Alabama is an excellent place to invest in real estate because it has over 50,000 square miles of land. However, with so much land available, selecting the appropriate property can be difficult. To buy land in Alabama, you’ll need to select the property you want, secure financing if necessary, and put down a 15 to 25% down payment. The best land deals in Alabama will be found in the state’s more rural locations. Focusing your search on Birmingham or Montgomery will result in a higher cost per acre, whereas a section of the state without quick access to hundreds of businesses, stores, and restaurants would likely yield a lower cost per acre. If you are looking to buy property as an investment, though, a good deal on land in a growing, thriving section of the state would be a better choice. Hayden, Pike Road, and Summerdale are among the state’s fastest-growing cities, although tourism regions like Gulf Shores may also offer investment prospects. You can look for the best buying land in alabama.
Land Costs on Average
If you’re looking for a good price on a piece of land, Alabama is a good place to start. It isn’t, however, the best deal you’ll discover. With an average price of $12,356 per acre, Alabama is the 23rd most expensive state in which to buy land. At $1,558 per acre, Wyoming was the cheapest, while New Jersey was the most costly, at $196,410 per acre.
However, just because the average per-acre price is $12,356, doesn’t mean you can’t find land for much less. The finest price can be found in Limestone County, where land can be purchased for as little as 38 cents per square foot. In that part of the state, the average lot size is 79,120 square feet, so you should be able to find a lot that meets your needs.
Land for Sale in Alabama
Search the Department of Revenue’s Tax Delinquent Properties for Sale for a good price on property in Alabama. You can search for properties by county, date of sale to the state, and other criteria. Other websites might assist you in locating land for sale. Landflip.com and Landwatch.com, for example, allow you to search for properties around the state and view photos of the land to assist you in making a selection. If you’ve determined that purchasing land in Alabama is the best option for you, a real estate agent that specializes in Alabama properties may be able to assist you. Make a trip to look at different properties if feasible before making an offer on one. Even if you use tools like Google Street View to get a good look at a location, you won’t have the same experience as if you went there in person.
Unless you have enough cash to put down on a home, you’ll almost certainly require financing to make a purchase. If you buy land in Alabama, you’ll pay significantly more in interest than if you bought a house, as in other states. However, before checking rates with specialized rural land lenders, you can still shop around with your favorite local banks and credit unions to see what they have to offer. There are several loan companies in Alabama that specialize in rural land purchases. First South Farm Credit, Alabama Farm Credit, and Alabama Ag Credit are among them. A down payment should be between 15 and 25% of the purchasing price.