When you buy land in Tennessee, you’re investing in more than just an address. The state’s diverse geography and rich culture create unique opportunities for residential and commercial development. And the strong property rights laws make it easy for owners to monetize their properties for recreation, agriculture, mining, housing, and more. If you’re considering purchasing a piece of Tennessee real estate, consult a knowledgeable advisor to help you find listings that suit your specific goals.
Pros and Cons of Selling to a Land Company
Many reasons can lead you to pros and cons of selling to a Tennessee land company, including job relocation, divorce, illness, or simply an interest in cashing out. In most cases, land companies are able to offer a quick closing and all-cash payment — which makes them the ideal buyer for a seller looking to get out quickly. Land companies can also provide a more transparent purchase process than retail buyers, who require inspections and appraisals sometimes 2 appraisals and take longer to close on Tennessee land for sale.
Whether you’re interested in a quiet country homestead, a hunting retreat, or an agricultural property, Tennessee has plenty of land for sale. But before you decide to make a purchase, have a well-thought-out plan for your investment and research the local economy, zoning laws, property taxes, and weather conditions. It’s also a good idea to check out nearby businesses, attractions, and industries that could impact your property in the future.
The thriving tourism industry in Tennessee is another factor that can impact the value of your land. Tourists love visiting destinations like the Great Smoky Mountains, Graceland, and Jack Daniel’s distillery — and that popularity can boost a local economy. Tourists spend money on lodging, restaurants, and other entertainment venues — which can increase the value of nearby land.
Land that’s strategically located near big cities can see a lot of growth in the future, especially if there are infrastructure projects underway or announcements of major new employers. And if your Tennessee land is surrounded by natural resources, such as coal, zinc, copper, or limestone, you can lease the mineral rights to extracting companies and reap profits from royalty payments.
If you have a mortgage on your land, be sure to notify your lender before you sell. You’ll need to obtain a mortgage payoff statement that shows how much of your loan will be paid off from the sale proceeds.
You’ll want to make sure that the price you set for your land is fair and competitive. You’ll also want to have an experienced lawyer review your purchase agreement before you sign. And don’t forget to consider the closing costs, fees, and taxes — all of which can add up. Taking the time to prepare before you make your Tennessee land purchase can help you avoid regrets down the road.