Farmers, business developers, and many other kinds of professionals all know how to buy land cheap. This knowledge serves them well in their field, because it allows them to convert small amounts of capital into huge profits. For prospective home builders who have no idea how to buy land cheap or even acquire any acres for sale, the steps to buying land aren’t so clear.
Say for example a family of potential home builders found some Houston land for sale. They visit, and things seem okay, but how do they know they’re getting a good price for the land? Worse, how do they know that the land is priced cheaply because there are issues with it?
Knowing how to buy land cheap is a skill that’s easier to acquire than most would think. As long these steps are followed, potential home builders will be able to get the best price possible.
1. Land Ho!
The first thing to do is to find the suitable plots of land. The Internet is a great tool for finding parcels of land, but with so many available options, it can easily become overwhelming. It’s best to focus on one geographic area that has the desired features, such as a nice view. Narrow down the list to about four or five plots, and reach out to the owners or real estate agents with any questions.
The most important part about visiting the plots is to budget time accordingly, as even a small plot usually takes more time than people anticipate. If the visitors don’t know how to buy land cheaply, then bringing a real estate agent along, who can help identify boundaries and unique features and answer any questions, might be a good idea.
3. Potential Issues.
The next thing to figuring out how to buy land cheaply is to obtain a copy of all property restrictions, and understand any limitations on how the property is to be used. Then, talk to all local utilities companies about power’s and water’s availability. Then, have a survey conducted to verify exactly what you’re buying.
Lastly, close the sale! It’s better to pay in cash, because risky land loans are harder to obtain than other kinds, and are also more expensive. Review the title commitment before closing to make sure that there are no encroachments or legal limiting encumbrances exist. At this point, it may also be a good idea to hire an attorney who knows how to buy land cheaply and can help navigate through the process.
Knowing how to buy land cheaply isn’t as complicated a process as it might seem. If you have questions, feel free to ask in the comments. Read more about this topic at this link.