Land for Sale: Knowing Which Opportunity is Your Best Option
Posted: December 09, 2014 by LandCentury
When going to by land, its important to understand the difference between various land options and seller types. Not only can the terminology be difficult to understand, but there are also many seller types that need to be considered. Trying to find the best opportunity will depend on your full comprehension of the matter.
Before you spend your money, consider the following.
Owners often want to sell their land without an agent. This allows the owner to avoid paying costly commissions to real estate agents. Furthermore, a property will be able to be sold much faster.
A few key points to remember when buying land directly from an owner are:
- Cash is king. If you can pay in cash, you have a very powerful negotiating point on your side.
- Financing may be available. Many owners will finance your purchase with low interest rates.
- Land is as-is. Owners will not have an obligation to restore the land. Rundown structures may or may not exist on the property.
Even for international buyers, buying land from an owner is a lot less costly, but youll need to do your due diligence prior to signing an agreement. Make sure that the land purchased matches the description given.
Anytime you can find land through an ad, youll be bidding against a lot of people. Classifieds will offer a variety of opportunities. Many of these properties are banked owned, but there are a lot of owners posting ads in hopes of reaching the right person willing to buy their land.
One of the best things about a classified ad is that youll have proof of the description of the land. If something goes wrong or the property is not described, you can use the ad as a means of proof demonstrating that the property was misrepresented.
Youll be able to find great deals on:
- Local classified websites
- Major online real estate portals like Land Century
- Niche land seller websites
- Classified ads in the newspaper
You can also use auction sites when trying to find land. If you choose this method, use the utmost of caution before you spend a penny of your money. A lot of auction sites will have a payment protection option, but be very careful nonetheless.
The type of land that you purchase is also very important. There are numerous land types that must be considered.
Farmland for sale is often set aside for farmers. Many of these properties must be used for farming, or farming-related purposes. If you are not a farmer, you may be able to rent out the property. Another option is to rent the land as a grazing agreement with a farmer.
Always check your local restrictions to see what may or may not be allowed on your citys farmland.
Especially large lots may be deemed hunting land. When purchasing hunting land for sale, you may be able to use this land as a commercial hunting grounds. If you choose to own a home on the land, you may have to deal with the potential dangers of hunters during hunting season.
Hunting land can be very profitable, but this may not be the place where you want to raise a family.
A huge sell in Detroit at the moment. The government will often offload land with stringent requirements. For instance, in a rundown city you may have to agree to rebuild a home within a specified time-span. The great part about government land is that the pricing is very low.
This is a term used for a property void of any buildings or structures. Vacant land often requires some maintenance to the grounds after a sale to ensure the building process can take place.
Youll find residential and commercial lots for sale. This should be fairly self-explanatory wherein residential land will require a home and a commercial property will require some form of a commercial building.
In some cases, a commercial building will not be in the ideal location for commercial activities. If you buy land deemed commercial, you may be able to have its status changed. You will need to consult with your city or county to see the rules and regulations that are to be followed to reclassify a piece of land.
The easiest course of action would be to buy a residential property that does not have a stipulation on the time when a home must be built on the land. If you do find a commercial opportunity that offers an unbeatable price or location, the time and potential costs to reclassify the property may be well worth the wait and investment.
Always take your time and do your due diligence prior to making a purchase. There is land for sale that will come with an unbeatable price and immense opportunity.
Before you spend your money, consider the following.
Land for Sale by Owner
Owners often want to sell their land without an agent. This allows the owner to avoid paying costly commissions to real estate agents. Furthermore, a property will be able to be sold much faster.
A few key points to remember when buying land directly from an owner are:
- Cash is king. If you can pay in cash, you have a very powerful negotiating point on your side.
- Financing may be available. Many owners will finance your purchase with low interest rates.
- Land is as-is. Owners will not have an obligation to restore the land. Rundown structures may or may not exist on the property.
Even for international buyers, buying land from an owner is a lot less costly, but youll need to do your due diligence prior to signing an agreement. Make sure that the land purchased matches the description given.
Land for Sale Classified Ads
Anytime you can find land through an ad, youll be bidding against a lot of people. Classifieds will offer a variety of opportunities. Many of these properties are banked owned, but there are a lot of owners posting ads in hopes of reaching the right person willing to buy their land.
One of the best things about a classified ad is that youll have proof of the description of the land. If something goes wrong or the property is not described, you can use the ad as a means of proof demonstrating that the property was misrepresented.
Youll be able to find great deals on:
- Local classified websites
- Major online real estate portals like Land Century
- Niche land seller websites
- Classified ads in the newspaper
You can also use auction sites when trying to find land. If you choose this method, use the utmost of caution before you spend a penny of your money. A lot of auction sites will have a payment protection option, but be very careful nonetheless.
Land Types
The type of land that you purchase is also very important. There are numerous land types that must be considered.
Farmland
Farmland for sale is often set aside for farmers. Many of these properties must be used for farming, or farming-related purposes. If you are not a farmer, you may be able to rent out the property. Another option is to rent the land as a grazing agreement with a farmer.
Always check your local restrictions to see what may or may not be allowed on your citys farmland.
Hunting
Especially large lots may be deemed hunting land. When purchasing hunting land for sale, you may be able to use this land as a commercial hunting grounds. If you choose to own a home on the land, you may have to deal with the potential dangers of hunters during hunting season.
Hunting land can be very profitable, but this may not be the place where you want to raise a family.
Government Land
A huge sell in Detroit at the moment. The government will often offload land with stringent requirements. For instance, in a rundown city you may have to agree to rebuild a home within a specified time-span. The great part about government land is that the pricing is very low.
Vacant Land
This is a term used for a property void of any buildings or structures. Vacant land often requires some maintenance to the grounds after a sale to ensure the building process can take place.
Residential and Commercial
Youll find residential and commercial lots for sale. This should be fairly self-explanatory wherein residential land will require a home and a commercial property will require some form of a commercial building.
In some cases, a commercial building will not be in the ideal location for commercial activities. If you buy land deemed commercial, you may be able to have its status changed. You will need to consult with your city or county to see the rules and regulations that are to be followed to reclassify a piece of land.
The easiest course of action would be to buy a residential property that does not have a stipulation on the time when a home must be built on the land. If you do find a commercial opportunity that offers an unbeatable price or location, the time and potential costs to reclassify the property may be well worth the wait and investment.
Always take your time and do your due diligence prior to making a purchase. There is land for sale that will come with an unbeatable price and immense opportunity.
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