You have some money saved up, and you are looking to invest in a piece of land. Then, you want to make sure that you get the best deal possible for your money. You can buy 28.8 acres of land for around at different prices in various states in the US.
The average price of a 28.8 acre of land in the US is around $345,000. However, the price depends on the state and area.
In this article, you will get to know the price of land per acre across a few states in the US.
How Much Is An Acre Of Land?
An acre of land measures around 660 feet long and is considered to be around 4,840 square yards. Looking at how much an acre would cost, let’s list the price for a few states.
This region gives you one of the lowest values for an acre of land at $1,588. For 28.8 acres of land, you can expect to get it for around $44,800.
- New Mexico
An acre will go for about $1,931 which sums up to about $55,600 for 28.8 acres.
- South Dakota
The value of an acre of land in this region costs around $2,100. That means for 28.8 acres of land, the price would be around $61,000.
In Oklahoma City, the value of an acre of land is around $7,364, and this makes it $212,000 for 28.8 acres.
California brings the most expensive value in the US with $39,000 per acre. This amounts to about $1,125,894.
So, the average price of an acre of land in the US costs $12,000.
Factors That Affect The Price Of Land In The US
The price of land can be affected by numerous factors, ranging from the location to the quality of the land. In general, however, these are some of the most common reasons why US land prices vary:
- The economy: When the economy is strong and people feel confident about their income and job security, they’re more likely to buy or invest in big-ticket items like property. That demand drives up prices. Conversely, when times are tough economically (like during a recession), people may delay buying a piece of property or opt for cheaper alternatives, leading to lower prices.
- Supply and demand: If there’s high demand for land in a particular area (perhaps because it’s a desirable location or has unique features), but limited supply, prices will be higher.
- The local market: In addition to the national economy, the local real estate market can also have an impact on land prices. For example, if there are few properties available and lots of buyers looking in a specific city or town, prices will be driven up.
- Zoning regulations: Another factor that can influence land prices is zoning. If an area is zoned for residential use only, that limits the potential buyers to individuals or families who want to build a home there. That restriction reduces demand and keeps prices lower than they would be otherwise.
It’s also worth noting that while economic conditions play a role in overall trends influencing US land prices—supply and demand being key drivers—there can be big variations in land prices from state to state and even county to county. So, while the US land market might be softening overall, there could still be some hot spots where prices are rising rapidly.
The following are two specific examples of how zoning regulations can influence land prices:
1) If an area is zoned for residential use only, that limits the potential buyers to individuals or families who want to build a home there. That restriction reduces demand and keeps prices lower than they would be otherwise.
2) Another way zoning regulations can influence land prices is by dictating what types of structures can be built on a certain piece of property. For example, if an area is zoned for commercial use only, then the potential buyers are limited to businesses that want to build there. That restriction also reduces demand and keeps prices lower than they would be otherwise.
Things To Consider Before Buying a Land
1) The legal status of the land – Every property has a certain legal status. It may be freehold, leasehold, or share of a freehold property. It is important to know what kind of ownership you are getting into before buying land.
2) The location of the land – You should take into account things like accessibility, neighboring
properties, and the surrounding environment before deciding on a piece of land.
3) The purpose of the purchase – What do you intend to do with the land? Build a home, start a farm, or use it for commercial purposes? Your plans for the property will dictate what type of land you need to buy.
4) The cost of development – If you are planning on developing your land for another purpose, then you need to factor in the costs associated with doing so. This includes obtaining any necessary permits and hiring contractors to carry out work on your behalf.
Tips For Buying Land
Here are some tips that you must note before buying a land;
1. Hire A Real Estate Agent; Before you buy land, it is essential that you first hire the services of a reputable real estate agent. This professional will be able to help you find suitable properties that match your budget and requirements.
2. Conduct Due diligence; Once you have found a few potential pieces of land that meet your needs, it is important to conduct due diligence on each one before making an offer. This includes researching the property’s history, checking for any zoning restrictions, and obtaining a survey of the land.
3. Get A Loan Pre-Approval; If you need financing to purchase the land, then it is advisable to get pre-approved for a loan from your bank or other financial institution. This will give you an accurate idea of how you much can afford to spend.
I hope this article has helped you learn how much 28.8 acres of land costs. Don’t forget to do your research and work with a real estate agent when buying land.
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