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Acres: Any 0-1 1-2 2-5 5-6 6-10 10-20 20-40 40-80 80+
Minimum Price: No Min $10,000 $20,000 $30,000 $40,000 $50,000 $60,000 $70,000 $80,000 $90,000 $100,000 $125,000 $150,000 $175,000 $200,000 $225,000 $250,000 $275,000 $300,000 $325,000 $350,000 $375,000 $400,000 $450,000 $500,000 $550,000 $600,000 $650,000 $700,000 $750,000 $800,000 $850,000 $900,000 $1,000,000 $1,100,000 $1,200,000 $1,300,000 $1,400,000 $1,500,000 $1,600,000 $1,700,000 $1,800,000 $1,900,000 $2,000,000 $2,100,000 $2,200,000 $2,300,000 $2,400,000 $2,500,000 $2,600,000 $2,700,000 $2,800,000 $2,900,000
Maximum Price: No Max $10,000 $20,000 $30,000 $40,000 $50,000 $60,000 $70,000 $80,000 $90,000 $100,000 $125,000 $150,000 $175,000 $200,000 $225,000 $250,000 $275,000 $300,000 $325,000 $350,000 $375,000 $400,000 $450,000 $500,000 $550,000 $600,000 $650,000 $700,000 $750,000 $800,000 $850,000 $900,000 $1,000,000 $1,100,000 $1,200,000 $1,300,000 $1,400,000 $1,500,000 $1,600,000 $1,700,000 $1,800,000 $1,900,000 $2,000,000 $2,100,000 $2,200,000 $2,300,000 $2,400,000 $2,500,000 $2,600,000 $2,700,000 $2,800,000 $2,900,000 $3,000,000+

Land Buyers Frequently Asked Questions

Top 10 Questions from Land Buyers

1.    Why own land?

2.    What's the value of land?

3.    How can I find out what I can do with my land?

4.    Is land a good investment?

5.    What's the access?

6.    Can I develop the land I buy?

7.    Where can I find a reputable builder or contractor?

8.    How can I finance my purchase?

9.    Do I need a survey?

10.  How about utilities - electric, phone, cable, water & sewer?

Top 10 Questions from Land Buyers

1.    Why own land?

Owning land satisfies a strong yearning to connect with the earth and our surroundings and wildlife. Many of us are sort of addicted to owning land; being able to stand on your own land gives you great satisfaction that can't be found any other way.

In addition to that strong psychological need, land has practical, tangible benefits as well as other intangible benefits. These include:

• A place to call home. The pride of ownership helps build strong communities.

• A sense of belonging and a connection with the land. It's yours - a place of solace and peace.

• Financial benefits and wealth building.
  • Appreciation
  • Timber management
  • 1031 tax deferred exchange
  • Long-term capital gain
  • Agricultural and timber production

• Environmental stewardship.
  • Protection of unique resources
  • Wetland preservation

• Leave a legacy to your family or the world.
  • Create a long-lasting family place
  • Public benefits through the Trust for Public Lands, The Nature Conservancy, The Audubon Society or others

• Investment in memories. The memories created on your own land with family and friends live on and on.

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2.    How can I determine the value of land?

Every parcel of land is unique and subject to objective and subjective variables. Objective variables may include:

• Location
• Topography
• Access
• Zoning
• Timbered or open
• Amount of wetland
• Drainage and soil type
• Availability of utilities

Subjective (those important to you) variables can include:

• Views
• Historical significance
• Surrounding land use
• Neighborhoods

Land is subject to market forces, too, like most of the things that we buy. Supply and demand, the ability of the land to generate income and the terms of financing can all affect values, too.

You probably want to know what other people have been paying for land. Are values going up or down? How can I finance my purchase? The quickest way to answers to these questions is to ask REALTORS like those found with the LandRadar / Close~Converse Team. With access to actual sales data from the Multiple Listing Service, the counties and knowledge of properties on the market, a REALTOR can help you understand the current market situation. Or, contact an appraiser or the county assessor for information on actual sale prices and parcel information.

What any parcel is worth to you or your family is a personal matter. If it's a special property and there's not another like it (as in the case of lakeshore), the property may never become available again to you. The right price may be the one you can afford and the one that secures the opportunity for you and your family.

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3.    How can I find out what I can do with my land?

Numerous factors affect what you can do with your newly acquired land.

• The zoning classification and regulations are the most basic governmental factor.
• Waterfront may be affected by shoreland ordinances and Department of Natural Resources regulations.
• If the property fronts on a river or lake controlled by a dam, the Corp of Engineers may have applicable rules.
• The property may be within another type of special-use district such as a sanitary or water service district.

