Buying Land? Here’s What You Should Know

Buying Land? Here’s What You Should Know

If your dream home doesn’t have nearby neighbors, you probably need to buy land, on which you’ll build a house. Once you’ve found the perfect patch, you’ll need to work on securing the land. Many experts recommend paying for it in cash if you can. online installment loans Mississippi A financial advisor could help you determine which assets to liquidate or otherwise arrange your financing.

If you’ve decided to buy land, keep in mind that it’s not going to be a short-term project. Buying land is a major undertaking and to begin the process, you’ll need to figure out how much breathing room you’ll have in your budget for a new house.

Some of the costs you’ll have to account for include fees, permits, the cost of purchasing the land you need, the cost of building your house and the cost of making adjustments to the land in order to have access to running water and other utilities (if that’s not already in place for the land).

How to Find Land for Sale

A real estate agent can be a big help in facilitating your land search. However, you can also do it yourself. Checking the classified ads in newspapers, you can often find land owners attempting to sell their land independently. A specialty magazine or publication might highlight select pieces of land for individuals interested in buying farm land or hunting land.

There are also a great many online platforms where you can access commercial real estate listings. Specialty sites for finding land include Land and Farm, LandWatch and LandCentury. You can even find listings on general sites like Craigslist.

If you’ve exhausted the above options and you still haven’t found your perfect plot, you could also look into whether the government is selling any land near you. This can occur if the government itself has excess land it wants to sell, or if the government repossessed land from someone else and is selling it off. You can check out to see your options.

Those are just the on-market options, though. It’s often possible to buy plots of land that aren’t listed for sale. Even if a plot of land isn’t “on the market,” the owner of the land may still be interested in finding a buyer if the price is right. Keep your ears open for situations like these. You may end up with land you didn’t even know was available.

Choosing the Right Land

Confused about what to look for when buying land to build on? You’ll need to find an area where zoning laws won’t keep you from buying land for the investment property or home you want to build. Zoning rules set restrictions concerning things like the size of buildings and the kinds of businesses or residences that can be built.

It’s also a good idea to make sure that the land’s soil doesn’t prevent you from building, digging a well or getting electricity and natural gas. Will the land’s elevation be an obstacle? Are there any liens on the land or environmental problems that need solving? These are some of the questions you’ll need to answer before you can prepare to buy land.

While it’s possible to buy a house or a plot of land without the help of a real estate agent or broker, it can help to have someone on your side who specializes in working with vacant lots. A real estate professional can hold your hand through the entire process and help minimize hiccups. If you’re opposed to using an agent, it’s still smart to find a real estate attorney who can address your legal concerns.

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