Do you find yourself dreaming about your own outdoor refuge to hunt, fish, camp, hike, or just spend time out in nature? When you envision your future, do you see yourself building a life out in the country? No matter what your reason for wanting a piece of land to call your own, one thing is for certain – they’re not making any more of it!
Land is a Low-Cost Asset
The demand for and value of land in Michigan seems to have steadily increased over the past few years. There is no reason to believe the trend won’t continue. Based on my experience over the last few years, people are seeking land for several reasons: as an investment, for recreational use, for future homesites, and the desire to have more space and privacy.
If you’ve been considering investing in property to call your own, there’s no better time than now. Trends show that land values have continued to increase. Owning land can be a low-cost asset that can add diversity to your investment portfolio.
You don’t necessarily have to make improvements to watch the value of your land increase. However, making improvements can increase its value even more. This is a benefit you cannot get through leasing land. Adding a pole barn, cabin, fencing, utilities, or really any sort of improvement to your land is going to help increase its value – and the best part is it’s all totally up to you what you want to do with it!
As a hunter, this can be incredibly valuable when it comes to building food plots or managing your deer herd, an opportunity you just can’t get when hunting on someone else’s land.
An Investment in the Future
There are other ways to add value to your land that can offset your cost of ownership (mortgage, taxes, etc.). Consider ways you can bring in an additional source of income. Growing your own fruits or vegetables, raising livestock, harvesting timber, or even beekeeping are all options. If you don’t plan to live on your property full time, the vacant cabin on your land could be used as a rental property. You can also consider leasing parts of your land to local farmers or hunters.
There may also be tax advantages that your land may qualify for. Land eligible for a Conservation Reserve Program (CRP) can become part of a conservation effort to protect environmentally sensitive land to enhance wildlife or improve things like water quality. There are also many sanctuary programs you can participate in (like setting up bat houses on your property) that can give you a tax advantage while also preserving wildlife.
Where to Start When Looking for Land
When you are ready to take that next step and start hunting for land, there are a few important steps that will help ensure a smooth process.
First, make sure you know what you’re looking for. Know what you want to use your land for, and the qualities of the land you’re searching for. Consider what you want to use your land for today as well as what you see yourself doing with it in the future. A great place to spend time enjoying your favorite outdoor hobbies now might end up becoming where you build your forever home in the future.
“Look into whether you can have power and utilities on your land. Is it easily accessible, or would you be able to build a road to it? How many building site locations are potentially on the land? Can you get a perc test done on the property to know if you will be able to install a septic system?” says Tim Lyzenga, agent and land specialist at Wildlife Realty, a brokerage based in Michigan that specializes in the sale of hunting land, farmland, and recreational property.
“These factors are all important in determining whether a property will fit your needs long term or not.”
Work with the Experts
Working with a lender who specializes in recreational land financing will greatly improve your experience. At GreenStone, we offer financing for recreational vacant land with no stipulation to build. This means you can enjoy your land just as it is for years to come or build whenever you’re ready.
Obtaining a letter of preauthorization from your lender plays a large role in determining how quickly you are able to put an offer in on a property. Once you have a letter of preauthorization, you are ready to start looking for properties.
As you are looking for land for sale online, “be wary of clicking on links for ads that have a ‘contact now’ button,” says Blake Ver Woert, broker, agent, and land specialist with Wildlife Realty. "Your best bet when looking for the perfect property is to work with a professional realtor who specializes in recreational properties."
“A specialty brokerage will have the knowledge, experience, and expertise in helping you determine if a property meets requirements. They will also be able to help you determine if your land is eligible for a CRP or could be a part of a wildlife sanctuary program, something a traditional realtor typically would not be aware of.”
No matter where you are on your land hunting journey, working with a team of dedicated experts is the best way to secure the property that is perfect for you!
Contact your local GreenStone branch to learn more about financing for recreational vacant land.
