Land Investment

10 important things to buy land

Buying a farm or land is not something to jump into quickly. LVG Land Deals put together a list of 10 things to consider before you purchase land. 

 

 

  1. Location – neighborhood is a  key in a rural setting, just like in a city .
  2. Plan Ahead – The kind of the property will impact the down payment directly. You need to talk to a lender who specializes in rural property financing.
  3. Determine Your Financing – An experienced rural property lender will ask you tough questions to help you determine the amount of land or size of farm you can afford and what to expect after the purchase.
  4. Working with a Realtor – Realtors will be able to help you understand and manage the land buying procedure.
  5. What’s Included in the Sale – It’s necessary that both the buyer and the seller realize, in writing, what is included in the details of the real estate transaction.
  6. Steps to Purchase Land – Each situation is unique. A normal closing can be expected about 45 days after you and the seller sign the contract. There are several steps in-between signing the contract and taking possession.
  7. Title & Flood Insurance – Title insurance is the most secure way to purchase property today. Flood zone inspection can determine if the land is in a flood zone, or not.
  8. Local Resources – Developing a personal network of contacts in the area of your land, is very important especially if it’s not in the same location you live.
  9. Costs of Ownership – Many people find purchasing land is the first step of ownership. Future investments are determined by how you decide to use the land.
  10. Property Boundaries – You should go to the county assessor’s office and ask them to pull the “card” for the property you plan to buy to understand restrictions and how many acres are being taxed.

 

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