A Guide to Financing for Undeveloped Land

There’s nothing more discouraging than being told "no" by a bank, especially when you’ve worked hard to build a strong financial profile. For many aspiring landowners, this is their first experience with the unique challenges of buying property. Even with excellent credit, lenders often turn down applications for land simply because there’s no house to act as collateral. This caution from traditional institutions is a major reason why so many people feel stuck. But a rejection from a bank is not the end of your story. There are several other paths to ownership, and this guide will explore them all. We’ll explain why banks are so hesitant and introduce you to powerful alternatives for financing for undeveloped land.

Key Takeaways

• Land financing plays by different rules

  : Because there's no house to act as collateral, lenders view undeveloped land as a riskier investment. Be prepared for higher down payments and interest rates compared to a typical home mortgage.

• Build a strong case for your loan application

  : To get approved by a traditional lender, you'll need to present a solid financial picture. Focus on maintaining a good credit score, lowering your debt-to-income ratio, and having a clear, thoughtful plan for the property.

• Owner financing is often the simplest path forward

  : If you face hurdles with banks, don't get discouraged. Working directly with a seller who offers financing can remove many of the traditional barriers, offering a more flexible and straightforward way to buy your land.

What is Land Financing?

So, you've found a piece of land you love, but what's next? Let's talk about land financing. In simple terms, land financing is a loan you get specifically to buy a plot of land. Unlike a standard home mortgage, these loans are designed for purchasing property that doesn't have a house on it yet. Think of it as the financial tool that helps you secure your spot before you even think about building. It’s the bridge between finding that perfect acreage and actually calling it yours.

The process can look a little different depending on what kind of land you're buying. Is it a completely untouched, raw piece of nature, or does it already have basics like road access and utilities? These details matter to lenders and will shape your financing journey. For example, a loan for a ready-to-build lot will likely have different requirements than one for a remote acreage. Understanding the basics of how these types of loans work is the first step toward making that piece of Texas your own. It helps you know what to expect and what questions to ask, so you can find the right path forward for your budget and your dreams. Getting familiar with the landscape of land financing now will save you headaches later and put you in a much stronger position when you're ready to make an offer.

What Counts as "Undeveloped Land"?

The term "undeveloped land" can mean a few different things, and it's helpful to know the lingo. Generally, it refers to land that doesn't have any major improvements like buildings or utilities. Lenders often break it down into three categories. Raw land is completely untouched—no sewer, water, or road access. Unimproved land is a step up; it might have some basic infrastructure nearby but isn't fully connected. Finally, improved land is ready for building, with utilities and roads already in place. Many of the properties we offer fall into these categories, giving you a blank canvas. Traditional lenders often see raw land as the highest risk, which can make getting a loan more challenging.

How Land Loans Differ from Home Loans

If you've been through the mortgage process before, you might be surprised by how different land loans are. Lenders view them as a riskier investment because there's no house on the property to act as solid collateral. Because of this, they usually require a much larger down payment—think 20% to 50% of the purchase price, compared to the much lower down payment requirements for a home. You can also expect higher interest rates, often 1% to 5% more than a typical mortgage. These stricter terms are the bank's way of protecting their investment when financing a piece of land that doesn't yet generate income or have a structure on it.

Your Financing Options for Buying Land

When you start looking for ways to finance a land purchase, you’ll quickly notice it’s a different world than home buying. But don’t let that discourage you! While some traditional routes can be tricky, there are several solid paths to securing the funds for your dream property. The key is knowing what your options are and which one aligns best with your financial situation and plans for the land.

From working directly with a bank to partnering with the seller, each financing method has its own set of requirements and benefits. Understanding these differences will help you approach your land purchase with confidence. Let’s walk through the most common ways to finance your piece of Texas.

Traditional Bank Loans

Going to a bank or credit union is often the first thought for any big purchase. For land, this usually means applying for a "land loan." However, getting approved can be challenging. Many banks consider undeveloped land a risky investment because it doesn't generate immediate income and can be harder to sell than a house. Because of this perceived risk, they often require excellent credit and a substantial down payment, sometimes as high as 20% to 50%. If you have a strong financial profile and a clear plan for the property, a traditional land loan might be a good fit, but be prepared for a more rigorous application process than you’d face with a standard mortgage.

