If you intend to build a home, look for things such as a future plans for a landfill or power plant in the area that may affect … Study the Topographic Map LAND BUYING CHECKLIST Use this general checklist when evaluating a piece of land. 3 MIN READ SHARE 1. Before finalizing the sale, you should obtain a topographic map of the property from the seller and check to be sure you know exactly what you are buying. Most land lenders in our area are going to require 15% to 25% as a down-payment, so plan accordingly when considering your purchase. Many people like the idea of building their own unique home in Florida, and this is particularly appealing from a UK perspective, as the costs are comparatively lower, and planning permission is easily obtained in Florida compared to in the UK. Buying land does not have to be purely an investment. 3. What You Need To Know About Buying Land . You also need to meet with a lender experienced in construction loans who can help you understand your financing options and pre-approve you for a loan based on your individ… If you are new to the land buying process, you should consider working with a land broker that specializes in land transactions. All rights reserved. Photo Credit: Getty Images . This map will also show you the exact boundaries of the property you purchased. Establish Boundaries There really is no formula for closing vs. asking price. You don’t want to find out after your purchase, that you aren’t able to build the 3 story house you dreamed of. Review a Recent Survey 4/20. When buying land, it is important not to rely on a dated survey. Nothing bulldozes plans like zoning issues, so before you buy land, pay a visit to the county zoning and planning office. This agreement will specify how much you’re paying for the land and how much money you’re putting down. Is December Really the Worst Month to Sell Land Real Estate? As the sub-division gains momentum and popularity the land sale prices and build costs tend to raise. Once you have a land survey done, you’ll know exactly where the boundaries are. This will improve its visual appeal, get it ready for development, and keep livestock from coming in contact with garbage. Completing Your Land Purchase Agreement. While buying land may seem simple, in reality, there is a tremendous amount of details that you must consider that a single family home buyer never needs to even think about. If you are planning to raise livestock, you can also plan out where they can graze and how best to keep your animals penned in. Photo Credit: Getty Images. Clear the Land One of the most important steps after purchasing land has nothing to do with building or finances. Food is priority and I can live in the cellar with the food long enough to cut the frame for the home and sheath it. Whether previous land owners tried to build on the property. Buying land can be far more romantic than buying bricks and mortar. Wooden fencing is the most visually attractive option, but if you are looking to keep livestock in or predators out, barbed wire is usually best. Buying raw (also known as undeveloped) land can be a great investment, or means to build a home or business. If you are preparing farmland, you will want to keep wild animals out, and if you intend to build a home, boundaries will prevent hunters or other trespassers from walking around the property. Get a Feel for the Property You and your lawyer need to complete your due diligence on the land before committing to the purchase. Environmental factors could restrict where you place your home on your land. Also, check for setbacks. Your attorney might also check with local courts for lawsuits involving the property or its neighbors. Getting in early into a new sub-division can present opportunities for good capital gains. This training will give you a crash course on land buying and provide you with tips that you will probably hear no where else. The seller will have to sign the agreement as well. https://www.rliland.com/wp-content/uploads/tree-402953_1920.jpg, https://www.rliland.com/wp-content/uploads/RLI-Logo_Padding.png, Six Steps to Take After You Purchase a Land Property, Holiday Gift Ideas for Surprising The Land Lover In Your Life. Look at the long-range general use plan for the area surrounding the lot, which will outline permissible use of the land and what the future holds for the immediate area. The most important thing is to have a plan for what you will do with the land; while these steps will always need to be taken in some capacity, exactly how you go about it will depend on your intentions for the land. We did not do this before buying land. 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