3 Reasons to Buy Land in Dallas and Develop It
Over the past few years, many property developers have flocked to Texas thanks to the strict regulations and high taxes in other states. Dallas is particularly popular with a recent report by StorageCafé indicating that the Dallas Metro ranks first in the country for the most activity experienced in all sectors of land development and general real estate. Although it sports beautiful weather, a thriving food scene, and plenty of pro sports teams worth supporting, there are many other reasons why the ‘Big D’ is attracting developers from near and far. From property tax exemptions and developmental freedom to easy access to affordable land, here are just three benefits of buying and developing Dallas land.
Benefit from Property Tax Exemptions
When you buy land in Dallas, or Texas, for that matter, chances are good you qualify for a number of complete or partial tax exemptions. While a partial exemption takes off a fixed amount or percentage of tax from the plot of land’s appraised value, a full tax exemption excludes the land’s total appraised value. When you buy land in Texas, regardless of where exactly it is, you may also qualify for timber, agricultural, and wildlife exemptions that can decrease your yearly property taxes by thousands of dollars. These exemptions are awarded when land is developed with the purpose of preserving wildlife, providing grazing land and pastures for agricultural use, and growing commercial or personal wood crops.
Enjoy Great Developmental Freedom
Land developments in most metropoles and cities are often hindered by excessive restrictions. When investing in rural land on the outskirts of Dallas, however, the red tape is minimal and the only permission that is required, can be obtained from the municipality that governs the area and the country subdivision. With fewer restrictions to worry about, more focus can be placed on the actual development of the land. Dallas is home to many esteemed construction companies to choose from should you wish to not involve yourself in the physical aspects of the development. Even if you do have your own construction equipment you might want to find a reputable rubber track supplier to help ensure your construction equipment remains in tip-top shape. By doing so, your development efforts will be as swift and hassle-free.
Affordable and Accessible Options are Available
When investing in land, not everyone has access to make the purchase with a singular payment. Many land developers looking to raise the necessary capital often also come face-to-face with several obstacles caused by a limited understanding of the market by both banks and other traditional lenders. Texas-based lenders tend to be very familiar with current market conditions and understand the difficulties often associated with land development. Although the land rates from one area to another do vary, buying and developing land in Dallas is considered a very good investment and is considerably cheaper than purchasing already-constructed buildings.
There are countless benefits to buying and developing land in Dallas. Apart from qualifying for various tax exemptions, Dallas land is also more affordable and easier to access than land in other states.