First time land buyers should not feel intimidated by the real estate market, however, they should know what to watch out for! Buying vacant land is very exciting, but one mistake could take the wind right out of your sails. In this post we’ll look at some of the top things to consider when buying land for the first time.
Trying to Do It All Alone
You can learn a lot online. In fact, we encourage you to do as much research as possible. However, nothing can compete with the value of a knowledgeable professional by your side… especially if you are a first time land buyer. It is best to find a professional who has your best interest in mind. Working with the right people will help you avoid making common, first time land buyer mistakes.
Not Establishing the Purpose of the Land Early
Before you buy, make sure you have a clear idea of what you want the land for in the first place. Are you looking for a place to go camping every now and again? Maybe you want a big piece of flat, open desert for quad or horseback riding. Or perhaps you’re ready to permanently get away from it all and want to build a home or cabin off the grid. Knowing your intended use for the property will give you a much better idea of the size and location you’ll want.
Spending Too Much
Make sure you have a solid budget in place and determine exactly how much you can comfortably afford. Are you planning to pay for the property all at once? Or would seller-financing be a better option for you? Keep in mind, there are also taxes and insurance costs to factor in. Finally, if you plan to build on the land, you’ll want to make sure you’ve built those expenses into your budget as well.
Not Looking Into How You Can Get to the Property
Many of our big pieces of land tend to fall on the remote side of things. This is great when you want a place to get off the grid, but if you can’t even get to your land, what good is it? While researching properties, you’ll want to make sure you have access to the land. Some properties have good gravel roads that go all the way to the property line, while some others rely on small track paths or even washes to get to the lot. Make sure you have the right vehicles or means to reach your new property.
Not Checking the Zoning
This can be a big problem if you were planning to build a house and the property you’ve just purchased is zoned as industrial or commercial land. The county records will tell you everything you need to know about what you can do on a given property, provided you do a little research before you close the deal. And we can certainly help you get that information as well. In fact, we make sure to put it on each of our land listings so you know up front if a particular property will suit your needs.
As a first time land buyer, the process might seem overwhelming, but if you know what to watch out for, you can have peace of mind while looking for your dream piece of land. Remember to enjoy the process, this is a purchase you won’t soon forget!