Top Tips When Buying Vacant Land

Building a new home from scratch can be a dream come true. The idea of designing the perfect property with morning sun in the kitchen and evening breezes on the deck can be exhilarating; the first step to a successful project is finding the right piece of land on which to build. This can present challenges if not approached correctly.

 Hire Experience – More than most real estate transactions, it’s critical to hire an agent who specializes in vacant land purchases and can guide you through the steps.

 Expect to Pay Cash – Finding a lender for vacant land can be very difficult. Those who will finance land typically require a 50% or higher down payment and above average interest rates and terms.

 Get the Neighborhood Comps – Do not neglect to understand home values in the community so you do not over, or under, build your home.

 Do Your Due Diligence – It is critical to research the property thoroughly. Just a few considerations much include.

o Site Surveys and Environmental Testing

o Easements and Zoning Restrictions

o Lot Survey and Boundaries

o Utilities and Water Rights