Buying a patch of land can be one of the most fulfilling things to do in a lifetime. You basically have the freedom to use your newly-acquired land for purposes you’ve likely dreamt of years, or even decades ago. But no one does something the first time and displays expertise immediately—the same is true with land buying. You don’t know what to ask and what to do if this is your first time buying a land—unless you have someone to guide you in and out. That’s why you have to read these 5 tips we compiled for you to start off with just the right amount of knowledge of how to buy land as first-time land buyers:
1. Check Zoning Requirements
Since buying a patch of land is paired with a purpose, you might wonder why checking zone requirements is one of the first things to do when buying land. But first, let’s get to know what zoning requirements are.
Zoning requirements are basically restrictions on the usage of the land. If you want to do something on the patch of land, like caring for an exotic animal or using the land as a camping ground, or storing boats, or any other like commercial or industrial purposes, you have to check the zoning requirements first if they permit and approve of your plans for the land. If the land you want to buy is zoned in an industrial area, then you can use it for industrial purposes, and so on and so forth. These restrictions are in place to help organize specific industries within a certain city or community. Since zoning requirements organize the area, checking the land’s zoning requirements first is a good thing to do to avoid hassles when buying land.
2. Find Out If You Have Legal Access
One of the most important things to do when buying land, securing that you have legal access to the property has to be done before you even buy the land. It’s unfortunate, but many land properties for sale don’t come with proper documents which secure your access to the property once bought. This poses a headache-inducing problem since it’s utterly ridiculous to have bought a property that you can’t legally access and go to.
So before finally coming into a deal, make sure you have secured your legal access to the property. Otherwise, you’ll be having a hefty amount of problems coming your way.
3. Consider the Financing
Let’s be honest and straightforward with each other, buying a property requires a hefty amount of money, and not every one of us is capable of buying one in just a matter of days. That’s the main reason why one of the things you should do when buying land is to check financing offers and requirements.
If you want to get a loan as a means to finance your property acquisition, you have to keep in mind these things:
- Lenders are most likely to lend you money if you intend to elevate the property’s value by erecting a residential or commercial establishment.
- Keep in mind that you can still buy the property even without the help of a bank since the owner can lend you financing for the property.
- If you intend to ask the bank for help, check their requirements and fees before proceeding.
4. Visit the Property More Than Once
We know this may sound obsessive for some but visiting the property you want to buy more than once is one of the best ways to help you decide whether you’ll acquire the land or not.
Here are reasons why you should visit more than once (ideally 3-6 visitations): 1. Visiting the land more than once gives you an idea of what the property looks like at different weather and different times of the day.2. You’ll know what land features need to be improved and renovated (e.g., water pipes, electric poles, gates, etc.).3. You’ll get to know the cons to the area (e.g., presence of wild animals, poisonous plants, drug deals in secrecy, the possibility of trespassing, etc.).
5. Do Your Research
Research is vital to your overall success in your land-buying journey. But you may ask what things are to be researched for. Here are some: 1. Do surveying and environmental testing. 2. Find out the reason/s why the owner wants to sell the land.3. Research the history of the address by using the net and asking locals. 4. Get to know if your potential neighbors approve of your plans for the property.
There are many more things to research about but never fret because this will be vital to your success. You can also consult with a realtor to help you learn more about the property.
Your land-buying journey will be one of the most important decisions you’ll ever take. So you must be willing to pour in time, effort, and intellect so you can succeed with your plan. Heed the tips above and we wish you good luck, land buyer!