Buying land is a bit different than purchasing a property with a house already on it. For example, financing your land purchase is different from a mortgage. You’ll need a lender who provides land loans and at least 20-30% of the purchase price available upfront. However, buying land and building a house allows you to build your home from the ground up, controlling every detail, starting with the location.
We know a bit about land for residential construction. First Choice Builders Creates stunning custom homes in Sheridan, WY, and throughout beautiful Wyoming.
There are plenty of great reasons to search for the perfect place to build your home in Wyoming. Here are just a few.
Wyoming’s sweeping plains, rushing rivers, and majestic mountains make beautiful scenery for daily life. Stunning seasons, ample wildlife, outdoor recreation, hunting, fishing, and more make great reasons to select Wyoming as the palace to settle down and build your custom home.
Wyoming is known as a tax-friendly state for a good reason. There is no state income tax in Wyoming and relatively low property taxes, making it an attractive place for retirees and move-ins. A few folks wonder about homesteading in Wyoming. Unfortunately, Wyoming has modest homestead laws, protecting $20,000 for a single person and $40,000 for a couple filing jointly as an exempt homestead from bankruptcy.
Many people wonder if land is cheap in Wyoming. Relative to many other places in the United States, you’ll find acreage in Wyoming priced quite reasonably. In fact, Wyoming is the 47th most expensive state for buying land in the country, making it one of the cheapest spots for acreage. Though the average price for an acre is under $2,000, this figure averages over giant plots and small suburban lots. You’ll pay an average of $60,000 for a residential parcel totaling a fraction of an acre in a neighborhood.
Some acreage is landlocked, meaning there is no current road access. When your neighbor’s property surrounds land, you’ll need an easement or agreement to construct or access the roads you need to reach your property and build your home. Building the infrastructure your custom home will need will increase your construction cost, so you’ll pay less for your property, but you’ll need to budget for extra expenses for site preparation.
Lots that require blasting, tree removal, and other earthworks to prepare for a house will initially be cheaper than those that are suitably buildable without intervention.
Lots overlooking a bend in the Big Horn River, or other scenic places with aquatic access, will likely cost more than a similarly sized parcel with fewer natural resources. People aren’t the only consumers of natural resources on the land. Cattle ranching occupies lots of Wyoming’s land. Raw land with hunting appeal will cost more than land that attracts less wildlife.
Pristine acreage in Wyoming’s wild and remote places is priced considerably less than smaller lots in established residential areas and neighborhoods. You’ll pay more per acre to build in an up-and-coming suburban neighborhood in Sheridan than a rural parcel with an hour's drive into town for groceries.
We suggest partnering with your construction professionals as early as possible. If you aren’t already connected to a real estate professional well-versed in vacant land, your builder is a great resource to find an agent who regularly connects homeowners with their perfect location. Your builder can evaluate a prospective property for a suitable building site and provide feedback about potential concerns and selling points before you buy it, saving you the trouble of falling in love with a place that will present a prohibitive construction challenge or won’t work for the build you have in mind. There are extra steps to evaluate your land for soil quality and suitability for a well, and your agent and construction team are great resources to ensure you’ve done the right homework.
Don’t leave any important variable of your new home lingering to chance. Investigate all of the angles so that you find the perfect place to live. Here are some top questions to ask when buying land to build your custom home in Wyoming.
Ready to find the perfect place and build your Wyoming dream home? We’d love to work together. Let’s talk about your vision for your Wyoming custom home.