Simple Dos And Don'ts Of Buying Vacant Acreage
Posted on: 10 April 2023
From finding a place to build your full-time dream home to constructing a hunting or fishing lodge you can rent out and enjoy a few times a year, there are several reasons to invest in vacant acreage. If this is your first experience purchasing any vacant land, it can be tricky to determine if you get a good deal and if you can even build on the land.
Here are a few simple dos and don'ts to help you purchase vacant acreage for the first time.
Do Make Sure the Vacant Acreage Is Zoned Correctly
Are you planning on building a home on the acreage? Do you want to build a commercial property for you to rent out? Before you purchase any vacant acreage, make sure you can build on the land. The best way to determine what the land is zoned for is to either ask your realtor or visit your local zoning board. It can be tricky to get a parcel of land rezoned, so if you cannot build what you want on the acreage, keep looking.
Don't Purchase a Piece of Land That Is Far Too Big or Far Too Small
It can be difficult to determine just how big an acre is until you actually get onto the property and see the land for yourself. Make sure that you have enough acreage to build exactly what you want on the land. Additionally, make sure that the acreage fits your vision.
For example, do you want a piece of land that is relatively flat and has access to a main road? Do you dream of building a huge house that is surrounded by trees? Don't hesitate to walk the entire piece of land before making any final decisions.
Do Look for Several Ways to Finance the Property
Unfortunately, when you are purchasing acres of vacant land, it can sometimes be difficult to secure a traditional loan from a bank. This is because there is no property on the land, which means that there is nothing to act as collateral on the land. This means that if you need financing, you may need to search for non-traditional options.
Several landowners will take a secured loan out and use their house or another piece of property as collateral. You may need to pay cash for the land, which is often feasible if the acreage is small.
Buying acreage can be tricky, which is why if you have always dreamed of buying a vacant parcel of land, you work with a knowledgeable real estate agent.
For more information, look into acreage properties for sale.
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