Buying land is a dream of many Americans. It’s a popular investment due to the flexibility it offers and the fact that it’s a finite resource. Mark Twain said it best, “Buy land. They’re not making it anymore.”
But if you choose to invest in land, how do you know you’re buying the right land? There are many factors that go into deciding which plot of land you’re going to purchase and why. Here are some tips on buying land.
Have a plan
When buying land, keep in mind what you’re going to be using it for. If you’re going to build a house on the land, that’s going to influence some of the decisions you’re going to make one way or another. Since buying land is a type of investment, consider your investing goals (timeline, risk, retirement, etc.) before electing to purchase a plot of land.
Since buying land is a big investment, you should spend a considerable amount of your time on research. This includes researching different types of land, such as greenfield land (land that hasn’t been built on) and brownfield land (land that has been built on).
More important than that, you should spend time checking market prices on land and home prices in the area that you’re looking for to see which areas are providing which prices. In the same way you would shop around before buying a car, you should shop around before purchasing a plot of land.
Consult the experts
While crafting a plan and conducting research are both things you can and should do yourself, there’s really no substitute for professional expertise. This means finding a real estate agent who’s familiar with buying empty plots and building upon them, preferably in the area you’re looking for.
In addition to a real estate agent, you should also hire a land surveyor. This surveyor can survey the property you’re looking to buy, even if there’s already a survey on record. This is critical because there might be problems with the initial, existing survey, but you’d have no way of knowing that unless you had another surveyor take a look at it.
Be sure to do your due diligence
Not only should you do research to find your plot of land, but once you do find it, you should investigate the specific plot you’re looking to buy even further. This includes checking the boundaries of the land and probing for any restrictions on the property (e.g., minimum acreage, size requirements of the house, etc.), as well as any liens or easements on the property. Buying the right land is ideally a long-term investment, so make sure that there are no surprises when you sign on the dotted line.
Call for land surveying today
Hopefully, the tips on buying land in this article proved helpful and clarified some of the steps you should take in the land acquisition process. One of the most critical steps of this process is hiring your own land surveyor—and that’s where we come in. At Bettersworth & Associates, Inc., we’ve been conducting land planning since 1953, and we’d be happy to help you get started on your next big construction project.
Categorised in: Land Surveyor