Cheap Land For Sale Essay
Goal: Using the keyword “cheap land for sale” reate a XX land buying tips
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Title: Cheap Land for Sale: 6 Tips You Need to Know
Buying land is a becoming an investment opportunity that many individuals have decided to began, and there are many areas of the country that have cheap land for sale. Whether you want to buy for your own home and residential use, to buy so that you can build a business, or buy cheap and then re-sell for a profit, there are several things to consider that will help you get the best deal and make a wise decision.
Tip #1: Buy early
It’s important when you are thinking about purchasing land that you buy as early as possible, preferably at least one to five years in advance. There are several …show more content…
reasons you should plan ahead.
Buying your property years before you plan to develop or build allows you get a better idea of the land’s tendencies in each season. You’ll be able to observe any flooding patterns, water drainage, and will get to learn more about the shape and use of the land. If you are seeking zoning and usage changes, this will also give you the time you need for filing any necessary paperwork or appeals.
Having additional time permits you to decide if you want to build on the property or sell for a profit. You’ll have some time to seek financing for the development of the property and put together a plan for the property usage.
Tip #2: Search around
The land you buy should be in a location where there is no required time frame to build. Some developments have rules in place for the length of time that a landowner can hold the property before making improvements. When you are setting a plan for the property, having a forced time period in which to build can sometimes hinder a landowner’s long-term plans.
When landowners don’t follow the rules put in place by the development and association, the landowner may have difficulty finding funding, or may be charged additional fines or fees.
Tip #3: Location, location, location
Buying land gives you a wider variety of options than buying property with a structure already in place. Some people may choose to build themselves a residential home or a house to rent out for an additional income; in that case, buyers should look for property in the environment that will best fit their family or demographics of the renters they hope the find. Families with children will want to look for areas with ample parks, an excellent school system, and nearby shopping, dining, and employment. Younger or older singles and couples without children may prefer spots closer to large cities, with a high walkability scores and entertainment options.
Others may opt to use their land to start a business.
When purchasing land that will be used for a business venture, it’s important to consider the accessibility and value. The initial investment in land can quickly increase, even before construction begins.
The third option others have when purchasing land is to hold on to the land as an investment purchase. Many people buy vacant, undeveloped land, and then sell when the prices are higher.
In either of these cases, when you’re looking to buy, look for growing markets. You’re not just buying property, you’re buying into a community. Start by making a list of what is most valuable to you for both the land, and the area where you’ll reside or do business. Then, take a look at the individual communities in the region in which you’re hoping to purchase. Analyze the features of each community, and look for those that have seen the trends of growth; entering at the beginning of a period of growth will help you get a better price while still meeting your business or personal needs.
Tip #4: Fix Up Your Finances
Unless you are paying cash, upfront, for the full price of the property, you’ll most likely need to take out a loan — which means you’ll need to have a down payment for the property. There are several kinds of land loans, all of which have different down payment …show more content…
rates.
Raw or vacant land loan: Some lenders will see this as a guessing game, as there are no added improvements on raw land: no sewers, utilities, streets, or strutures of any kind. As such, its a rather unknown, unpredictable investment. Because of that, many lenders will requre a down ayment of between 20 and 50 percent, and you may also have a higher interest rate. These are typically the most difficult loans to obtain
Improved land loan: These parcels have already been partially prepared for construction, and may have some improvements like utility lines or access to lines, or paved roads, for example. Because steps have already been taken to improve the property, these as much less risky than vacant or raw land loans. There is still a longer process for this than, say, a home mortgage, but an improved land loan is more likely to be approved.
Construction loan: These are typically given to builders who will be developing one or many residential lots. While these commercial loans isn’t necessarily the best option for someone who wants to build and live in their own home, if you’re purchasing to develop and then sell the property, you may find some benefit to to this type loan. Lenders will be looking for detailed plans and assurances that the project will progress
No matter which loan option works for your purchase, it’s vital that you have your down payment ready so that you are ready to move when you make a decision.
