Top Tips When Buying Land
Owning land is a long-term tangible asset that does not wear out or depreciate quickly. Raw land requires little maintenance and is typically inexpensive to own. Land ownership gives you peace of mind since you own one of the most limited natural resources. As a hands-off investment, land is a favorite asset for most real estate investors. Even though land is a long-term investment, you can use it to obtain loans for short-term investments. The real estate industry has different sellers with land for sale, giving you numerous options. This article highlights a few tips that should guide you when looking for land for sale.
Seek Expert Advice
Land is a limited resource, and most people who appreciate its value as an investment are reluctant to sell. Therefore, the best source of information regarding the best land to purchase is a broker or real estate agent. These agents and brokers know the best land in the area that is suitable for developing or building a home. Agents also have technical knowledge such as reading aerial land maps or estimating land value in the locale. Real estate agents are also essential in advising you about the appropriate type of development to pursue with the raw land you purchase.
Real estate attorneys have vast experience in land sales. If you find suitable land for sale, the lawyer can guide you in making the offer and negotiating the deal. The lawyer also creates the right contingency plans that prevent title clouds, deed restrictions, or zoning issues that prevent you from using the land the way you want. The lawyer might cost you a few thousand dollars upfront, but they can save you a lot of money in the long run. Lawyers know the type of due diligence that helps protect your investment interests in the long run.
Size of Land
The size of land you purchase depends on the type of development you want to pursue. If you buy a large piece of land and split it into plots for sale, later on, ensure your investment model is compatible with the real estate market in the region. Some cities have restrictions about building heights. These restrictions mainly depend on the ratio of land size to the height of the building. Therefore, ensure that the land size supports the height of the building you wish to develop and is in accordance with your city's laws. It would also help to compare the cost of an acre in one region to the exact size of land in a different area to ensure you strike the best bargain.
If you are looking for land for sale near you, ensure you seek expert advice, get a real estate attorney, determine the land size that fits your budget and investment interests.