Buying real estate property requires careful consideration. For one thing, it is a major investment that you can use personally or a way to generate additional income. From Donnybrook’s variety of real estate, you will find land for sale that you can use as part of your financial investment. On the other hand, you can also consider buying a house for you to settle in or rent out instead.
Buying land may not be as attractive to home buyers as compared to purchasing a house and lot. Land buying can also offer several benefits as long as you already have a plan to do something out of that piece of land. However, you should be careful not to commit these mistakes when buying a vacant lot.
Land buying mistakes you should not commit
Committing the following land buying mistakes can have inconvenient consequences. At the same time, it can mean wasting your hard-earned money if you are not careful enough in your land buying journey.
1. You do not visit the site itself.
Nowadays, you can rely on all sorts of technology to avoid the hassles of going outside and doing chores and stuff. For example, you can use Google Earth or other online photos of the land you intend to buy. However, nothing beats seeing the site in person and be able to see possible issues that can affect your land-buying decision.
2. You skip on hiring a real estate expert.
On the one hand, doing the land hunting and buying yourself instead of hiring a real estate agent can save you money. However, not hiring a real estate expert can also cost you a lot in the long run. After all, these people are considered “experts” in the field, which means they can help you with your concerns about real estate.
3. You do not take time to be familiar with real estate terms.
Most of the time, you would tend to leave the technical aspects of real estate to the experts. However, it is also important to be familiar with such terms so you won’t make bad decisions in the end.
4. You skip the key land tests.
This includes tests such as land surveying, appraisals, and soil tests among a few. This will determine whether your prospect land is liveable and worth the investment. It also ensures safety against potential environmental hazards and other safety risks.
Land buying tips to remember
Here are some important land buying tips you should remember:
- Hire a real estate agent who is an expert in building and land lots.
- Consider looking for cheaper fixer-uppers in your land hunting. You can demolish the existing structure (especially if it is already beyond repair) and now you have a vacant lot that you can either build a new structure on or sell.
- Avail a land loan instead of the traditional home loan when buying a piece of land.
Make sure to know the zoning and other real estate laws in your area or elsewhere you are planning to buy land.