Let’s say you’re in the market for land. Maybe it is for a homesite, an investment, or my favorite… recreation. No matter the situation, there are a few things to consider before you sign on the dotted line.
1 – Keep in mind this doesn’t have to be a rushed decision. In most cases you don’t have to buy land today! Take your time until you find the right property and then you can pull the trigger.
2 – Should you use a realtor? The answer is yes. I’m not just saying that because I’m a realtor. I say this because buying land is a big purchase, why not have an expert on your side in the process. A good realtor makes the process much easier and less time consuming. Oh, and in most cases a Buyer’s Agent is free. In most situations the seller pays the commission, so why not have an advocate in the process.
3 – What’s a fair price? Honestly, a fair price is whatever you’re willing to pay for a property. Land that sells for something more than market value can still be a fair price if it is what you’re looking for and didn’t break the bank to get it. Remember this is about the buyer’s happiness … so a comfortable price is a fair price. But if you’re worried about over paying… this is a good time to have a realtor involved. They can help place a market value on a property.
4 – How will you use the land? In some cases land will have deed restrictions. Be sure to learn weather or not the property can be used as you would like to use it. This can include everything from road access to available utilities and everything in between. Keep in mind that deed restrictions can be placed on any tract of land and limit the use in any way imaginable. Again, an area a realtor can help.
5 – Is the title clear? If you’re going after a property without an agent’s assistance you’ll certainly want to make sure the property has a clear title. The last thing you want is to purchase a property only to learn later that another party had a claim against the title.
If you have questions in regards to land purchases, please contact Michael Wardlaw for a no obligation consultation. I will work with you to find the right property, one that fits your needs.