Getting The Most Out Of New Mexico's Land
Land, land, land. New Mexico has enough land available that those looking for a new home should definitely consider real estate options in New Mexico. Below is some general information about the area, along with some key tips to remember to bring you closer to your dream home.
Beyond the Land
The first thing to consider, even before you view the house and check out the land, is to figure out how much you can afford. There are calculators available online to determine this. Although prices in New Mexico are much lower than other regions of the US, you can still run into trouble if you're buying more than what you can afford!
The next step is to research each region of New Mexico - different regions have different prices, different people, different communities, and different companies around them. No matter the region, pick up a local newspaper or attend a city meeting to determine which community is right for you. Look into the local builders, their practices, and ask questions about the land as well - the land and the house will work hand in hand! Other important points to bring up when researching New Mexico homebuilders can be found in the local community you're trying to enter. Ask existing home owners in the community how they like their home, and if the builder was helpful during the building process. Don't forget to talk to lenders, material suppliers, and subcontractors as well - they can provide helpful information about the builder's reputation. Real estate attorneys and licensing boards can also be helpful - they'll answer questions about the builder's liability for the house. If talking to the builder themselves, ask about the warranty offered. They should offer you at least a year's warranty.
The Land Itself
Everyone always has a fair idea of the house they want, but what about the land? It is important to decide what you truly want. In this case, research is your best bet to securing the lot of your dreams. Spend at least a full day at the planning and zoning department of the county you wish to buy your land in. New Mexico has over 30 counties to choose from - look carefully before you buy!
Each county in New Mexico has its own long-term plan for use of its land. Some areas are earmarked for business; some are designated for residential use. Others may be stamped for agricultural and public use only. This research is crucial; it can signal to you whether a garbage facility or a state prison will be in your area. Zoning is important to the success of your land purchase. It will let you know whether or not you can actually build your dream home, or if you must look elsewhere for land in New Mexico.
Your visit to the planning and zoning department should also include traffic counts and planned road construction. Failing to do this could result in your dream home sharing the land with a six-lane highway in the distant future. Identify boundaries and classifications - is your desired parcel part of a subdivision, or just unrecorded acreage? Subdivisions carry their own restrictions, from the types of pets you may own, to what can be parked in the driveway. Beware of homeowner's associations as well - you may have to pay high fees in order to join and maintain membership.
Buying Land in New Mexico - Financing
Land is different from home mortgages - competition is less fierce, and financing is rather local. It is quite common for financing to come directly from the seller - a 20 percent down payment, while the seller holds the note for the rest of the balance. Interest rates and terms of these types of loans are generally more negotiable.
With proper planning, anyone can buy land in New Mexico. All it takes is a little more research, and some prior preparations, and you will not only own the house, but also the land it's built on!