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How much are closing costs for vacant land in Florida? It may be cheaper than you think! Here in Southwest Florida we have seen an influx of people looking to buy vacant land and then build a new construction house on that vacant lot. Not only are future homeowners looking to build a custom house, but we are working with both domestic and international investors to help build their real estate portfolio in Southwest Florida.
One of the most frequently asked questions I get asked by people looking to buy land is “How Much Are Closing Costs on a Vacant Lot?” In this episode, we are going to be breaking down all the closing costs when it comes to buying land in Florida, specifically using an example of a client we helped in North Port Florida.
If you have been looking to buy land in Florida and not sure where to start or what to watch out for we have an experienced real estate team that does this on a daily basis to help clients find a piece of land and minimize any risks so reach out to us TODAY if you are ready!
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Noah Ward is a Licensed Florida Real Estate agent that specializes in New Construction and Real Estate Development. Over the past couple years he has grown a large social following by focusing on helping both future homeowners go through the new construction process and also investors with building houses at scale.
Noah is a Managing Partner at JN Development Group Inc, where the primary focus is providing the highest level of service for custom house builds and also helping real estate investors maximize their profits through real estate development.
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So you're looking to buy a piece of Vacant land in Florida but you also want To know what the Clos and costs that are Associated with buying land when it Comes to then eventually building a new Construction house welcome everyone back To the Florida real estate guide with Your host no a ward in this episode we Are going to be breaking down what the Closing costs look like when you are Looking to buy a piece of vacant land Specifically here in Southwest Florida And the Northport area as that is where Most of our business is conducted for Custom house builds and also helping Real Estate Investors build a large real Estate portfolio as well so I'm very Excited to bring this to you because Northport is just a booming real estate Market and we are going to have a lot More episodes on Northport in general Because I think it is the next Real Estate boom in the entire us it has been Voted in the top 10 fastest growing Cities in the entire United States for The past year and a half now so Northport has a lot of potential Especially with the master plan Community well in park moving into the Area that's going to be bringing over 60,000 residents into that general area So there's a lot of room for opportunity And growth in Northport plus land prices Are very cheap in Northport being
Anywhere from you know $18,000 to $30,000 for a piece of land a quarter Acre lot to build a custom house on so Let's first start talking about the Closing cost with buying a piece of land So for this example I am going to be Referring it to one of our recent Closing cost sheets from uh buyer that We help to buy a piece of land that we Are going to build a house on for them Let's start with the purchase price of $24,000 so we have a purchase price of $24,000 um for the piece of land so the First the first cost associated with This is going to be the County taxes That are left over so how we operate Here in Northport and Southwest Florida In general is that the new buyer is Going to be paying for the remaining Taxes of the year after they take Possession in our case it's $50 so taxes For a quarter acre size lot annually are Between $300 to $500 just depending on The exact location that's the annual Taxes for a quarter piece quarter acre Piece of land so 50 bucks for taxes and Then we have the government recording Charges which is a very small fee of About $18.50 we'll just round it up to $19 for Easy math and then the next one is going To be our uh title charges so this is Where probably the majority of all the Costs come by is through the uh title
Charges and the first one is going to be The owner's title insurance which is you Know nearly every title company is going To you know require you to buy title Insurance on the property this property For instance was $138 it's based off of The purchase price of the land of$ 24,000 so we have $138 there then we Have our settlement fee from our title Company which I use a variety of Different title companies for different Situations so I have this one title Company that I use um for Southwest Florida because they have a fairly you Know reasonable settlement fee um it's Probably one of the lowest I have seen Being a $295 per transaction and I think that's A great deal because a lot of title Companies charge about $900 per Transaction so I use these guys for Probably 30 plus land transactions Within the past few months so I would Highly recommend them they are called Sun Coast one title um so I would Recommend them because Amanda is Absolutely amazing on that so we have That and then we also have the E-recording fee which is a small fee of About five bucks and then we also are Going to be pulling um a full entire Search on the property for title Insurance and that costs about $60 and Then you last charge is going to be a
Municipal lean search um it's most Likely going to be from prop logixs and That is going to be about $115 and what That Municipal lean search does is that It checks for any leans that are on the Vacant lot is there any unpaid taxes if So what's the amount uh it just talks About the details if they City Water Connected all that good stuff that you Really should know um before you buy the Land right that in total is about $600 um for everything right all Included it's about $600 all in um for Closing cost for a $24,000 um piece of property in the Northport area once again these closing Costs will vary somewhat um just Depending on the location but Realistically that's just because of the Taxes that are going to change all the Like the title charges charges and Everything are going to be relatively The same because it's pretty um uniform All across the board as well um but yeah That kind of that sums up the closing Cost but there are some other costs Associated with vacant L such as doing An environmental report on there an Environmental assessment to check for Any goer touristes Scrub Jays Environmental threats that are going to Cause an issue when it comes to building A custom house and being custom Builders Or being partnered in a development
Company where my Builder does build Custom houses um and we help other Investors build houses as well as well We find it very important that Environmental assessments are done on The property but we can get into that on Another episode and we will get into That on another episode with all the Environmental threats that you know Occur when you are going to be buying a Vacant piece of land so be sure to keep An eye out for that episode as we will Be posting that very soon but that kind Of wraps up the overall total and the Overall sum of you know closing costs For vacant land especially here in Southwest Florida and Northport it's Pretty generic um but like I said Purchase price is 20 4,000 um and the Overall title charges and everything are About $600 so it is about $600 to close On a vacant piece of land that's about $24,000 worth in value so if you guys Found value in this video don't forget To follow this podcast for our weekly Podcast that we are going to be sending Out every single week just relating to Florida real estate Southwest Florida New construction and real estate Development and if you guys want to go And check out what we are doing behind The scenes in Sarasota and Southwest Florida with with new construction real Estate development Airbnb investing
Definitely go check out our Instagram YouTube and Tik Tok to kind of get the Behind scen scoop of what you know What's going on in Sarasota and if you Need help uh evaluating a lot or helping You buy a piece of land in Northport or Southwest Florida or just Florida in General reach out to us uh via our Instagram page more than happy to see How we can best help you make the Process as smooth as possible because From especially people out of state it's A little bit more of a difficult process And my whole purpose of you know is Being a One-Stop shop for you I have a Custom builder you know I have other Builders and I help you guys acquire the Lots as well so we're in a toz kind of Business I would say um so you don't Have to go and look elsewhere we are Able to hold your hand and walk you Through the entire process from point A To point B so once again thank you guys Very much for listening to this episode And we will see you guys very soon
