The success of any investment depends on one’s understanding of it. As such, one must research and gather the related information in advance. This is also the case with your land investment as well. In such a scenario, information on land buying tips is imperative.
It is so because an investment in land is a huge commitment that requires both resources and time. Therefore, one must be sure to reap the best of rewards from such a venture. Understanding this, it becomes imperative to know a few of the land buying tips in advance to make the right decision.
Here are a few of the land buying tips that you need to read today to help you in this quest.
Growth Potential
The growth potential of a place has a lot to do with the plot’s future value. Therefore, you must be aware of how a site may progress in the future. One can study the growth potential of a place by following up on upcoming government projects in different areas.
Specific investments in infrastructure like roads, government offices, schools, research facilities are clear indicators of a place’s true growth potential. If you can find a place where these sorts of future investments will occur, then buy immediately. The value of a plot in such an area is sure to rise.
Builder Advice
It’s always a great idea to take a builder’s advice while choosing a piece of land. A builder will have a better idea of what kind of plot to buy based on your construction needs. As such, the builder will be able to help you decide on a suitable plot of land. The builder can also tell a lot about a property based on your location, total area, and land type.
Restrictions
Sometimes a plot of land comes with certain restrictions when you buy them. These can be restrictions on building a particular property, usage of land for commercial purposes, etc. You should make sure that these conditions do not restrict your freedom of land ownership. To handle such limits, you should take the advice of a legal advisor to navigate these conditions.
Land Surveyor
A land surveyor is a person who studies a plot of land for different aspects. These can be to examine the earth’s surface, maps and boundaries of ownership, engineering and structural components for construction, etc. In short, they judge the quality of the plot based on different parameters.
In the case of land investment, it is always smart to get an own land surveyor to check the land before buying. Though these are already done by selling parties, it is still better to have these checks done by your parties concerned.
Starting and End Points of the Plot
Sometimes, the accessibility of a piece of land can be a bit tricky. Some examples can be that land is cornered from all four sides by different properties, separated from highways by a small passage, etc. In the second example, these passages are also commonly called ransom-ware.
These are used by previous owners as a ransom for more money on top of the land’s actual selling price. This can harm the future construction and value of the land to a huge extent.
Long-term Investment
You should always see land investment as a long-term investment. Even from a business point of view, you should not expect a quick sell of the land. Understanding this, make your investment strategy based on the long haul. You should arrange funds to make the land more appealing for future sale with proper boundary walls and water supply provision, etc.
30% Down Payment
Getting a loan is another critical aspect of land investment. Here, you must know the financing options available to you very well. The most common of these options is seller financing, local banks and credit unions, USDA Loan, Home Equity Loan. Be sure to examine these options and choose the best one to suit your news.
Furthermore, you should also have at least 30% of the amount as a down payment ready.
Clear of Liens
One of the essential things in buying a piece of land is to ensure you have full ownership. In doing so, you must make sure that the plot of land is clear of liens. A lien is a legal right of ownership of land as a substitute for debt repayment.
Here, it would be helpful to have a legal advisor check the title of the specific property and the deed.
These were eight of the best land buying tips that you should keep in mind before going into land investment.
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Conclusion
Though land investment is regarded as a very safe investment, it can turn drastically wrong with inadequate knowledge. We hope with our piece of the best land buying tips; you are now a lot more informed on this subject. Happy Hunting!