Personal Loans

A personal loan is another route some buyers take, especially for smaller or less expensive parcels of land. These loans are typically unsecured, meaning you don’t have to use the property as collateral. This flexibility is a major plus, but it often comes with higher interest rates and shorter repayment terms compared to other loan types. Some lenders also offer specialized "portfolio loan programs" for properties that don't fit standard lending criteria, which can be a great option if you have a strong credit history. A personal loan can be a quick and straightforward way to get funds, but it’s important to weigh the cost of the higher interest over the life of the loan.

Owner Financing

Owner financing, also known as seller financing, is exactly what it sounds like: the owner of the land sells it to you and also finances the purchase. This means you make your payments directly to the seller instead of a bank. It’s an incredibly popular option for buying rural land because it cuts out the institutional red tape. The process is often faster and more flexible, with terms that can be tailored to your situation. Typically, you’ll agree on a down payment, purchase price, and payment schedule, then sign a contract. This approach makes land ownership accessible to more people, which is why we offer straightforward owner financing on our properties across Central Texas.

Paying with Cash

If you have the funds available, paying with cash is the simplest way to buy land. It completely eliminates the need for applications, approvals, and interest payments. Cash buyers are often in a strong negotiating position and can close the deal much faster than those relying on financing. Beyond the simplicity, purchasing land with cash can be a smart long-term investment and a way to diversify your assets. While it requires significant capital upfront, the freedom of owning your property outright from day one is a powerful advantage.

Government-Backed Loans

For those planning to build a primary residence on their new property, a government-backed loan can be an excellent choice. The most common is the USDA Rural Housing Loan, designed to help people buy or build homes in designated rural areas. These loans are highly attractive because they often require no down payment and feature low, fixed interest rates. The main condition is that you must have concrete plans to build a home on the land. If your goal is to build your homestead, it’s definitely worth checking if your desired property and your income level qualify for a USDA loan.

How Much Do You Need for a Down Payment?

Let's talk about one of the biggest questions on every land buyer's mind: the down payment. Unlike buying a house, the down payment for land can vary quite a bit. The amount you'll need upfront depends heavily on the type of land you're buying and your financial situation. Knowing what to expect helps you plan your budget and approach financing with confidence. Generally, the more developed the land is, the less you'll likely need to put down.

Down Payments for Raw Land

If you’re dreaming of a completely untouched piece of Texas, you’re looking at raw land. This means no utilities, no road access—just pure, undeveloped potential. Because of this, traditional lenders consider it a higher-risk investment and require a larger down payment, typically between 30% and 50% of the purchase price. That number might seem high, but it reflects the work needed to make the land buildable. Lenders want to see you're seriously invested from day one. Understanding the different types of land loans can help you see why lenders approach raw land this way.

Down Payments for Improved Land

Improved land is a step closer to being ready for your dream home or project. This type of property already has essential infrastructure in place, like road access and utilities. For lenders, these improvements reduce the risk significantly. Because the land is prepped for development, financing is often easier to secure, and the down payment requirements are lower. You’ll typically see down payment expectations in the range of 20% to 30%. This makes improved lots an attractive option for buyers who want to start building sooner with a more manageable upfront cost.

What Affects Your Down Payment Amount?

Beyond whether the land is raw or improved, a few other key factors will influence your down payment. Lenders will take a close look at your personal financial profile, including your credit score and debt-to-income ratio. A strong financial history shows you're a reliable borrower and can sometimes lead to more flexible terms. Of course, each lender has its own requirements. This is why it’s so important to find a financing partner who understands land and your specific situation, which is where owner financing can offer a more straightforward path.

What Do Lenders Look For?

When you apply for a land loan, lenders are essentially trying to answer one big question: "How likely is this person to pay us back?" To figure that out, they look at a few key areas of your financial life and the property itself. Think of it like putting together a puzzle—they need to see how all the pieces fit before they can give you a clear "yes.

Understanding what they’re looking for ahead of time can make the whole process feel less like a mystery and more like a straightforward conversation. It helps you prepare your application and walk in with confidence. From your personal finances to your vision for the property, every detail helps paint a picture for the lender. Let’s break down the four main things they’ll have their eyes on.