The way to find out specifically what applies to your land, consult these sources:

• The updated title evidence - title insurance policy or abstract - can point to the ordinances and laws that affect the property.
• The county Planning & Zoning office is always a good place to start.

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4.    Is land a good investment?

It depends on what's important to you.

• Financial investment vs. emotional factors. Are you buying for profit or enjoyment?
• Use it or improve it? Will you use the property as-is or do you plan to add value through changes to the property?
• Long-term investment or is liquidity important to you? Land doesn't usually convert to cash as readily as other assets.
• Location, condition, price and terms, & market conditions play a factor. Do research and consult professionals.
• Highest and best use. Changing approved use to a higher level can favorably impact value.

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5.   What's the access?

• Public road frontage and access?
  • Public road frontage assures access to the property but not necessarily maintenance. Check with the local governing body - city, township or county - to determine who maintains the road.

• Easement road / driveway?
  • Width. Is there enough width for the vehicles that will be using it?
  • Length. This is a factor if snow plowing or spring breakup will affect your use.
  • Maintenance. Is it a private road/driveway, shared with others or publicly maintained?
  • Across public or private land. Do you have a recorded easement? If not, can it be secured?

• No public road or easement - landlocked property. Not all properties have access and it is legal to sell property without an access. However, if there's not an access and neighbors won't provide an easement for access, landowners can get an, "easement by prescription."
  • Private easement. This would be an easement across private property from an adjoining neighbor or neighbors.
  • Public property easement. This is an easement from a governmental agency, such as the county, state or DNR.
  • Easement by prescription. This is a court-ordered easement to provide access when one can't secure an easement from neighbors.
  • Consult your legal advisor. If you have questions about access, refer to the title work (abstract or Registered Property Abstract), title opinion or title insurance policy for details about access. Then confer with your legal advisor for definitive answers to your questions.

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6.    Can I develop the land I buy?

• Is it suitable?
• Access?
• Utilities?
• Zoning?
• Highest & best use?
• Market Demand?
• Cost of improvements?
  • Roads
  • Utilities
• Financing available
  • For the project
  • For the consumer

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7.    Where can I find a reputable builder or contractor?

• Builders associations
  • BAM, Builders Association of Minnesota
  • Local builder associations, such as the Mid-Minnesota Builders Association
• Ask your REALTOR
• Ask your banker
• Recommendations from neighbors

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8.    How can I finance my purchase?

Typically, land is financed by banks and financial institutions or by the seller.

Banks & financial institutions:

• Sources
  • Local banks
  • Specialized lenders
  • Credit Unions
• Terms
  • Down Payment
  • Interest Rates
  • Term
  • Balloon Payments / Interest Rate Adjustment

Seller financing

• Types
  • Contract for Deed
  • Purchase Money Mortgage
• Terms
  • Down Payment
  • Amortization
  • Interest rates
  • Balloon Payments
• Special terms
  • Green tree clause
  • No construction without payoff
  • Other, as negotiated by the parties

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9.    Do I need a survey?

Whether you need a survey will depend on a number of factors, including:

• Location of the property
  • In or near a city or developed area
  • Remote with difficult access and many other acres that may have never been surveyed

• How you plan to use the property
  • Hunting & recreation vs building structures
  • Development or improvements like roads may require higher level survey information

• How you plan to improve the property
  • Building roads
  • Planting trees
  • Building a home or structures

• The cost of a survey and the value of the property
  • The type of survey
    • Boundary
    • Topography
    • ALTA
    • Improvements
    • Locating special features
    • Wetlands
  • Location
  • Availability of other survey data

• Your comfort level. Having more information is better than not having answers.

Alternatives:

• GPS coordinates

You need to determine if survey information is critical to your purposes before you purchase or if it can be done after you purchase. One source you can check with is the county surveyor who may have survey information for the area of interest.

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10.  How about utilities - electric, phone, cable, natural gas, water & sewer?

The availability of utilities may or may not be important to your use today. However, if you plan to resell the property in the future, utility access may be very important to the next owner. If located in a city or sanitary district, you may be required to connect to sanitary sewer and/or water for any structures.

• Contact the utility providers
  • Electric
  • Phone
  • Cable TV & Satellite
  • Natural Gas
  • Water & Sewer
• Is land phone line important or is there cell phone service?
• Cable or satellite for television?
• Is there sanitary sewer to the property?
  • If not, will the soil support a septic system (ISTS, Individual Sewage Treatment System)?

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