Whether it’s the dream of building your own home or a lucrative investment, purchasing land can be an exciting venture. But with more complexities than buying a pre-built property, it’s important to enter the process prepared and equipped with the knowledge that will help you succeed.
The first step in any real estate purchase is determining your financing. Will you pay cash, or will you use a loan? If so, you will need to be pre-approved and have proof of income. This is a necessary step that will not only determine your budget but also establish your credibility as a buyer.
Once you’ve established your finances, it’s time to start looking at available land and decide on a purchase. Before you make an offer, be sure to thoroughly examine the property and consult with experts as needed. Make a list of potential uses for the property, walk the land several times, and ask plenty of questions. This will allow you to get a better idea of the property’s true value and if it is right for you.
Another thing to consider is how the Buy Land with Confidence was used in the past, and who owned it before the current owner. This information can be found in deed records, or through a thorough title search. It’s also a good idea to have an environmental site assessment completed to ensure that previous usage won’t impact future plans for the property.
Lastly, it’s important to be familiar with the local zoning laws. These will dictate what types of construction and activities can be done on the property. Having this information will protect you from unexpected regulatory surprises and ensure that the property is well-positioned for its intended use.
In addition, it’s also a good idea to have a survey and title policy done to ensure that the property is free of any encumbrances. A thorough title policy will also protect you against the risk of having to pay for costly repairs later on.
Finally, be sure to set a budget and stick with it. There are many pitfalls when it comes to purchasing land, so be careful not to overspend and make the mistake of not having enough money to cover closing costs or other expenses down the road. If you follow these expert tips and work with a trusted Lyon agent, you’ll be able to buy the land of your dreams and build the home of your dreams.