Your Credit and Financial History

One of the first things a lender will check is your credit score. While it’s just a three-digit number, it tells a story about your past borrowing habits. Lenders often see a score of 700 or higher as a good sign, but don't let that number intimidate you. What they’re really looking for is a consistent history of paying your bills on time. A strong credit history shows them you’re a reliable borrower, which makes you a lower risk in their eyes. Before you apply, it’s always a good idea to check your credit report for any errors and get a clear picture of where you stand.

Your Debt-to-Income Ratio

Next up is your debt-to-income (DTI) ratio. This sounds complicated, but it’s just a simple comparison of how much money you owe each month versus how much you earn. Lenders calculate this to make sure you can comfortably handle a new loan payment on top of your existing debts, like car payments or student loans. Generally, they prefer your total monthly debt payments to be less than 43% of your gross monthly income. A lower debt-to-income (DTI) ratio signals financial stability and reassures the lender that you won’t be stretched too thin.

The Land's Type and Location

Not all land is viewed the same way by lenders. They’ll want to know exactly what kind of property you’re buying. Is it raw, undeveloped land with no utilities, or is it an improved lot that’s ready for building? Because it doesn’t have a house on it to act as immediate collateral, undeveloped land is often seen as a higher-risk investment for banks. This can sometimes lead to stricter requirements or higher down payments. The location also matters, as they’ll consider the area’s potential for growth and resale value down the road.

Your Plans for the Property

Finally, lenders want to hear about your vision. What are your plans for the land? Are you hoping to build your dream home right away, set up a small homestead, or simply hold it as a long-term investment? Having a clear and thoughtful plan shows the lender you’re serious and have a purpose for the property. Explaining your intended use for the land helps them understand its future value and your commitment to the project. It’s your chance to share your dream and show them it’s a solid investment for both of you.

Why Banks See Land Loans as Risky

If you’ve ever tried to get a traditional bank loan for a piece of land, you might have found the process surprisingly difficult. Even with a great credit score and a hefty down payment, many banks are hesitant to finance undeveloped land. From their perspective, a vacant lot is a fundamentally different and riskier asset than a home. A house provides immediate collateral and utility, while raw land is all about future potential—and potential comes with uncertainty.

This caution isn't personal; it's based on a financial calculation of risk. Banks have to consider what would happen if you were unable to make your payments. With a home loan, they can foreclose on a tangible, easily valued, and relatively liquid asset. With a land loan, the picture is much murkier. Understanding why lenders view land as a higher-risk investment can help you prepare for the financing process and appreciate why alternative options, like the owner financing we offer for our Central Texas properties, exist in the first place.

No Immediate Income from the Property

One of the biggest reasons banks are wary of land loans is that the property itself doesn't generate income. A house can be lived in, saving the owner rent, or it can be leased out to tenants, creating a cash flow that can help cover the mortgage. Raw land doesn't offer that immediate return. It’s an asset that costs money to hold (in taxes and loan payments) without producing any revenue. For a lender, this increases the risk of default. If the borrower's financial situation changes, they can't fall back on rental income from the property to make their payments.

Market Fluctuations and Resale Hurdles

If a bank has to foreclose on a property, they want to be able to sell it quickly to recover their investment. The market for undeveloped land is typically much smaller and less active than the residential housing market. While homes are always in demand, raw land is more of a niche purchase. This means undeveloped land often takes much longer to sell than a house does. This lack of liquidity is a major red flag for lenders, as it means their capital could be tied up in a non-performing asset for an extended period. The value of land can also be more volatile and susceptible to economic shifts.

Zoning and Development Unknowns

A property’s value is directly tied to what you can legally do with it, which is determined by local zoning regulations. These rules dictate whether land can be used for residential, commercial, or agricultural purposes and can change over time. For a bank, this creates a layer of uncertainty. A future zoning change could potentially decrease the land's value, jeopardizing their collateral. Furthermore, they have to consider potential hurdles like securing permits, ensuring access to utilities, and dealing with land use restrictions, all of which add complexity and risk to the investment before a single shovel hits the ground.

Challenges in Appraising the Land

Determining the value of a home is a fairly standard process. Appraisers can look at recent sales of similar houses in the area—known as "comparables" or "comps"—to arrive at an accurate market value. Appraising raw land is much more subjective and difficult. Every parcel is unique in its size, topography, location, and access. Finding truly comparable land sales can be a challenge, making it harder to pin down a reliable value. This appraisal uncertainty makes lenders nervous. If they can't be confident in the land's value, they can't be confident in the quality of their collateral.

