Having your own land is an excellent investment. However, buying land, just like any other real estate transaction, can be a tedious and complicated process.
Knowing the ins and outs of buying land will help you make better decisions. Given the many house and land packages available
1. Buy land before trends increase the prices
In rapidly developing areas, the price of land increases exponentially. Before property values skyrocket, buy land in an area where the city planning shows promise. Even if you decide not to build on the lot now, you can still be sure that your money is going to a good investment.
2. Scout the area
A good way to get a feel for the neighborhood is to drive around and see the area for yourself. Check out public transport, community areas, amenities, and what future improvements are underway. Doing your research is part of your responsibility as a buyer. If you are planning to sell the land in the future, scout the land in the point of view of an investor.
3. Check out planning controls
Are you buying a piece of land to build something on it in the future? As you’re looking through land for sale, make sure you know the restrictions included in the title, such as easements, height restrictions, boundaries, etc. By doing so, you’ll know how to proceed with your future house design without getting any surprises later on.
4. Bring a professional while looking at lots
Lots come in varying shapes and sizes. To choose the perfect site for your plans, bring a professional builder or architect with you. He or she can give insight into the advantages and disadvantages of the land, as well as possible floor plans and property layout. Their opinion can play a significant role in your decision.
5. Be financially prepared
We’re talking about both upfront payment and the other fees involved. The earlier you start preparing, the more financial flexibility you will have when choosing a lot to buy. In any case, it’s recommended that you pay 30% downpayment plus the costs in title insurance, land surveying, and other associated fees.
6. Consider the lot’s immediate environment
Does your land have enough elevation to combat a flood? Are there trees that you need to remove? Will the soil composition affect your building costs considerably? As you survey lots, make sure you take note of these environmental factors. These can either decrease or increase the value of the property, depending on the potential hazards it may face.
Being knowledgeable in buying land will help you make great investment decisions. And since land acquisition is a booming market right now, you wouldn’t want to miss out on a great deal. With these tips, you can buy your own land with ease and utmost convenience.