Do you have plans of owning land in North Carolina? Are you wondering whether it will be a good move? This article has the answers.
Should you buy and own land in North Carolina? Is owning land in North Carolina something you should consider?
The pros of owning land in North Carolina include:
- Great weather for living and farming
- Diverse landscapes for outdoor recreation
- Growing economy and population
- Which provides a ready market
The cons of owning land in North Carolina include:
- High crime rates in the area
- Risk of hurricanes
In this article, we will explore the main pros and cons of owning land in North Carolina. So, if you have plans of buying and owning land in North Carolina but you are not sure whether you will be making the right decision, the information contained in this guide will answer any questions you may have.
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Renowned for its diverse landscapes, plenty of recreational opportunities, tourist attractions, easy access to beautiful beaches and plenty of available land, North Carolina is an oasis for farmers, ranchers, families and homeowners.
These positive attributes, combined with its friendly, tempered climate make North Carolina a great state for those looking to buy and own land. But as you may probably know, no single place is perfect. Owning land in North Carolina comes with both pros and cons.
Pros of Owning Land in North Carolina
Whether you are a resident of North Carolina or not, land ownership in this state comes with numerous benefits. Here are some of the pros of buying and owning land in North Carolina.
Top Agricultural State
According to the U.S Department of Agriculture, North Carolina is one of the leading agricultural states in the country. It’s one of the leading producers of tobacco, sweet potatoes, strawberries, turkeys, trout, hogs, and pickling cucumbers.
Other agricultural commodities produced in this state include blueberries, peaches, eggs, apples, broilers, watermelons, fish, tomatoes, cattle, soybeans, squash, grapes and peanuts, just to name a few.
And due to its robust agricultural productivity, North Carolina is well connected with numerous global markets, thus making it one of the leading food exporters in the country.
Considering that the global population is projected to keep growing in the coming years, demand for food will also continue increasing. And North Carolina is well positioned and equipped to meet this growing demand. So, if you love farming or your dream is to invest in agriculture, then owning land in North Carolina will be a great move.
North Carolina is divided into three key landforms. These are the Appalachian Mountains, Piedmont Plateau and the Coastal Plain. The Appalachian Mountains stretch from Canada all the way to northern Alabama. In North Carolina, the Appalachian mountains comprise the Great Smoky Mountains, the Blue Range Mountains, and the Brushy Mountains.
The Piedmont plateau is mainly a hilly region. It’s also the most densely populated area of the state, taking up the largest cities in the country. This area is well drained by several rivers, flowing into South Carolina or the Coastal Plain.
The Coastal Plain consists of a well-drained, gently rolling interior as well as swampy tidewater. There’s also an extensive chain of islands, running from Virginia to South Carolina.
As you can see, North Carolina has some of the most diverse landscapes that you can find anywhere in the country. From mountains to seaside, city to rolling farmlands, you can find almost any type of landscape in this great state. So, if you enjoy spending time outdoors, then you should consider owning land in North Carolina.
Another benefit that comes with owning land in North Carolina is its friendly weather throughout the year. If you prefer living in a place that’s not too cold or too hot, then North Carolina may be the ideal place for owning land and building your dream home. Summer temperatures are around 800F. Also, it doesn’t get too cold during winter. The temperature during winter is around 450F.
This state receives approximately 48 inches of rain per year and around 4 inches of snow. So, if you prefer having four seasons but you like moderate temperatures, then North Carolina is where you should be.
This great weather, combined with its rich, well-drained soils, provides the perfect environment for farming. And as mentioned earlier, you can grow or raise almost any type of agricultural commodity in North Carolina.
Furthermore, its friendly weather all-year round means you can spend more time in the great outdoors. This state is home to plenty of recreational activities like hunting, fishing, hiking, swimming, and kayaking, just to mention a few. So, if you love spending time outdoors, and you are looking for a place where you can purchase and own land, then you should consider North Carolina. It’s the ideal state for outdoor enthusiasts.
North Carolina enjoys steady economic growth, especially in the cities. The average unemployment in this state currently stands at around 3.4%, which is lower than the national average of 3.6.
The leading industries in this state are agriculture, aerospace and defense, food processing, information technology, biotechnology and pharmaceutical as well as heavy machinery and automotive. In short, if you are planning to purchase land in North Carolina and relocate there, the chances of finding a well-paying job are high – especially in the cities.
However, we should mention that job opportunities in rural areas are slim. But, if you are recently retired or employment is not an issue for you and you prefer the quiet, country life, then buying and owning land in the rural areas of North Carolina may be your cup of tea.
Vast Investment Opportunities
Buying and owning land in North Carolina comes with a wide range of investment opportunities. So, if you are not looking to live on the property, there are numerous other ways that you can invest in your land and earn substantial returns from it.
Subdivide it Into Smaller Lots
One of the best ways of making money from your piece of land in North Carolina is by subdividing it into smaller lots and re-selling them individually to buyers. When subdivided into smaller plots, your land will be more valuable. Besides, it will be easier to find a buyer for a smaller piece of land, compared to one continuous lot.