What to Expect for Interest Rates and Terms

When you start exploring land loans, you’ll notice the numbers look a little different from traditional home mortgages. That’s completely normal. The interest rates, loan lengths, and even the payment structures are unique to land financing. Understanding these differences is the first step to creating a budget that works for you and finding a financing path that fits your goals. Let’s walk through what you can typically expect so you can move forward with confidence and no surprises.

Typical Interest Rates for Land

It’s best to prepare yourself: interest rates for undeveloped land are almost always higher than for home loans. Lenders see raw land as a riskier investment, so they charge more for the loan. You can generally expect rates to be anywhere from 1% to 5% higher than current mortgage rates. For completely raw land with no utilities, some lenders charge rates between 8% and 11%, depending on the market. This is a standard part of how to finance land, so don't be discouraged. It just means you need to factor these higher potential costs into your financial planning from the very beginning.

Loan Lengths and Payment Structures

Forget the 15 or 30-year terms you see with home mortgages. Land loans operate on a much shorter timeline. Repayment periods are often between two and five years. Because the term is so short, many of these loans end with a balloon payment. This means you make smaller monthly payments for a few years, but you’re required to pay off the remaining balance in one large, final payment. This structure is one of the most important things buyers need to know, as you’ll need a solid plan for how you’ll make that final payment when the time comes.

Choosing Between Fixed and Variable Rates

Just like with other loans, you’ll likely have the choice between a fixed and a variable interest rate. A fixed rate stays the same for the entire loan term, giving you predictable monthly payments. A variable rate can change over time with the market, meaning your payment could go up or down. If you plan to build on your property soon, it’s worth asking about options like a single-close construction loan. This type of loan combines the cost of the land and the new build into one package, which means you only have to go through the closing process once, saving you time and money on fees.

Common Hurdles When Financing Land

Financing a piece of land isn’t quite the same as getting a mortgage for a house. It comes with its own unique set of challenges that can catch aspiring landowners by surprise. Lenders tend to view raw land as a riskier investment than a home, which means the path to getting a loan can be a bit steeper. Knowing what to expect can make all the difference. From finding a willing lender to meeting their strict requirements and covering the higher costs, being prepared for these common hurdles is the first step toward successfully securing your dream property.

Fewer Lenders to Choose From

One of the first things you’ll notice is that your options for lenders are more limited. Many traditional banks and credit unions simply don’t offer loans for undeveloped land. From their perspective, a vacant lot is a riskier asset. If a borrower defaults, it’s generally harder for the bank to sell a piece of raw land compared to a house, which has a much broader market of potential buyers. This scarcity of lenders means you’ll have to do more research to find a financial institution that’s even willing to consider your application.

Stricter Approval Requirements

Once you find a lender, you’ll face a higher bar for approval. Because they see land loans as a bigger gamble, lenders tighten their requirements to protect themselves. You’ll typically need a strong financial profile to qualify. This often includes a good to excellent credit score (think 700 or higher for the best rates), a low debt-to-income ratio (ideally below 36%), and a clear, detailed plan for how you intend to use the land. Lenders want to see that you’re a reliable borrower with a viable vision for the property before they’ll sign off.

Higher Costs and Fees

Even if you meet the strict approval criteria, be prepared for higher upfront and ongoing costs. Land loans almost always require a larger down payment than traditional home mortgages. While you might put down 5-20% for a house, lenders often ask for 20-50% for a land purchase. On top of that, the interest rates are typically higher—sometimes by several percentage points. This is the lender’s way of compensating for the increased risk they’re taking on by financing a property that isn’t generating income and may be difficult to resell.

Myths About Buying Land

There’s a common myth that if you have a great credit score and a 20% down payment saved up, getting a loan for land will be a breeze. Unfortunately, many people are surprised to find that’s not the case. Even well-qualified buyers get turned down by banks simply because the property is undeveloped. Lenders worry about the what-ifs: What if the construction plans fall through? What if the owner can’t get the right permits? This hesitation is a major reason why so many people explore alternative financing options to make their dream of land ownership a reality.

How to Improve Your Chances of Approval

Getting approved for a land loan can feel more involved than a standard home mortgage, but it’s completely doable when you know what lenders are looking for. By taking a few proactive steps, you can present yourself as a reliable borrower and make the process much smoother. It’s all about showing the lender that you have a solid financial footing and a clear vision for the property. Think of it as building a case for your dream—the more organized and prepared you are, the more confident a lender will be in your ability to see it through.

