Have you ever been approached by an oil drilling company about selling your land to them? You may reside in a prime oil extraction area. This may mean that your land is desirable to them and they may offer you a premium price for it. Consider the options when making a decision.
Entertaining an Offer
If you have been contacted by an oil extraction company, you may wonder – why my land? It may be that the area has been surveyed and the results indicate that your geographical location is a good source of oil. It may be a more desirable location if you are on the outskirts of an urban area or in a rural area.
It is a good idea to have your land appraised. Knowing the value of it in a real estate sales perspective is ideal. This gives you an idea of what your land is worth and if the offer is appropriate. An oil company may offer an inflated price, depending on how valuable your particular piece of land is to them.
Consider your Own Needs
You may not want to sell your land. It may have sentimental significance or may be used for agricultural purposes as a means of income for your family. You may not want to allow oil field construction Texas on your land. If you intend on staying on your land, an oil field may be an eye sore.
On the other hand, your family’s land may be too much for you to maintain and you may already be considering downsizing. The farm may not be making as much money as it used to. The cost of maintaining the property may just be too much and the property taxes may be getting harder to pay. If these items have been on your mind, at least considering the offer may be a good idea.
Don’t feel obligated to accept the offer. If you really don’t want to sell your land, don’t. You may also want to take into consideration how your neighbors would feel if an oil drilling rig were to show up in their neighborhood. While their opinions should not influence your decision, the historical integrity of the area should remain somewhat significant.