As earlier mentioned, North Carolina has a growing population and steady economic growth. Also, it has several industries, meaning that finding a market for your goods should not be a challenge. And, there are numerous ways that you can develop your piece of land.
For instance, you can farm it, set up a manufacturing facility, build commercial properties or set up multi-family or single-family residential dwellings, depending on the zoning regulations in the area.
There are numerous businesses in North Carolina looking to lease land, either on a monthly, quarterly, or yearly basis. And in most cases, such businesses need vacant or undeveloped land to set up their operations.
So, if you own land in North Carolina, you have the option of leasing it to such businesses and generating recurring income from it. You can also lease it for other purposes like cell towers, utility companies, billboard rentals and ranchers.
And at the end of the day, the land remains yours. Hence, you can convert it to your preferred use, once the lease period has lapsed.
Cons of Owning Land in North Carolina
While owning land in North Carolina comes with huge benefits, the Tar Heel state also comes with a few drawbacks. Some of the potential drawbacks to owning land in North Carolina include:
High Crime Rates
North Carolina has quite a high crime rate. According to Statista, North Carolina has the 17th highest property crime rate in the country. So, if you are looking to own land in North Carolina and develop it, you may be forced to hire security personnel to man your property, if you will not be living on it. And this will increase the costs of running that property.
Potential for Hurricanes
As much as North Carolina has friendly weather throughout the year, it’s prone to hurricanes. It ranks third when it comes to states that have received the highest number of hurricanes. So far, North Carolina has received 55 hurricanes. Out of these 55 hurricanes, 17 were considered category three through to category five. In short, owning land in North Carolina carries the risk of hurricanes. And this is something you should consider, especially if you are planning to live on the property or develop it.
So, if you are planning to purchase and own land in North Carolina, you should ensure you conduct enough research, to make sure the area that you choose has a lower rate of hurricanes.
Considerations for Buying and Owning Land in North Carolina
Without a doubt, owning land in North Carolina is a great move, whether you intend to use the land for building your home or developing it in other ways. But, before you go ahead and purchase land in North Carolina, there are a couple of factors to keep in mind. They include:
Location of the Land
Location is arguably the most important factor to consider when buying land. The location of the land that you buy in North Carolina, will determine its viability. For instance, if you are planning to own the land for farming, building a retirement home or setting up a business, you should make sure the location is not prone to risks like wildfires, hurricanes, and other serious issues.
The zoning of a property determines what you can do with it. For example, if a piece of land is zoned for residential purposes, then you can’t put up commercial facilities on that piece of land. So, before you buy land in North Carolina, make sure you choose an area that has been zoned for the purpose you have in mind. For instance, if you are planning to set up a manufacturing plant on that piece of land, you should ensure you won’t encounter zoning restrictions.
While re-zoning can be done, it will consume a considerable amount of time. On average, rezoning takes around 180 days or six months to be completed. Furthermore, it’s highly likely that you will have to pay hundreds of dollars for that process. So, the rezoning will not only hold up potential profits but will increase the costs of developing that land.
Availability of Utilities
If you are planning to purchase land in North Carolina purely for prospecting purposes, then you may not have much for utilities. But, if you intend to live on the property later in the future or develop it, then you need to choose a piece of land that has utilities on site.
So, before you sign on the dotted line, make sure the property has access to electricity, water lines, internet, TV, sewer line, and other key utilities. If you buy and own land in North Carolina that doesn’t have access to the above key utilities, you will have to spend thousands later on making alternative arrangements.
History of the Land
Similar to buying commercial or residential property, it’s important to undertake a complete title search of the land that you intend to buy and own in North Carolina. During the title search, you should check whether that piece of land has ownership disputes.
You should also pay close attention to how long the person selling the land has had it. If the current owner is trying to sell it after a few months of owning it, this can be an indication that the property may have an issue.
It’s always advisable to avoid buying properties that have issues, regardless of how appealing they may be. While the land may be going for a lower rate than the market price, you may struggle to develop or re-sell it if it has issues.
Wrapping It Up
Owning land in North Carolina comes with more benefits than drawbacks. The weather and the soils are great for farming, the landscape is diverse for outdoor recreation and its economy is thriving, in case you want to use the land for setting up a business. As long as you conduct thorough due diligence, then buying and owning land in North Carolina will be a decent move.
About THE AUTHOR
Brittany has been in the land business since 2020 when the world was starting to shut down. Since then, we’ve sold to dozens of people from ATV weekend warriors to camping enthusiasts to retired truck drivers. Our inventory spans mostly in the western United States. We’ve been trained by experience, land acquisition courses, and hundreds of hours meeting with county assessors and clerks, zoning officials, realtors, and land investors. We’ve answered hundreds of questions from people regarding the buying and use of land.Read More About Brittany Melling