Whether you want to build a home or make an investment, buying land can help you meet your goals. However, buying land is not the same as purchasing a plot with a structure, or structures, already on it. Vacant land can come with surprises, and you want to be prepared before committing to a property. Not knowing what situation you are getting into can mean a lot of trouble and money spent down the road. Here's what to consider when looking at land for sale.
Using a Real Estate Agent
If you are looking at property for sale, a real estate agent can help you find the right fit for your needs. Look for a real estate agent who frequently deals with land for sale. A real estate agent will know the ends and outs of buying land and help guide you in your selection. However, make sure to do some research before selecting an agent. You will want to go with one who has experience negotiating land sales specifically.
Your Budget for Land
Purchasing land is not the same as buying an existing home, and you won't have the same financing options. There are a few ways to pay for a piece of land, including cash or a land loan. If you decide to pay in cash, consider how much you can pay for a property out of pocket. If you need a land loan, you'll need to consider what your lender will approve and what you can afford. While land loans can be helpful, not all lenders offer them. Land loans also tend to come with shorter terms and require land surveys and zoning reviews to qualify.
Access and Utilities
When you find a piece of land for sale that you are interested in, it's essential to consider both access and utilities. Is there easy access to the property? Are there any roads, or will you need to build one to get to the land? Utilities are another thing to keep in mind. Adding electric, water, and sewer access to undeveloped land can get pricey. So before committing to a property, check to see if it is developed and has utility access.
There are a few things you need to consider when buying land. First, a real estate agent can come in handy when looking at land for sale. Second, it's crucial to set a budget and consider how you plan to pay for your new property. Finally, don't forget to consider access and utilities before committing to a property.