final deal, due diligence can define success. Without sufficient investigation and research, you may or may not end up with the property you needed—leaving you with a piece of land that you can’t use how you intended.

Luckily, the land development experts at SRC Land can make the process far smoother. As a buyer, you can definitely do your part to ensure the best possible outcome by knowing everything you need to know when purchasing commercial land.

Zoning Laws

You should know the zoning laws of the land you plan to buy. Zoning laws can determine the ways a specific area of land can be utilized. For example, you may have intentions to build a mixed-use development on your plot of land, but it’s zoned for residential use. In this scenario, your best bet would be to negotiate the purchase contract contingent on the rezoning of the property or getting a variance. 

Both options can be tedious and require additional fees, making you want to pass on that piece of land. Zoning impacts about everything in regards to your future business plans. It can control noise levels, business signage, parking regulations, waste management, and much more. So make sure to review all zoning laws before signing a lease, and remember that certain land can be zoned for multiple uses. 

Ask About Utilities

Don’t assume that particular utilities will be available at your property. Always ask in advance. If you’re developing on the land, this is a crucial step to cover since hidden costs will creep in.

Based on your intended use of your commercial land, you’ll have to secure the proper utilities to carry out your business. If the city doesn’t offer the services you need, find out if you’ll be able to acquire them, whether it’s access to a septic system, water, electricity, gas, or a telephone. 

Deed Restrictions

You’ve been looking and you think you’ve discovered the piece of commercial land you wish to use for development. It’s zoned properly, utilities are available, and it’s easily accessible; however, there might be another obstacle preventing you from developing the property: deed restrictions.

Deed restrictions exist to determine the way title owners can utilize the land. For instance, there could be a restriction on the land that doesn’t allow commercial development despite it being properly zoned for such use.

Restrictions can cover everything from the future use of the property to building height, characteristics of buildings, property maintenance, and other responsibilities associated with the land. Generally, deed restrictions apply to all future title owners.

These restrictions outweigh zoning regulations, so even if you find commercial land that fits your use, a restriction could still keep you from pursuing your planned development.

Accessibility

When settling on a property, remember that location is everything. Having a clear-cut plan for your commercial land will help you figure out which questions to ask that can help you address:

  1. If there’s room to add parking and space for proper ingress and egress.
  2. If the location is convenient to your future clientele.
  3. What the nearby competition is like.
  4. If the construction company has access to the land.
  5. If it’s easy to get to major highways and shipping routes.

Topography & Design

It’s especially important for you to evaluate the topography and design of the land you wish to purchase. Consider the following before you select your next commercial lot:

  • Environmental qualities (e.g. soil quality, underground pipes, underground storage tanks, etc.)
  • Slope of the land
  • Floodplains
  • Nearby streams/water sources
  • Wetlands
  • Shaded or sunny regions

Considering this information can help you make a lot of money if you are going into agriculture or save you a lot of money in the future if a flood or natural disaster were to occur.

At the end of the day, all of these concerns can be addressed so you find commercial land that will help your business carve out future success. At SRC Land, we guide clients through every phase of a land deal so you receive the greatest value, and we’d be happy to help you in your land investment. 

 

Don’t let the uncertainty of purchasing commercial land stop you from starting your own business.

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Bust These 4 Common Misconceptions About Land Values With SRC Land

When looking into land values in 2020, it’s no surprise that they can vary. Given the state of the current health pandemic we’re in, it only makes sense for the value of certain properties to fluctuate.

Several factors have created an uncertain market for land values such as an economy stuck in limbo and a stock market following suit, new land and trade laws, along with an unclear prediction of how the rest of this year will play out. Despite this, it’s imperative to have a good understanding of the concept of land values, especially if you’re thinking about purchasing property. 

Let the property professionals at SRC Land set the record straight on the most common misconceptions about land values for sale in Texas.

#1: Land Values Reflect the Stock Market

It was once a general rule of thumb that land values reflected the stock market. Over the years, however, this hasn’t been the case. There are numerous factors that affect the value of land in Texas, including natural disasters, local and national laws, commodity prices, rate of return, and more. While the stock market can be a good indicator of what direction the economy is going, it can’t be the primary factor you turn to for verifying land values.

#2: A Higher Demand for Crops/Livestock Means Higher Land Prices

This is not necessarily true. Even when a particular crop or type of land is in high demand, there are various outside factors that can keep the value of the land from increasing.

