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.
Top Tips When Buying Vacant Land
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