Buying vacant land is the best way to invest your money. You can also grow your business by building commercial or residential structures on the location.
But before you get into this journey, it’s essential to consider the various aspects of buying raw land to prevent your dream project from turning into a headache and, ultimately, your worst nightmare.
Consider the following dos and don’ts to avoid buyer’s remorse.
Do Hire an Agent to Find the Land
A real estate agent who has extensive experience can help in navigating and negotiating land deals. Don’t entirely rely on them.
Do your research and reach out to an agent who has previously worked with both buyers and sellers for land transactions to avoid any legal issues in the buying process.
Do Have Your Finances in Place
Before seeking to purchase land, you must know how much you can afford to spend. Remember that land purchases are primarily made in cash.
Therefore, determine your budget by looking at the cash you have in hand and then look for properties accordingly; that’ll help save you time and effort.
Don’t Skip the Environmental Tests
Like background research for a home, vacant land also needs to be well-researched, tested, and checked to ensure that the place is suitable for the purpose you’re buying it, and most importantly, you’ll be able to build on it.
Check the soil for contamination by conducting environmental tests because if the soil is contaminated for any reason, residential or commercial structures can’t be built there.
Don’t Forget the Survey
If the land has been vacant for years, there are chances the neighbors, whether intentionally or not, may have infringed it beyond the property lines.
To identify clear-cut boundaries, you must have a surveyor look at your property. A land with a completed survey, geology, and soils report is the best one to go for.
If you’re looking to invest in raw land, hard money loans are the best option to finance your investment. Commercial Private Equity is a leading commercial private money lender based in Atlanta, GA, for commercial bridge loans.
Contact us to finance your project.