Focusing on these four key areas will put you in a strong position for approval. From gathering your documents to articulating your plans, each step demonstrates your seriousness and readiness to become a landowner. Let’s walk through what you can do to make your application stand out.

Get Your Paperwork in Order

Before you even approach a lender, it’s smart to get all your financial documents in one place. Lenders need a complete picture of your financial health to assess their risk. Having everything ready from the start shows you’re organized and serious about your purchase. You’ll want to gather recent tax returns (usually the last two years), bank statements, and pay stubs or other proof of income. If you have a specific vision for the property, like building a home, it’s also helpful to have a document outlining your land use plans. This preparation not only speeds up the application process but also helps you get a clear handle on your own finances.

Prepare Your Finances

Your financial history is the foundation of your loan application. Lenders will look closely at a few key numbers to determine your eligibility. First is your credit score, with most lenders preferring a score of 650 or higher for a land loan. Next, they’ll examine your debt-to-income (DTI) ratio, which should ideally be below 43%. Finally, be ready for a significant down payment, as lenders often require more for land than for a house. Because land is seen as a riskier investment, you can also expect slightly higher interest rates compared to a traditional mortgage. Strengthening these areas before you apply can make a huge difference in your approval odds and the terms you’re offered.

Find a Specialized Lender

Not all financial institutions are experienced in land financing. Instead of starting with a large national bank, consider looking for lenders who specialize in land or farm loans. Local banks and credit unions in the area where you want to buy land are often great options. They have a better understanding of the local market and may be more willing to work with you on rates and terms. Another excellent route is owner financing, where the seller finances the purchase for you. At Eden Land Company, we offer straightforward owner financing on our properties, which simplifies the process and removes many of the hurdles you’d face with a traditional lender.

Present a Clear Plan for the Land

Lenders want to know you have a purpose for the property. A clear, well-thought-out plan reduces their perceived risk because it shows you’re not just speculating. Whether you intend to build your dream home, use the land for recreation, or hold it as a long-term investment, be prepared to explain your vision. Your plan doesn’t need to be a formal business proposal, but it should clearly communicate your intentions and timeline. This helps the lender understand the value you see in the property and gives them confidence that you’ll follow through, making them more comfortable with financing your purchase.

Exploring Alternative Financing

If a traditional bank loan doesn't feel like the right fit for you, don't worry—it’s not the only way to finance your land purchase. Several other paths can lead you to owning your own piece of Texas, and many of them offer more flexibility than conventional lenders. These alternatives are especially helpful if your financial situation doesn't check all the boxes for a big bank or if you’re looking for a more personal, straightforward process.

Exploring these options can open up new possibilities and make your dream of land ownership feel much more achievable. From working with private lenders to partnering with the seller directly, you have choices. Let’s look at a few of the most common alternative financing routes.

Private and Hard Money Lenders

When banks say no, private and hard money lenders can sometimes say yes. These are private companies or individuals who lend their own money, and they often have more relaxed requirements than traditional financial institutions. This flexibility can be a game-changer for buyers who might not qualify for a conventional loan. However, this convenience usually comes at a cost. You can typically expect to see higher interest rates and shorter repayment timelines. Think of it as a short-term solution that can help you secure a property quickly while you arrange for more permanent financing for undeveloped land.

Land Contracts and Seller Financing

Seller financing, sometimes called owner financing, is exactly what it sounds like: the person selling the land also finances the purchase for you. Instead of making payments to a bank, you make them directly to the seller based on terms you both agree upon in a contract. This is a very common arrangement for rural and undeveloped land. It’s a fantastic option for buyers who want to bypass the strict requirements of traditional lenders. With owner financing, the process is often simpler and more direct, making land ownership accessible to more people.

Partnerships and Investment Groups

You don’t have to go it alone. Teaming up with family, friends, or other investors can be a smart way to purchase land. By forming a partnership or an investment group, you can pool your money together to cover the down payment and monthly costs. This approach not only makes the purchase more affordable but also spreads the financial risk among multiple people. Plus, you get to share the responsibilities and leverage the unique skills and knowledge of everyone in the group. It’s a collaborative way to invest in a larger or more desirable piece of property than you might be able to afford on your own when buying undeveloped land.

