If you’re thinking about buying land in 2023, this is for you. We want you to be able to take on your first land purchase with confidence!
- Know what you have to spend and create a financing plan!
Most people think land loans are the same as mortgage loans. This is not the case. Land loans not only operate differently than mortgage loans, but they also typically carry with them more risk. This is why it is so important that before you start your search, you have your financing plan in order, including how much you will be able to borrow and also how much cash you are willing to put down. Doing this will help you be proactive in finding the properties that work best for you!
- Figure out your deal-makers and deal-breakers.
What are your must-haves in a potential property? On the other hand, what things will deter you from buying a property? Figuring out these things will streamline your search process!
- Check out the zoning and building regulations in your area.
We know that it is easy to think that once you purchase land, then you can do whatever you want with it. However, this is not the case. Local zoning and building regulations almost always put limitations on what you can and can’t do with a piece of land. If you don’t check out your local regulations, then you might end up buying something that can’t be used in the way you want it to. In some cases, you can have a piece of land rezoned, but this process can be a headache and oftentimes the outcome depends on your city council. Do the tough work first, so you can rest assured in knowing that your plans for your land will be possible!
- Research, research, research.
When you find a piece of land that you like, it is important that you do as much research on it as possible. What is the history of the property? What was it used for in the past? Who owned it last? These questions are important because you want to know how past use of the land might affect your plans for it.
- Work with our team at Mathews Realty
Nobody knows the local land market better than the experienced agents at Mathews Realty. We have been helping first-time buyers navigate buying land for years. We will provide you with professional guidance and help negotiate for your best price. When it comes to buying land, there is no one better to have on your side than Mathews Realty!
Contact us today to get started! We’re looking forward to working with you in this new year. (936)598-7800