By: Dave Simpson
Like a house, buying land can be a very stressful business, unless you follow certain guidelines. I aim, in this short article, to give you some tips to make the whole experience of buying land as smooth as possible.
First of all, know your budget and stick to it. Many people get themselves into serious financial problems when they buy land that is overpriced, or simply more than they can afford. You should also consider the reason for buying the land, for you may be able to pay more for land that is for investment purposes than for say, your retirement. Longer term investment in land can also affect your budget, especially if you are buying the land under a finance deal.
Another factor to consider is what is the potential future value of the land you are considering purchasing? If you are buying for retirement purposes or to build a house to live in then you probably want to buy land that is already zoned and has suitable infrastructure already in place. If you are a speculator then it may be worth checking what the future land use proposals are for you could be picking up a bargain. Always check with your local Zoning office before buying land, this can prevent nasty shocks in the future. You don’t want to end up living next to a slaughterhouse or freeway!
Its a little different when it comes to land investment. If you are speculating then it may well be worth taking extra risks and buying discounted land to sell when people decide to come and settle there. Always consider local amenities and natural features such as a Lake Front, Lake View, or nearby gold course as these always attract a premium price when developed.
Finally, ensure that the deal is legitimate. Perform due diligence, get a lawyer involved if the deal warrants it and ensure that you get, for example a Warranty Deed, or a similar document to prove that you actually own the land, and of course you should ensure that the person selling you the land actually owns it in the first place!
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