Are you in the market to purchase a chunk of ground to call your own? While buying land can be a lengthy process, here are a couple of steps to ensure that you make it through closing without a hitch.
The first step should be to find your piece of land. To do this, you will need to know what goals you have for the land. Will you be looking for a residential lot to build a home on? Do you want a lot that can be used for commercial use? If you intend to sell the land in the future, think about what criteria you will want to highlight for selling it. The different types of land that you can search for are hunting land, timberland, farms or ranches for sale, developmental sites or home sites. A good way to learn about different properties for sale is to search online. There are websites that are solely focused on land listings such as www.landandfarm.com, www.landleader.com and www.landwatch.com. Some things to consider while perusing listings might be what utilities are available, accessibility to the property, or cell phone coverage.
After deciding your goals for your purchase and choosing your ideal land, you will want to push up your sleeves and dig into the details before digging a foundation. Learn and familiarize yourself with the zoning laws or rules and regulations that the local government use to control how the property is developed. Additionally, if you are looking to invest and subdivide, restrictions may prevent that. The most common types of restrictions are the types of buildings allowed, specific kinds of businesses, the size and height of buildings and the location of utility lines. These matters may greatly affect your plans so you will want to research them. Other issues to consider include permits and obtaining them. There are several permits for different construction projects: building permits, sewer service permits, water permits, environmental permits and zoning permits. Approval of permits can sometimes take weeks or even months, so it is important to apply for them early on.
Next, assess your finances and establish proof of funds. This can be a document on an official letterhead from the institution in which your funds are at. Details such as the date, the name on the account and the balance of funds available should be included. Some sellers will accept a bank statement, a copy of a money market account balance or an open equity line of credit as an adequate form of proof.
Now you are officially ready to make an offer. In real estate, verbal agreements rarely hold up, so a contract will need to be in writing. The location of the parcel that you are making an offer on, the price you are offering, and any contingencies are significant components of a contract. If you haven’t already sought out the expertise of a licensed real estate agent, it is strongly suggested that you acquire one at this stage in the process. A real estate agent can help you reveal any hidden risk factors and avoid problems. Along with assisting you in the process of buying, a buyer’s agent comes at no extra cost to you! Buying or investing in land is an exciting venture. Follow these ideas to warrant a positive experience and enlist the help from your trusted real estate experts.
