Tips for Buying Land: Whether you are looking to purchase a piece of land as an investment or as a place to build your dream home, there are some things you must know before buying. Lands For You is a team of local land professionals.
In this blog post, we have put together some of our favorite tips for buying land.
Tip #1: Make A List of What You Want
Are you buying the land as an investment? Or as a recreational or building site for yourself? The land’s use will determine exactly the types of land you will want to focus on. A few things you should consider are:
- Price. Undoubtedly, establishing a clear and well-defined price point is crucial in this endeavor. It might appear evident, yet the importance of setting a maximum budget and diligently adhering to it cannot be overstated. Whether embarking on a construction project or delving into real estate for investment, the utmost caution must be exercised to prevent the premature depletion of financial resources. For those eyeing an investment, possessing a comprehensive understanding of the precise purchasing cost that ensures a substantial future return is imperative. Thus, a resolute commitment to fiscal prudence is paramount, steadfastly refraining from straying beyond the predetermined budgetary confines.
- Size. The dimension of the property warrants meticulous contemplation. While one’s initial inclination might be towards an extensive expanse, the attendant maintenance obligations can swiftly dampen this enthusiasm. A judicious assessment of the actual land requirements is indispensable. Opting for a more modest allotment, perhaps spanning only one or two acres, may align more harmoniously with practical needs and upkeep considerations. Conversely, the aspiration for an adequately spacious dwelling nestled within a generously proportioned yard may render an oversized lot exceedingly appealing, accommodating such aspirations with aplomb.
- Dirt and trees : Delving beneath the surface, the quality of the soil emerges as a pivotal factor. The composition of the land’s earth, be it sandy or clay-laden, possesses the potential to exert a profound influence on the construction process and the cultivation prospects the property affords. Astute purchasers recognize that the very earth on which a structure stands can be determinative of its long-term stability and the scope of cultivation endeavors. Additionally, the presence of trees on the premises or a residence adorned with a specific hue holds undeniable allure for a multitude of prospective buyers, underscoring the multifaceted appeal that landscaping elements can confer.
Tip #2: Educate Yourself
There are many variables to consider when making a land purchase. Often times, there are many things people overlook. Buying land is about more than just location.
- What type of access does the property have? Ideally, your land should be accessible via a road. However, if it’s not, you will need to ensure the proper easements are in place so that you may transverse another’s property to get to yours.
- Does the property have a clear title? Liens and other encumbrances can cause a big headache if they aren’t dealt with before closing.
- Zoning. Sure, your land might be zoned residential today, but what if there is a zoning change planned for the future? Make sure you know of any potential zoning changes so you don’t get stuck with land you can’t use.
- What are comparable properties selling for? Do not go by what they are listed at, but rather the actual sales prices of some comparable lots.
- Covenants are basically the rules of the land. If you want to have a small farm, the rules might say you cannot. Or if you want to build a three-story home, you might not be able to. Make sure you understand all the rules placed on the land by the local authorities.
- You will want to make sure you understand your water rights. Let’s say you bought 2 acres for your small farm, but then you find out that you are only allowed to irrigate an eighth of it. You will have a lot of dried up farmland on your hands.
Tip #3: Work With A Pro
The process of buying and selling land is quite different from buying a home. Because a realtor might receive less commission when working with land, they typically don’t put in as much effort into understanding the variables. Working with a team of highly skilled professionals, such as the team at Lands For You, will help you make the best investment possible.
A land professional will help educate you on all the points above and make sure you find the best property possible when looking to buy land. Finding a Realtor who specializes in helping people buy land is a must. They can help answer any questions and help you find the perfect piece of land for YOUR needs.