3 Land Buying Tips You Can’t Afford to Ignore
Whether you are planning to buy land, you are probably curious about where to get a better deal out of it. Odds are, many of us have dreamed of owning our piece of land. Whether it’s garden, hunting, there is just something appealing about owning the land beneath our feet.
This article features some of the best advice out there on buying land. I’ll show you exactly how to find land for sale near you, what to do when you find land, and what to have in mind once your head is spinning with land possibilities. Let’s dive in.
Choosing the Right Land
Whether you are looking for land to invest in, the land conditions are important to know. Land can vary widely in soil quality, cost of development, distance to services, and more.
The land with the best location might be very expensive with poor access, for example. A wise real estate investor should ensure they have the best property possible when choosing land for development.
If you are purchasing raw land, you need to know what to look for in price and topography. If you’re interested in buying land, I recommend hiring a professional to survey the land you want before applying for a loan.
A good surveyor can help you determine how easily accessible your property is, whether any roadblocks impede using the land, and what its boundaries are.
If you need a land loan to purchase raw land, you’ll need to work with your agent and lender to figure out how much down payment you’ll need. This will depend on the size of the property, its location, and any encumbrances or covenants.
There are financing options out there for raw (undeveloped) land, ranging from fully improved to semi-improved, but keep in mind that any land that requires significant improvement will probably require that you take on a sizable loan.
Take Your Land Purchase Agreement
Many real estate purchases come with a land purchase agreement. The agreement outlines the terms of your deal, so you’ll need to know how to read this document.
Whether you’re buying vacant land or property with an existing structure, the terms will be the same. A land purchase agreement will protect you and the seller if you change your mind about buying the land. It will give you a chance to back out, should you wish.
The document will specify what the seller handles once the sale goes through.
Do your research before making a buying decision. By doing this, you will avoid cases of scammers. Use a realtor or search online to determine cost and value.
Once you know what you’re looking for, you’ll be able to go in with an informed idea of what to buy. If you understand these 3 tips, you’ll have a much easier time buying the land that meets your needs.