Across the Hoosier State, farm and rural real estate sales are booming. A recent report from Purdue University shows the number of acres sold for development in 2021 rose by nearly 20% to 2.1 million. This trend is expected to continue into 2022. The brisk land market reflects increased demand for agriculture and other uses that benefit from the state’s fertile soils and low operating costs.
Indiana’s agricultural economy contributes billions of dollars to the economy each year. Its top crops include corn, soybeans, hogs and poultry. These industries are vital to the state’s rural economy and provide numerous employment opportunities in rural areas. Additionally, the state’s abundant water resources are important for farming and recreational activities.
With many farmers rushing to sell, bargain hunters should be on the lookout for deals. A good place to start is with foreclosed properties that have been auctioned off after the owners missed their mortgage payments. These properties are usually sold at a discounted price and can be purchased for cash.
Other sources of cheap land for sale in Indiana include government-owned lands. The federal government gave significant amounts of public lands to the state, which it then sold or rented. These lands include the Indianapolis Donation, Michigan Road Rapid Land Sales in Indiana Lands, Saline Lands, Seminary Lands and Swamp Lands. You can search the Indiana Public Lands database for more information on these records.
The State of Indiana has a humid continental climate that is marked by hot summers and cold winters. The State also receives a lot of rainfall throughout the year. Hence, it is ideal for growing a variety of crops and vegetables. It also has a lot of forests, making it the ideal location for hunting and other outdoor sports.
Despite its reputation as an affordable place to buy land, Indiana can still be an expensive destination for those who are not prepared. As such, potential buyers should conduct thorough due diligence to avoid unwelcome surprises. This includes walking the acreage first-hand, snapping diagnostic photos and flagging easement gotchas that may be difficult to see on a map. In addition, a title search can help identify liens, claims or unpaid taxes tied to the property that could complicate its transfer. Also, a soil test is important for sites with unknown past use to uncover contaminant traces. To minimize these risks, consider buying from a reputable we buy land company that offers fair value based on the actual underlying asset. This approach makes for a more transparent transaction and provides an opportunity to get the best deal.