Even the highest quality land can be hit by forces outside of the land owner’s control. For instance, if you were a landowner in the forests of East Texas and the area was deep into a drought, this could harm the land value even when the demand for forest productivity–something that would increase this particular land’s value–is high.

#3: Decreases in Land Values Mean All Land Values are Suffering

While the majority of land markets are interconnected, there are many types of land that may thrive, even while others are doing poorly. For example, a drop in hunting can lower recreational land values.

While landed used for recreational activities like camping or ATV-ing hasn’t lost its appeal or popularity on the market, it is crucial to also take hunting into account when evaluating the overall land value.

#4: There’s No Guaranteed Way to Predict if Land Values Will Go Up or Down

Looking at the state of today’s land values, it’s natural to view them as unpredictable. While this holds some truth to a certain extent, there’s one surefire way to indicate what can increase the value of a property, and that is whether people move into the specific area surrounding the land. As the population rises in a given region, the demand for land will also typically increase. This boosts the desirability and price of the property. 

Let SRC Land Be Your Guide in Finding the Perfect Piece of Land

Land values can be complex. They can be tough to track, but understanding the common misconceptions about land values might give you a better idea of the value of your own land.

The best way to learn more about a property and its value would be to seek an experienced land consultant that knows the in’s and out’s of the local market while also taking the dozens of separate factors into consideration.

 

Don’t let misconceptions keep you from becoming a landowner. Contact SRC Land today to start your journey.

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4 Country Style Living Room Ideas You Need for Your Ranch

Sometimes country-style decor can get a bad wrap. Many typically imagine old, ceramic roosters from years ago or bold, red barn doors. But here at SRC Land, we’re all for country decor, and we know you can still achieve that rustic aesthetic with a modern twist you’re looking for. 

1. Bring Nature Indoors

If you’re looking for a rustic theme, using natural wood for paneling, floors, doors, or furniture is your best bet. Those warm colors will brighten up the space without overdoing it, and it’ll look similar to a lodge or a modern barn. Make sure to treat the wood with a stain or sealant close to the raw color to maintain its natural beauty.

Another option is to bring in plants to areas that get plenty of sun. The best indoor plants for bright light are cacti, succulents, agave, and figs. You can also grow your indoor plants in rustic tins or planters to make the look cohesive.

2. Make it Comfortable

People feel drawn to country decor for various reasons, the most common being comfort. Country colors, including rustic red, warm yellow, and shades of brown, are soothing colors that welcome guests to kick back and stay for a while. Pick the comfiest chair or couch possible that you can sink right into it, with full-fledged comfort. Kick up your feet on a leather, plaid, or neutral-colored sofa or chair.

Be sure to allow a generous amount of space for your family and a couple of guests, so you can all be in the same room together (all the while upholding social distancing). A coffee table would be great as well. We love the idea of building a table out of a recycled pallet or unstained and sealed wood.

3. Accessorize to Tie the Room Together

If you’re a hunter, showing off antlers can serve as a wonderful conversation starter for your living room. There’s a lot that you can do with antlers, from hanging lights, lanterns, and LED candles to incorporate them into a bookshelf, coffee table, or magazine rack.

Window treatments give off a great finishing touch, but these are generally pretty simple when it comes to country-style decor. Try going for a plaid or striped fabric, or installing straw or bamboo blinds in order to add in a neutral color while preserving privacy.

Don’t be afraid to get creative with small accessories, from ammo coasters to model cars, horseshoes, and repurposed whiskey bottles. For a rug, pick out a size that suits your sitting space, and bring in a dash of rustic color or a pattern that makes you feel at peace.

You can keep your flat-screen TV without stressing about it fitting in with your country-style decor. Just choose an entertainment center with doors that shut to hide your electronics and wiring. Get one that includes shelves for Blu-Rays, gaming consoles, remotes, and sound systems.

If you’re a book fanatic, incorporate bookshelves into your living room to create a reading area. You can also set up a chessboard or keep a collection of board games in there for whenever you plan to host a game night with family and/or friends. Dividing a living room into sections maintains the cohesive, open flow while using that space for multiple purposes to take advantage of square footage.

So, if you’ve been dreaming of that rustic man cave or neutral family room, now you have some fresh ideas to help you get started on turning that dream into reality!

 

Searching for real estate in Harlingen or another town in Cameron County? Feel free to reach out to SRC Land to find the perfect place that meets your needs today.

 

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