Buying land because they do not make it anymore was celebrity advice. There are as many reasons as uses for owning vacant land. You may want buy now and build later when you retire. You might want some livestock or raise a popular crop. Land can be purchased in staggering quantity or a small neighborhood lot.
You can use a Realtor or purchase from a private seller. A trip to the library, bookstore, or kindle reader will get you tons of books on buying land. You can shop the MLS (Multiple Listing Service) online for your area of interest. You can respond to ads from owners that are marketing their own property.
If you are building a home you will want to learn about construction loans. They pay off the land first. You could go through a Realtor to see if the Seller wants cash or monthly payments. You can stick with the terms offered or offer to pay all closing costs and write a check for a specific amount to the Seller.
My car has everything from last month’s fast food wrappers to toddler baby bedding in it. It also has my books on land purchase and each one recommends working with a title insurance company. This is the disinterested third party that will report facts to both buyers and sellers.
You can’t shine up a dirty title report with a couple of baby bath towels. You need to know if there are medical or mechanic liens on the property. Can the report be cleaned up easily or will you need to move on to another pick. That is what your title insurance company pros will help you decide.
Make sure you can use the land for the purpose you have in mind. No goats and cattle in your backyard on Main street is probably a given. What about buying 20 acres of land thinking you can split it into four 5 acre parcels. Then you discover that the zoning is for 20 acre minimum size.
You should check into utilities starting with septic. Will the land support a conventional septic system? Alternative systems may be authorized but cost thousands of extra dollars. Find out where the electric is located and phone too.
The bottom line is to be educated and informed. Consult with local Realtors and other real estate professionals. Talk to your friends and co-workers who may have useful experience to share with you. Ask a lot of questions and make a great deal on land. It’s nice to say that you officially own a portion of planet Earth.
