4 Tips for Buying Land
Buying Land
Is this your first time buying land? Whether you are buying land as an investment or building a house, it could be a very complicated process.
If you want to build your dream house, amidst a huge lush green field or with mountains in the background and a water stream running close to your house, you need to do a little research.
Hiring an agent is not enough as you need to look out for some things on your own.
It most certainly depends on your budget and your requirements. If you find land for sale in Nevada, you should not think twice before buying it.
Apart from the casinos and party culture, Nevada has a different side to it. It has huge open spaces and a worthy picturesque view with mountain ranges surrounding the lands.
These lands are also home to ranches that are used for livestock and growing other crops. If you want a retirement home away from the hustle and bustle of the city, you should probably consider buying land in the rural areas.
But, beware of frauds and cheating as it is very common in the real estate business. There are a few useful tips that you should consider before purchasing your land.
Before we begin with the tips, first decide what you want to do with the land?
- Build a Future Home
- Recreational Land
- Investment Property to develop later
- Hobby farm
Once you have squared onto your objective, it’s time to fix a budget. How much can you afford?
If you are planning to buy land only on a cash basis, then figure out a budget first. You should also be ready to pay property tax for your land.
But this property tax depends on the area. Some areas have higher property tax while others have less.
Make sure you include this property tax in your annual budget. If you are planning to apply for a loan, then you should also consider the interest rate and the collaterals.
Now, let’s consider these tips to help you get the best land deal.
1. Start Looking
Consider zoning out areas according to your requirements. If you want to build a home on your land, it should not be in a commercial space.
You should look for residential areas only. This takes care of your privacy and avoids other commercial disturbances.
However, if you want to do farming, make sure the land is fertile enough. If you have access to the previous owner, do have a chat about the land.
Make sure there was no damage done to it and also that it is devoid of chemicals and other toxins. Also, check out for smells and the surrounding views.
You can get a realtor to help you with the survey before you come to a final decision. For example, make sure there are no hunting areas around if you plan to start farming.
If it’s a hunting zone that means there are wild animals around that could destroy your crops. These little things should be kept in mind before you buy the property.
2. Look out for Areas with Growth Potential
The location is the key to price when it comes to land. If the land has a developed infrastructure around like hospitals and roadways, the prices are obviously going to be more than barren land.
And, if you are planning to develop your property in the future either for housing or commercial purposes, make sure you are able to do so.
If you buy a land that has absolutely no value in the future either because of its location of other legal issues, your money could go waste.
3. Inspect the Land Thoroughly
Get professional help to check your empty lands before you buy the actual property. An empty land could have its own hidden glitches.
Check if the area is prone to floods or if there have been any other property disputes in the past. You should also check whether the boundaries are seen distinctly and whether or not it has permission to build a house in the future.
Most lands have permission, but, some don’t. You have to take special permission to build a house.
If you plan to build an office or a store, make sure you have the permission, and the land is favorable to do so.
4. Be Patient with the Land
Once you have decided to buy the land after your thorough research and inspection, you need to stay patient.
Sometimes the legalities take time, and you can’t do anything about it. If you have decided to take a loan, banks could delay your process.
They require approvals and need to do an environment check to make sure that everything is fine.
Also, remember that finding the right piece of land takes time.
Category: Housing
