FOUR THINGS YOU NEED TO KNOW WHEN BUYING LAND
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We've learned from helping people buy land that there's a real emotional aspect to the process. The purchase of property involves making an investment, an investment for the future. This is often among the largest and most important purchases you can make. All of a sudden you're on this beautiful 4 acre parcel and you're driving around and you're looking at the community and you're looking at the area. You can develop an attachment very quickly. That's the power of land. I believe in it. Land is one of the best investments on the planet. They're not making any more of it and it’s becoming harder and harder to find. If you see something you like, make an offer; chances are, if you like it, somebody else is liking it, too! That other person is probably liking it for the very same reasons you do. Don't wait. Make a careful, well-informed decision but when you find something wonderful, don't think it will be there forever. It won’t be!
Here are a few of the key questions we ask clients to help them get started in the buying process and to gain an understanding of how we can best serve them:
1. What are you going to do with the land? The majority of land buyers plan to use the land they are buying in a variety of ways: hunting, hiking, cross-country skiing, ATVing, snowmobiling and more. Buying property for investment purposes involves a different set of considerations than buying land you're going to spend time on and hand down from generation to generation. Land you buy with the intentions of keeping for generations to come should offer the amenities you and your family enjoy: fishing, boating, hiking, bird watching, etc. On the other hand if you are looking at it as an investment, you also need to ask yourself; am I planning on owning the land for five - ten years and then selling it for a profit or not? Well, if the tract you're looking at is in a mature residential area, that's not a place where you're likely to see rapid appreciation in land values. Your growth is restricted by the maturation the area has already seen. The property investor should always be looking for areas where there is room and opportunity for growth. In some instances, you can accomplish finding a property for future generations by finding an area with the amenities you desire and at the same time, an area that offers opportunity and room for growth.
2. What's most important to you about location? Make sure distance to transportation points will work for you. You may want to consider how far is it to a hospital? How far will you be to shopping? How far away are the neighbors? People frequently say, I don't want to be near anybody. But for many people, not having a neighbor somewhere down the road is really eerie. Think hard about this one. And if you're planning on building a home or other structure on the property, think about the kind of road and utilities you're going to want. Does the property offer the utilities you require? Is the road paved or is it a dirt road? If it’s a dirt road are there plans on paving the road? (This is an indication that the area is growing: a plus for the property investor.)
3. What's your size? How many acres would you like to own? Sounds basic, but is it? Determining your future plans can be easily limited by small acreage sizes. For example, a one acre lot in New Brunswick, Canada can be limited to a maximum 3 bedroom home. Whenever possible, the smart buyer will always look for at least an acre and when possible, 2 acres or more. After all, the larger the property the more flexibility you have should your future plans change or become altered.
4. What's your price? You've decided what you want so what will it cost? Do you need to make a large outlay of cash up front? Is financing available? If financing is available, what are the payment options and do they fit into your budget? In the marketplace there is almost always a wide divergence of prices for various properties but matching your budget to the property available is always the smart move. Perhaps when considering this you need to remember: where would you like to be and is the area providing an opportunity for growth? Like we said before; we've learned from helping people buy land that there's a real emotional aspect to the process. The purchase of property involves making an investment, an investment for the future. This is often among the largest and most important purchases you can make. All of a sudden you're on this beautiful 2 acre parcel and you're driving around and you're looking at the community and you're looking at the area, meeting the people. All of a sudden, you’ve developed an attachment to the property, the area: the place. That's the power of land. We believe in it. Land is one of the best investments on the planet. They're not making any more of it and it’s becoming harder and harder to find. If you see something you like, make an offer; chances are, if you like it, somebody else is liking it, too! That other person is probably liking it for the very same reasons you do. Don't wait. Make a careful, well-informed decision but when you find something wonderful, don't think it will be there forever. It won’t be!
Often times, we wait for hindsight to tell us to buy a property, but by then, the property is gone.
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