If you’ve been trying to find a home in Spokane with land, you probably know that it typically comes with one of two caveats: availability and price. As you’re on your search for land, there are a few tips that you should keep in mind.
Know Where to Look
Looking just outside of town can make a huge difference when you’re trying to find land in the Spokane area. There are many locations that are outside of the city that are still easy to access with just a short car trip. When you first get started with your home search (yes, even we know you’ve scoped out a few locations before reading this ;-), broaden your horizon. There are areas beyond the city you might not even know about that have hidden potential as the best place for your horses (or your kids) to roam.
Once you’ve learned about the best places to look, you’ll likely be surprised how affordable houses with land in Spokane can be. While you may still have to pay more than you would for a home on a small parcel, just changing to a different zip code can make a world of difference in your home search.
Comps are pieces of property in the area of your subject property that have similar features and are comparable to the home you’re looking at. Comp prices are an excellent tool that you can use when you’re looking for a home in a subdivision, but they can become more complicated when you’re looking for a home with land. If your closest neighbors are five miles away and with 10 times the acreage that your potential home has, the comps will not to be adjusted accordingly.
It’s important to find a real estate professional who is not only familiar with Spokane but also with the surrounding areas of Spokane. A professional will be familiar with how much a house with land in your area should cost and what you should be looking out for.
With Land vs. Just Land
Know the difference in buying a house with land and buying just land. When you’re trying to find a home in Spokane with land, expect to pay more than what you might if you were just purchasing land on its own. While land outside of Spokane can be incredibly affordable, purchasing a home that’s already built on land can drive up the price.
If you have sticker shock over the price of a house with land, consider everything that goes into an alternative. Buying just land and building your own home may seem affordable when you compare the price of just land, but it can often cost more! You’ll likely need to pay for inspections, permits, bringing in utilities, developing a driveway (or road) and (of course) building the actual home. Most of the time, buying land and building comes in at around the same price as buying land with a home already on it! (Sometimes considerably more, sometimes considerably less, but it is definitely NOT an effective way to guarantee that you will save money!
Be Prepared to Negotiate
While your real estate professional is the one who will have to worry about doing the actual negotiation process, it’s important to know what you should be prepared for up front! As you find a home in Spokane with land, you should know that you’ll probably have to negotiate at some point. Be ready and also know what you are (and aren’t) willing to compromise on. Keep in mind that, while negotiating can seem frustrating, it can be very rewarding when you get a home for a lower price!
Negotiations are important because many sellers are expecting to sell their home for a price that’s lower than what they’ve listed. Since you don’t know the price they actually want for their home, don’t be afraid to go lower. Your real estate professional will be able to guide you on an appropriate offer that’ll save you money without offending the seller. Of course, at the time of this writing, the Spokane market has such high demand and low inventory that often times you aren’t even negotiating with the Seller, you are competing with the other Buyers. Knowing when to push the price up and when to walk away is a combination of knowing the value of the property you are looking at and what you are willing and able to spend. Your Realtor can help you know the value (based on comps), your lender can help you understand what you are ABLE to afford, but only you can determine what you are WILLING to spend!
Go With Experience
No home buying experience is ever the same as others, but purchasing a home with land can feel like a different world. A real estate professional who has experience with buyers who are looking for homes with land will be more familiar with the process and will help make the process go smoother. It’s a good idea to not only find someone who can help you find your dream house with land but also someone who has experience working in the Spokane market.
Whether you want to find a home in Spokane with land for horses, a turnkey hobby farm, or any other type of home, let us guide you! We know the market and we’ve helped many home buyers, just like you, get into the home of their dreams. Contact At Home Spokane today.