As a first-time land buyer, the idea of having your own rural property can be very exciting. However, there are a lot of things to take care of and consider before the buying process begins. Proper planning beforehand can help you avoid costly mistakes.
To make sure your decisions are rational and can help you with your purchase, make sure you’re aware of the following:
Knowing How Much You Can Spend is the First Step
The first step in looking for land for sale is to know how much you’re willing to pay and how you can pay. If you have saved up money for the land and have the ability to pay it fully, then congratulations.
However, it is not impossible nor is it always a bad decision to pay for it with a loan. But, unlike mortgages, applying for a loan for land is actually more tricky and difficult. The interest rates and down payments are all higher than home loans. Moreover, their repayment periods usually range from three to five years. So if you have the ability to pay the land with straight cash, do so as much as possible.
Don’t forget that you may have to invest in infrastructure, roads, and utilities. These are costly, so make sure these are accounted for in your budget.
You’ll Get More Value Out of the Deal By Working With a Professional
During the land-buying process, you need to hire a professional to help you. Most real estate agents are not fit for this job because they are used to working with home loan processes. So as much as you can, hire a land agent that specializes in this role. They can advise you on your land-buying process and make sure that it goes smoothly. They can also refer you to professional land brokers who can help you navigate the legalities.
Land You Own Isn’t Necessarily Land You Can Access
Before you buy the land, make sure that you can legally use and access it according to the deeds or easements. Easements are usually present if the land you’re planning to buy is connected to other properties. It can result in a lot of complications if you are not aware of the easements on the property. It might be costly—a waste of your investment—if you do not have legal access to the property.
Your Intended Use Matters
As a buyer, you must make sure that the property you intend to buy is appropriate for your needs. Examine the land thoroughly, and see if it’s the perfect plot for your plans. If you intend to use the land for hiking or camping, make sure that it has a dry area for setting up your camping materials; if you intend to use it for hunting, make sure that it’s far from the city.
The Bottom Line
You need to have a thorough plan when buying land. You need to manage your budget and find the perfect plot of land. It is good to invest in land property, but the process can take a lot of time and effort.
When you’re buying land, you will need the help of a professional land realtor. Here at Future Forest Properties, we are qualified to help people in buying and selling hunting and recreational properties, especially with our land management background. So, if you’re planning on selling or buying land in New York State, contact us today!