Buying land is often a significant investment and the first step towards achieving many people’s dreams of owning their own home. If you have plans of building your dream home or commercial property, you first need to secure a site. If you can escape the risk of the land buying process, you can easily make your dreams a reality.
You must have heard some home buying horror stories. Most people know about someone who took up a mortgage and got stuck along the way or discovered too late that their new house was crawling with termites. Residential land buying pitfalls have lasting consequences. It’s wise to learn from these mistakes, rather than waiting until you experience them for yourself. These land buying mistakes can turn your dream investment into a nightmare.
Failure to perform a proper title search
Since most land purchases are small, most buyers find it expensive to close with a title company. As a result, the buyer ends up relying on the words of the seller or doing the research using the site of the county. Unfortunately, some entries may have been missed. Consequently, you could be buying land with a lien. You need to avoid this mistake by closing with a title company.
Skipping the environmental and survey tests
You should never make the mistake of purchasing land without subjecting it to checks and inspections. The survey and ecological tests are essential so that you know the condition of what you want to purchase and whether you will actually be in a position to build on it or not. Environmental tests check the potential of the land for sale in Bacchus March or nearby areas for poor soil conditions or flooding. A survey also takes into consideration the boundaries of your property.
Failure to work with a professional
Most people wonder why they should spend money on hiring a land expert, and in an effort to save a few dollars, call their neighbor or friend to guide them. You might have saved a few dollars in the short-term, but failure to work with a land expert could cost you a fortune in the long run.k89 Land professionals have several years of experience under their belt. They understand the ins and outs of the land industry; thus, they can help you through the entire land buying process.
Assuming that you can rezone your property
What most people don’t know is that the local governing bodies have ordinances, zones, and codes that guide builders on what can be built on different sections of land. Also, the guidelines indicate the steps required to build a property. For instance, you may be required to build a sea wall if your land is on the waterfront. Generally, it is hard getting exempted from these rules. Therefore, you can avoid this mistake by keeping your vision in mind when buying land, rather than trying to rezone it.
These are some of the mistakes you should never make when buying land. Now knowing the pitfalls to avoid, you can start the search for your dream location. You should not forget to work with a reliable real estate agent who will help you negotiate a good land deal.