It is no secret that land is a valuable thing to own. You can sell land, grow profitable crops on it, and live on it. What about land in specific places like Oklahoma? Does “America’s Heartland” have good quality land? The answer is yes. Oklahoma is well-known for having excellent and affordable farm land. The trick may be in locating it.
If you’re looking for land for sale by owner, your best bet is to start with a Google search. Type “land for sale in Oklahoma by owner,” and you should be able to find what you want. Be aware that Google with yield a lot of search results. You may start suffering from information overload. Try making a small list of 5-10 ads you like. The list can ensure the task is manageable.
What’s the Big Deal About Land for Sale by Owner?
Owner financing can be an excellent option for those that want to buy a home but have problems getting loans. What is owner financing? Owner financing allows buyers to pay for a new home without relying on a traditional mortgage. The owner of the home (or land, in this case) will finance the purchase. However, the interest rate will be higher than the current mortgage rates, and a balloon payment will be due after a minimum of five years.
That’s all fine and good, but what’s a balloon payment? A balloon payment is a type of loan that isn’t structured to be paid off through standard monthly payments. Balloon payments or mortgages are issued for set periods of time. These monthly payments are usually low and may only cover the interest acquired. A loan balance remains at the end of the term loan, and the borrowers must either pay it off or refinance the purchase.
Is Oklahoma Land for Sale by Owner Worth It?
Whether you want to go through with owner financing depends on how dead-set you are about having land in Oklahoma. The bright side is that Oklahoma land is known for being affordable. Even with the current economy’s rising prices, Oklahoma’s land is still very competitive with other states. Additionally, the state is ranked 16th out of 228 best places to buy a home in the United States.
It is understandable if you are hesitant to go through owner financing for Oklahoma land. Due to the balloon payments, the property will take a while to pay off. However, if you can’t resist “the deer capital of the world,” it may be worth the investment.