Tip #5: Know Before You Go
Do as much research as you can about the property prior to viewing the land.
If you’ve researched the location, and looked at reports or surveys. There are a few things you can look for before you actually see the land.
Zoning: This is a critical component when purchasing land. The zoning of the land will determine what you can ultimately with the property. There are a variety of zoning classifications, like residential, commercial or business, industrial, mixed-use, or agricultural. The zoning board or department of the city or township where you plan to purchase can give you more details about the property usage, and can also let know what needs to be done to change zoning classifications.
Topography and land quality: One of the best ways to check the topography of is using Google Earth, which will show you any hills, valleys, unexpected land changes. Also check out the property’s size and shape, and look to see if there is road access. You should also research the flooding patterns of your property; building your dream home only to have it flood each year can cause many different problems, as well as increase your insurance
rates.
Utilities: When doing your research, find out if the property passes the percolation test, which shows water drainage tendencies. If there is no access to a sewer system, this will indicate whether a septic system can be installed on the property. Aside from sewer, you should also look to see if water, electric, gas and more are accessible.
Once you’ve done your research, you’ll be prepared to make a decision the day you view the property — or even without seeing the piece of land. If the property meets all of your needs and is in a growing area, you should be ready to take the next step as soon as you see the property.
Tip #6: Dig Into Discounts
When you’re looking at different properties and want to find cheap land for sale, meet with various developers and land specialists. While some landowners may prefer to purchase the land on their own, and then find a builder to develop the property for them, others may work with a developer who will purchase the land, build the house, and then allow the buyer to get the entire “package” at once.
In some areas, developers looking to help grow a certain areas have decided to offer discounts or other incentives, especially when they are the ones who have purchased the property to build and sell together. This may include a percentage discount in the property rate, a free feature or addition to the property that is built, or a fee waiver. When you are looking at land to develop, meet with various developers or specialists, and compare the the various offers you receive. This can reduce the prices even further, and get you the best possible price on your ideal land.
Total Words in this Document:
Title: Cheap Land for Sale: 6 Tips You Need to Know
Buying land is a becoming an investment opportunity that many individuals have decided to began, and there are many areas of the country that have cheap land for sale. Whether you want to buy for your own home and residential use, to buy so that you can build a business, or buy cheap and then re-sell for a profit, there are several things to consider that will help you get the best deal and make a wise decision.
Tip #1: Buy early
It’s important when you are thinking about purchasing land that you buy as early as possible, preferably at least one to five years in advance. There are several …show more content…
reasons you should plan ahead.
Buying your property years before you plan to develop or build allows you get a better idea of the land’s tendencies in each season. You’ll be able to observe any flooding patterns, water drainage, and will get to learn more about the shape and use of the land. If you are seeking zoning and usage changes, this will also give you the time you need for filing any necessary paperwork or appeals.
Having additional time permits you to decide if you want to build on the property or sell for a profit. You’ll have some time to seek financing for the development of the property and put together a plan for the property usage.
Tip #2: Search around
The land you buy should be in a location where there is no required time frame to build. Some developments have rules in place for the length of time that a landowner can hold the property before making improvements. When you are setting a plan for the property, having a forced time period in which to build can sometimes hinder a landowner’s long-term plans.
When landowners don’t follow the rules put in place by the development and association, the landowner may have difficulty finding funding, or may be charged additional fines or fees.
Tip #3: Location, location, location
Buying land gives you a wider variety of options than buying property with a structure already in place. Some people may choose to build themselves a residential home or a house to rent out for an additional income; in that case, buyers should look for property in the environment that will best fit their family or demographics of the renters they hope the find. Families with children will want to look for areas with ample parks, an excellent school system, and nearby shopping, dining, and employment. Younger or older singles and couples without children may prefer spots closer to large cities, with a high walkability scores and entertainment options.
Others may opt to use their land to start a business.
