Buying Basics – What You Should Know
For most, buying land is one of the single most expensive transactions they’ll make in their lifetime. It’s for that reason that many buyers are incredibly cautious when purchasing land, especially for the first time. There are certain things that buyers can do prior to making a purchase, or even beginning to look for land, which will make your land search go smoothly.
- Work with a land professional. Of course, that’s what we specialize in. And by specialize I mean we list, market, and sell land every day of the week. It’s our full time jobs and we love what we do. This is the first pointer and while it sounds incredibly simplistic, it’s important to work with someone who understands what it is you’re looking for and has your best interest in mind.
- If a loan is needed it will definitely benefit you to go ahead and get pre-qualified. You can do this under the due diligence period after a property is put under contract but if you’re serious and ready to buy, being qualified for a loan and having a document from a financial institution in hand can give you a leg up on any bidding competition. Land loans are much different than a loan for a residential residence and some banks prefer not to loan on land at all. We know how to navigate these channels.
- Make a list of things that you must have, would like to have, and cannot have on a property. There are tons of listings available so I would advise having a list of guidelines handy to give your agent. This is your starting point and you can narrow down your land search with it. Take the list with you and write the pros and cons of each property while walking the property. It takes time to check out a piece of land, depending on the acreage it can take all day, so it’s important to focus your time and energy on properties you want and need.
- Be flexible. The aforementioned list is a great system and I advise all of my buyers to do so. However, buying land requires a bit of flexibility. Many times I have seen people want only 5-10 acres end up buying 50-75 acres, and vice versa. Areas, acreage, and price ranges tend to vary throughout the seeking and purchasing process so being flexible is key.
Hopefully these tips will help you out in your land search. If you are seeking assistance in your search for your favorite place outdoors, then give us a call. While we have hundreds of listings, we may not have that perfect piece of land that you’re after, but we can help you find it.