Land investment is not a game for the uninformed. If you are getting ready to buy land for sale in order to build your investment portfolio, learn and think first. You will come out with a much better deal if you know the do’s and don’ts of investing in land.
Do’s:
· Choose your location carefully. You do not have to choose the piece of land for sale that is the most obviously situated for fast sale, but you do need to think about the reality of its place in the world. Consider factors like good schools, scenic views, good neighborhoods, and proximity to retail districts and jobs. You might find a great land investment that no one else noticed.
· Find out about utility hookups. You might want to buy a plot of undeveloped land and run the utilities to it yourself, or sell it as-is. In any case, you need to know the situation in order to correctly evaluate your offering price.
· Make sure the land is usable in some way. It may be useful as a building lot, as a commercial site, or even just as timberland. If nothing can be accomplished by owning that piece of land, no one will want to own it.
· Arrange low-cost financing if you do not buy the land outright. There are other means to buy land for sale besides going to a major financial institution such as a bank. You will save money and get better terms if you use owner financing, for example.
Don’ts:
· Don’t pay the published price unless it is fantastically low. In most cases, you can put in a lower offer and get a better deal. Remember, you make your money when you buy the land.
· Don’t ever buy land without seeing it first. Without a look at the property, you will not know what you are bidding on. You might be buying land for sale that is not suitable for any use if you do not see it first.
· Don’t rush and don’t linger over your decision to buy the land for sale. You need time to make the right decision, so take enough time to think things through. However, if you take too long mulling it over, you could lose a very good deal.
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