When purchasing land that will be used for a business venture, it’s important to consider the accessibility and value. The initial investment in land can quickly increase, even before construction begins.
The third option others have when purchasing land is to hold on to the land as an investment purchase. Many people buy vacant, undeveloped land, and then sell when the prices are higher.
In either of these cases, when you’re looking to buy, look for growing markets. You’re not just buying property, you’re buying into a community. Start by making a list of what is most valuable to you for both the land, and the area where you’ll reside or do business. Then, take a look at the individual communities in the region in which you’re hoping to purchase. Analyze the features of each community, and look for those that have seen the trends of growth; entering at the beginning of a period of growth will help you get a better price while still meeting your business or personal needs.
Tip #4: Fix Up Your Finances
Unless you are paying cash, upfront, for the full price of the property, you’ll most likely need to take out a loan — which means you’ll need to have a down payment for the property. There are several kinds of land loans, all of which have different down payment …show more content…
rates.
Raw or vacant land loan: Some lenders will see this as a guessing game, as there are no added improvements on raw land: no sewers, utilities, streets, or strutures of any kind. As such, its a rather unknown, unpredictable investment. Because of that, many lenders will requre a down ayment of between 20 and 50 percent, and you may also have a higher interest rate. These are typically the most difficult loans to obtain
Improved land loan: These parcels have already been partially prepared for construction, and may have some improvements like utility lines or access to lines, or paved roads, for example. Because steps have already been taken to improve the property, these as much less risky than vacant or raw land loans. There is still a longer process for this than, say, a home mortgage, but an improved land loan is more likely to be approved.
Construction loan: These are typically given to builders who will be developing one or many residential lots. While these commercial loans isn’t necessarily the best option for someone who wants to build and live in their own home, if you’re purchasing to develop and then sell the property, you may find some benefit to to this type loan. Lenders will be looking for detailed plans and assurances that the project will progress
No matter which loan option works for your purchase, it’s vital that you have your down payment ready so that you are ready to move when you make a decision.
Tip #5: Know Before You Go
Do as much research as you can about the property prior to viewing the land.
If you’ve researched the location, and looked at reports or surveys. There are a few things you can look for before you actually see the land.
Zoning: This is a critical component when purchasing land. The zoning of the land will determine what you can ultimately with the property. There are a variety of zoning classifications, like residential, commercial or business, industrial, mixed-use, or agricultural. The zoning board or department of the city or township where you plan to purchase can give you more details about the property usage, and can also let know what needs to be done to change zoning classifications.
Topography and land quality: One of the best ways to check the topography of is using Google Earth, which will show you any hills, valleys, unexpected land changes. Also check out the property’s size and shape, and look to see if there is road access. You should also research the flooding patterns of your property; building your dream home only to have it flood each year can cause many different problems, as well as increase your insurance
rates.
Utilities: When doing your research, find out if the property passes the percolation test, which shows water drainage tendencies. If there is no access to a sewer system, this will indicate whether a septic system can be installed on the property. Aside from sewer, you should also look to see if water, electric, gas and more are accessible.
Once you’ve done your research, you’ll be prepared to make a decision the day you view the property — or even without seeing the piece of land. If the property meets all of your needs and is in a growing area, you should be ready to take the next step as soon as you see the property.
Tip #6: Dig Into Discounts
When you’re looking at different properties and want to find cheap land for sale, meet with various developers and land specialists. While some landowners may prefer to purchase the land on their own, and then find a builder to develop the property for them, others may work with a developer who will purchase the land, build the house, and then allow the buyer to get the entire “package” at once.
In some areas, developers looking to help grow a certain areas have decided to offer discounts or other incentives, especially when they are the ones who have purchased the property to build and sell together. This may include a percentage discount in the property rate, a free feature or addition to the property that is built, or a fee waiver. When you are looking at land to develop, meet with various developers or specialists, and compare the the various offers you receive. This can reduce the prices even further, and get you the best possible price on your ideal land.