Buying Land

4 Smart and useful tips for buying land

By: Cathy Jackson

Are you looking for overseas or UK land to buy?

The real estate business has tended to be conducted by a covert operation. People considering buying or selling land are not equipped with adequate information.

The average land buyer fall short of reliable tips on how to buy land, land development handbooks or even having enough resources on real estate investing guides.

If you are interested in buying a piece of land, then consider taking out land financing such as a land loan or land mortgage to purchase land.

Read on to learn more about buying land, its benefits and some effective land buying tips.

Benefits of buying land

The cost of land has dropped in the countryside. The further away from the city, the cheaper will be the land acreage.

As you will see below, there are multiple benefits of buying land, as there are as many tips for buying land. You can build a custom home to your own specifications. For example, if you want cleaner home and more space, wide open areas without trees shading the house, you can opt for buying land.

Buying a piece of land has been made easier with land financing such as a land mortgage. Speak to your lender to take out a mortgage on your land according to your affordability.

Smart land buying tips

  • Check the zoning requirements: Check with the local authorities to determine the zoning ordinances and whether you can build the type of home you want before committing to buying your land.

    There are certain communities which do not allow any kind of construction within its 20 acres. So you need to take care of such requirements. Determine the future zoning whether or not there are plans to build shopping centers or change the nearby land usage that could devalue your land.

  • Stay aware of natural hazards: Get a natural hazard disclosure and check the soil before committing to a particular land. Some parts of the country have naturally occurring asbestos in the rocks and soil. By obtaining a disclosure, you can get to know whether or not a particular land is a protected habitat that prohibits any kind of construction.

  • Check the elevation: It is very important that you check the elevation of the land that you have thought of purchasing. If it is located in a hilly area, then any foundations of slab may crack in case the land is unstable. If you plan to construct a home near water bodies, you should consider building a raised foundation and do not forget to buy flood insurance.

  • Consider the appraisal value: It is common to pay cash for land. If you do not want to finance the land purchase through a conventional lender, then get your own appraisal done in order to determine an appropriate land price before making an offer.

Thus, you may have to take out a construction loan for building your house. During the construction phase, you have to make periodic payments to the lender and on completion the construction loan modifies to a permanent loan.

It is advisable that you manage your finances in such a way so that you can make your mortgage payments on time. Otherwise you may need to go for home loan modification. It is always advisable to manage your finances effectively in order to pay off your mortgage loan on time.

If you are looking for land to buy, we hope you will find the above tips on how to buy land useful and of great benefit to you, if not now, then in the near future. Happy land buying!

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The content on this site is purely for information purposes only and is not intended to replace your seeking professional financial and legal advice from regulated professionals before you make any land and property investment decisions. You must always carry out your own research and due diligence on any land or property you intend purchasing from any third party. Please note, we are not estate agents. We simply put you in contact with sellers/buyers

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