The Eden Land Company Advantage: Simple Owner Financing

After exploring the complexities of traditional financing, you might feel like buying land is more complicated than it should be. We agree. That’s why we’ve spent over 40 years creating a financing process that’s built for real people, not just for perfect credit scores. At Eden Land Company, we offer simple owner financing because we believe everyone deserves a chance to own a piece of Central Texas. We’re not a bank; we’re your partner in land ownership, invested in seeing you succeed.

Our approach cuts through the red tape you often find with conventional lenders. We handle everything in-house, which means we can be more flexible and responsive to your unique situation. We’ve seen firsthand how owner financing can open doors for families and individuals who are ready to build a legacy but may not fit the rigid mold of a traditional borrower. Our goal is to make the journey to owning land as clear and exciting as the Texas sky. We’re here to help you find and finance the perfect property, without the usual stress and uncertainty that can come with big financial steps.

Flexible Terms and a Straightforward Process

We designed our owner financing to be as simple as possible. Forget about mountains of paperwork and long waiting periods for approval. Our process is direct and transparent, focusing on what truly matters: your dream of owning land. We work with you to establish terms that fit your budget, creating a clear and manageable path forward. This flexibility allows you to focus on your long-term vision for the property, whether it’s building a home, creating a weekend retreat, or investing in your family’s future. We ensure you understand the contract structure and feel confident in every step you take with us.

Clear Pricing with No Hidden Fees

One of our core promises is transparency. With Eden Land Company, the price you see is the price you get—no hidden fees, no last-minute surprises. Your contract will clearly outline the total price, your down payment, and a payment schedule that makes sense for you. We believe the process should be free of guesswork so you can plan your finances with complete confidence. All you need to get started is a down payment and your identification documents. We’ll walk you through the rest, ensuring you have a complete picture of your investment from day one. It’s a refreshingly simple way to buy land.

Making Your Central Texas Land Dream a Reality

Buying land is a huge milestone, and it’s the first step toward building something that lasts. While it’s wise to consider the additional costs of building a house, our straightforward financing makes securing the land itself an achievable goal. We’re here to help you take that foundational step. Whether you’re dreaming of a quiet country home near San Antonio or a family getaway closer to Austin, we have a diverse selection of properties to fit your vision. We invite you to explore our available acreage land for sale and see how our simple owner financing can help you get started.

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Frequently Asked Questions

Why is it so much harder to get a loan for land than for a house? Think of it from a bank's perspective: a house is a finished product that's relatively easy to value and sell if things go wrong. A vacant piece of land is pure potential, which also means it comes with more unknowns. Lenders see this as a higher risk because there's no structure to serve as solid collateral, the market for land is smaller, and its value can be harder to determine. This uncertainty is why they have stricter requirements and are generally more cautious.

How much should I realistically save for a down payment on a piece of land? The down payment for land is typically much higher than for a home. For a traditional loan, you should plan on needing at least 20% of the purchase price, but it's very common for lenders to require 30% to 50%, especially for raw, undeveloped land. This is because they want to see you have significant skin in the game from the start. With options like owner financing, the down payment can often be more flexible and tailored to your situation.

What if my credit score isn't perfect? Am I out of luck? Not at all. While a high credit score is certainly helpful for getting a traditional bank loan, it's not the only path to land ownership. Many people with less-than-perfect credit find success with alternative routes like owner financing. This approach often focuses more on your ability to make a down payment and handle monthly payments rather than just a three-digit score, opening the door for many aspiring landowners.

Is owner financing a legitimate and safe way to buy land? Absolutely. Owner financing is a well-established and common practice, especially for rural land. It's a straightforward agreement between you and the seller, documented in a legal contract that protects both parties. The key is to work with a reputable seller who is transparent about the terms, pricing, and process. It can be a fantastic way to bypass the hurdles of traditional lending and simplify your purchase.

Besides the loan, what other financial aspects should I be thinking about? Securing the land is the exciting first step, but it's smart to look ahead. You'll want to budget for annual property taxes, which you'll be responsible for as the owner. If you plan to build, consider the future costs of bringing in utilities like water and electricity, clearing the land, and getting any necessary surveys or permits. Thinking about these next steps early on will help you create a more complete financial picture for your project.