Benefits to Buying Land for Sale in Kentucky
Specializes in providing actionable insights into the commercial real estate space for investors, brokers, lessors, and lessees. He covers quarterly market data reports, investment strategies, how-to guides, and top-down perspectives on market movements.
This article was updated on 8/21/23.
The underrated treasure of Kentucky has so much more to offer than just bourbon and tobacco. The Bluegrass state carries a rich history of prominent agriculture and a boosting economy, and the region's financial opportunities are attracting many to purchase their own commercial land for sale in Kentucky.
What's making Kentucky a hotspot for landowners and investors? Let's take a look.
#1 – The Prime Location
The state of Kentucky is devoted to encouraging businesses to grow and expand. Income tax reductions and other incentives have motivated companies to make the move and search for land for sale in Kentucky. Due to the abundance of commercial activity, jobs are plentiful, and the population has been increasing since 2021.
Commercial real estate investors have been keeping their eye on land for sale in Kentucky due to its lucrative property results. Additionally, rural areas beckon business owners and investors to start projects with affordable pricing and wonderful landscapes.
#2 – The Money-Making Possibilities
It's no secret that Kentucky is the Bourbon capital of the world: The $8.6 billion industry is one of the largest exports of the spirit, hosting a third of American distilling jobs. Investors are chomping at the bit to partner with Kentucky distillers.
As Kentucky's economy strengthens, so does its investor market. The agricultural industry continues to flourish, and many Americans are purchasing rural and commercial land to invest in. Although farms take some time to generate ROI, there are other ways rural land ranks higher in value: A plot of bountiful farmland can be sold later on when finding fertile spots becomes more complex.
Kentucky has a distinct appreciation for arts, and its creative industry is a large aspect of its economy. There are slightly more employed in the arts than there are in IT and communications. These bustling accomplishments prompt many artists, owners, and investors to take part in Kentucky's creative industry.
#3 – The Picturesque Scenery
One of the best perks about living and working in Kentucky is its outdoor life. Panoramic views and stunning mountains are unbelievable sights of beauty.
The state is always looking to add to its 74,800 farms, so landowners sell or lease plots to reputable farmers. Apartment rentals and hotels are another way property owners can make money off their land: Visitors are more likely to settle somewhere quiet where the scenery does the talking.
How Much Does an Acre of Land Cost in Kentucky?
Farm real estate in Kentucky comes to an average of $3,920 per acre. Cropland goes for $4,400 per acre and $3,060 per acre for pasture.
Typically, cropland refers to property mainly cultivated for food or managing natural resources. Land for ranging animals is pasture land. Hunting land may be around $2,000 to $3,000 per acre, which are agreeable prices for plots that can be used as commercial recreation sites.
What Should I Look for When Buying Land?
Mapping out the purpose of buying land for sale in Kentucky will aid you in your search for suitable acreage. Commercial developments will have regulations that differ from those for residential.
#1 – Utilities
Utility access can be undeveloped in most rural areas. Depending on how you will use your property, you will need to determine what utility access you need and how much.
Implementing utility access for your property can be expensive. Asking sellers specific questions will prevent surprise costs from popping up down the road.
- How close are the nearest utility accesses?
- How much will it cost to install utility access in this area?
- Where exactly can utility accesses be created?
- What are the regulations for utility access for the purpose I will be using the land for?
Take the time to do your due diligence and complete your research on nearby utilities and amenities.
#2 – Zoning Laws
Zoning laws will differ in rural land, especially if the surrounding area is also undeveloped. Additionally, these zoning laws vary from county to county, which will make your search confusing. Some sections may allow the development of office spaces, but maybe not a hotel. However, searching for agriculturally zoned land will be much simpler.
#3 – Environmental Site Assessments
Environmental site assessments are required for purchasing and redeveloping commercial land for sale. They are comprehensive evaluations to rule out any potential exposure to toxins or oil. These inspections protect commercial property owners under Landowner Liability Protections, which help scope out any polluters that have caused environmental damage from their operations.
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