Avoid These Mistakes When Buying Land

You have found land for sale and the price looks great. Before you leap to signing any contracts, though, you want to avoid making any of these mistakes. Otherwise, it could be a very expensive lesson for you to learn.

Mistakes to avoid when buying a land

We are here to help, though. Read on to learn how to avoid these mistakes when buying land.

Not Doing Enough Research

There are a lot of things that you can find wrong with your new land purchase… after you buy it. Don’t be one of those people. Do your research beforehand.

That way, you will learn ahead of time about things like zoning restrictions, access issues, potential liens or encumbrances, boundary issues (actual land, not someone constantly annoying you) and discrepancies about the acreage. You also don’t want to find that someone has logging rights there. Find out before you put pen to paper on any final documents.

Not Making Sure You Have The Right Funding

While there are options out there like just making sure that you have enough for a down payment from your own personal finances or getting a loan from a bank or credit union. There are other options out there, though and you should be trying to find them. You can learn from other land buyers about things like financing.

Yes, it could be easier for you to just buy the land by paying off a series of installments rather than having to pay a larger amount up front. There are also places where you can rent to own. You could wind up saving a lot of money by looking at ways to get funding.

Accepting High Interest Rates

This could go hand-in-hand with the above. If you do decide to get a loan, you could find that places are offering you high interest rates. That could mean that you will possibly be shelling out more money over the course of your repaying that loan. There are options for you.

The main thing that you should do is shop around. Keep striving to get a lower interest rate. Definitely do not jump at the first offer – that is a sure path to regret.

These are just some of the potential pitfalls that could entrap you. They should not deter you from purchasing land, though, since it’s a great investment. Just use the resources you have – the Internet and knowledgeable people.

If you do that, then you can get the best deal on land. Enjoy!

Author Bio – Brandon Mickens has been involved with buying and selling land for the past 15 years and now wants to share his knowledge and experience with others.