5 Tips For Buying Land For The First Time
When it comes to purchasing real estate, the focus is often on home buying, but purchasing land is just as important of an investment. However, as you might imagine, given that land-only sales may not be as common, potential buyers have many questions when it comes to the purchasing process.
Have a Plan
Ensure you have a plan for the land before you begin the buying process. For instance, do you want to build a home on the land, or is it for an investment? Whatever the case, if you know what you plan to do with the land and you have a real estate agent, he or she will be able to help you determine if the land will meet your need.
Perform Due Diligence
Do not forget to perform your due diligence. In the same manner that a lien can be placed on a building, it can also be placed on empty land. If you attempt to purchase land that has a lien on it or has titling issues, you will run into all sorts of hiccups. If you have a real estate agent, they can help with this process.
When you see a home on a piece of land, you know the land is zoned for residential buildings, and when there is a business, it is zoned for commercial use. However, with empty land, this information is not always immediately known. To ensure you can use the land as you please, be sure to get the specific zoning information on the land before you enter into a purchase agreement.
Hire A Surveyor
If your plan is to build on the land, make sure you hire a land surveyor. A land surveyor will test and inspect the soil to determine if there are any concerns and whether the land can accommodate whatever building plans you have. If you have a real estate agent, they can help put you in contact with one of these professionals.
It is always helpful to double-check affordability before you purchase land, especially if you plan to use it as an investment. It is not unheard of for land to take several years to sell, especially if you are waiting for a development boom to increase its value. Be sure you can afford to keep up with the property for a while.
Remember, real estate professionals can help with any purchase, including a land-only purchase. Be sure to seek professional assistance if you need help.