Your Guide to Buying Land in Teton Valley, Idaho & Jackson Hole, Wyoming

If you’re considering purchasing land in Teton Valley or Jackson Hole, the process involves unique steps compared to buying a developed property. It is suggested you work with a real estate expert  to guide you through the process, ensuring you make informed decisions.

Why Buy Land in Teton Valley or Jackson Hole?

• Teton Valley offers affordability, outdoor recreation, and is a growing community.

• Jackson Hole is a premier destination for luxury properties, ranches, and investment opportunities.

Step-by-Step Land Buying Process

1. Define Your Goals

• Are you buying for investment, building a home, ranching, or recreation?
• Are you planning to buy and hold the land for appreciation investment?
• Are you looking for an investment property you can subdivide?
• If you are building a home, is this a second home, primary or will you short term rent the property?
• What style and size home do you plan to build?

2. What is your purchase power? 

• Cash is most ideal for purchasing land. This avoids lending interest rates and their underwriting process which can take up to 45 days. Using cash gives you more negotiating power as a buyer. Get Pre-Approved for a Land Loan. Land loans differ from traditional mortgages (higher down payments, shorter terms).  *reference and link to the previous land lending blog post
• Owner financing may or may not be an option. It’s worth looking into owner financing as it can help save money avoiding higher lending fees and interest rates while also giving the seller more money over time. This is not for everyone but it is nice when it works out!

 3. Write up an offer

• Work with your agent to create an offer 
• You will need an offer price, a closing date and a period of time for your due diligence.
• Pay attention to the proposed timeline to ensure you understand the time frame you will need to perform by.

4. Conduct Due Diligence

• Title Search – Ensure no liens or ownership disputes. Typically paid for by the seller via the title company.

• Survey – This could be corner marking the boundaries or a full survey to ensure and map out the buildable area.
• Soil Tests – Verify buildability of the soil

• Water Rights –  Understand if the property has water rights and what those are.
• Zoning & Permitting – It is critical in any location to understand what you are permitted to do on your land based on local ordinances and zoning.

• HOA or No HOA – HOA CC&RS “Covenants, Conditions, and Restrictions” are created to protect the neighborhood’s characteristics. CC&Rs include building guidelines and use restrictions such as how many structures are allowed on the property, if a guest house is allowed or if short term rentals are allowed. An area not in a subdivision with no HOA or CC&Rs is only restricted to the county’s code and zoning.

• Utility Access – Most rural areas require a well and septic while properties closer to towns connected to public water and sewer. It’s also important to understand where your closest electric and internet connections are. 
• Environmental Factors – Know if your property is in or near flood zones or has any environmental overlays that may impact your plans.

5. Close the Deal

• Ask your real estate agent for an estimate of closing costs. 
• Follow instructions from the title company to close.
• Once recorded the property is yours!

Buy land, they’re not making it anymore.” – Mark Twain