If you are ready to buy land for sale, it’s important to avoid the common mistakes. These mistakes are explained in the video.
Understanding how to avoid these pitfalls can help you make the right purchase for the right price.
The first mistake is overpaying for the land. Owners often have a high asking price. Their hope is someone will be willing to pay the higher price. However, you should check to see what comparable properties in the area are selling for.
Next, you’ll want to check to see if the property is in a wetland or flood zone. The simplest way to check is to visit the FEMA website. You can also get the property surveyed.
You will also want to check for deed restrictions. You’ll find any restrictions in the deed. You can check at the Register of Deeds office. You may be restricted in what type of home you can build, animals you can raise, and other restrictions.
Next, you will need to check for utilities. Is the property connected to the city sewer, or will you need a septic system? Does the land perk? Is it connected to city water, or will you need to dig a well?
Lastly, you should get a title policy. This simply means you are covered if there’s a lien on your property or other levies against it. Imagine buying the property and finding out later there’s a lien or back taxes associated with it.
