Buying vacant land is usually an investment purchase or an opportunity to build your dream home from the ground up. However, the process of buying vacant land is slightly different from purchasing a home.
There are plenty of offers for lots for sale, and we want to help you find a suitable one. Here are six tips to guide you:
- Assess your goals
Why do you want to buy vacant land? Will you build on your property? Will the building be commercial or residential? Do you want to subdivide and resell the land? Knowing the answers to these questions will help you with your purchase.
- Find a good team to help you
If you have a clear idea of what you want to do with your vacant land, get a trusted team of professionals to help you achieve your goals. Your real estate agent is crucial because they can shortlist available lots that fit your needs. Architects, builders, and land surveyors are important, too, because their input will shape the kind of structures you can build on the property.
- Check your finances
Land purchases are often made in cash because lenders are hesitant to provide money for undeveloped land. You should know what you can afford to spend. Take a good look at your available cash and figure out how much more you can raise. You can take out a loan, for example, with the land as collateral.
- Make sure the land suits your plans
Make sure the land you’re buying is buildable. A soil compaction test will help determine if the ground can support the weight of your building. Or that zoning requirements allow you to subdivide the land into separate parcels if you’re buying for investment reasons.
- Know the permits
When it comes to vacant land, you will need to secure permits based on usage. Some of these are building, service and water, zoning, environmental, and special regulatory permits. List down every requirement and pay the associated fees as you go.
- Review and make an offer
You are now on your last step: review your land’s history. You may want to find out if the previous owner undertook activities on the land. Did they attempt to build on it? Use it for other purposes? If you’re happy with what you find, make an offer. Ask your real estate agent to negotiate price, terms, and down payment.
If you’re looking for land for sale in Methow Valley, Twisp, and Wenatchee, WA, look no further. We at Coldwell Banker Lake Chelan Properties are here to make the land buying process as seamless as possible. Our dedicated team of 21 agents has made us the #1 firm in our market. Call 509.682.7777 or send an email to info(at)CBChelan(dotted)com.