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You may have missed the Oklahoma Land Rush in 1889, however you still have an opportunity to stake your claim in Rio Rancho, New Mexico. Hundreds of listings sell each year to future home owners and investors. When buying land, it’s important that you are purchasing the lot that will meet your building needs or investment goals. We have over 14 years of genuine land experience to guide you.
Types of Land For Sale:
Each lot has a specific zoning ordinance. Knowing the covenants, conditions and restrictions (CCRs) will inform you what you can and cannot do with the parcel of land. For example, you do not want to purchase an R-1 (Residential) zoned lot in the city limits if you are interested in having horses on the property. Discussing your interests with a Rio Rancho Land REALTOR® and Planning & Zoning Department can help determine if your building plans or investment goals are an option.
One of the primary factors to consider when buying land is the availability of utilities. The vast majority of parcels do not have utilities stubbed in on the lot nor are close enough to tap into. A developer in a subdivision generally handles the groundwork for the neighborhood. Since unimproved land lacks the infrastructure, buying an individual lot in a rural area requires that the property owner establish the utilities. The cost for these common necessities can vary based on the location of the lot and the minimum requirements you desire.
More than 50% of land in Rio Rancho sells for $10,000 or less. Virtually every one of those transactions are paid in cash. On average, each year less than one-dozen listings are purchased with a land loan. This is because many lenders do not handle vacant land loans. Financial institutes that do offer land financing, typically require 25-50% down, a relatively high interest rate and a range of fees. Owner-financing (also referred to as an REC - Real Estate Contract) is equally an unpopular financing option. Your budget will heavily determine your options.
In our experience, land being sold by a For Sale by Owner is often overpriced, in some cases...significantly. For example, we have seen 1/2-acre lots offered for $15,000+ in units where lots are listed and presently selling for $1,000 - $2,000. Plus, in some of these cases we have seen misrepresentation of the zoning being classified as C-1 (Commercial) when the lot is in fact RRA (Rural Residential Agricultural) or T-Z (Transitional Zoning). It is important that you are properly informed before buying land.
Thinking of buying an existing home? We are directly partnered with RioRanchoHomes.com. You can view property photos, home details and manage your listings.
Call, text or e-mail a real estate broker with over 14 years of Rio Rancho land experience. We are available to answer any questions that you have.
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