Buying undeveloped land can be a fun and affordable option when you want to build your dream home or a new commercial building from the ground up. However, as with any type of real estate pursuit, there are some dos and don'ts you'll want to adhere to throughout the process.
Do: Work with a real estate agent
There can be a temptation to work without an agent in order to save on commission but remember that the seller is the one who pays the real estate agent. As a buyer, this is a service you don't have to pay for, so take advantage of it. An agent will help ensure the transaction goes smoothly.
Don't: Trust a previous land survey
Always pay to have your own land survey done before purchasing the land. You do not want to buy with the assumption that you own up to a certain boundary and then find out later that your lot is actually smaller than you assumed.
Do: Try to buy in cash, if possible
When you buy land with a loan, the bank typically has requirements as to how quickly you need to start building. If you want more flexibility and the option of doing things on your own schedule, then you should try to buy the land in cash.
Don't: Buy land with the wrong zoning
If you're going to be building a house, you need to find land that is zoned residential. If you're going to be building a commercial building, then you need land zoned commercial. In some cases, the town may be willing to change the zoning for you, but you should not assume they will do this. Ask (and get confirmation in writing) before you buy.
Do: Talk to a builder or architect before purchasing the land
Especially if you have plans for a certain type of building or structure in mind, check in with your builder or architect before you buy a certain plot. Make sure what you want to build will fit on the land. You don't want to learn, for instance, that you have to pay to have an enormous hill leveled in order to build the type of home you want.
Buying vacant land can be exciting, and you want it to be exciting in a good way. Adhere to the dos and don'ts above for a good experience. Reach out to a company like Canyon Real Estate LLC about vacant land for sale in an area you like.