4 Tips for Choosing Land for Sale
There are plenty of reasons to purchase land. Maybe you want to build your home from the ground up, or perhaps you have a business that you’d like to put on the property. Community gardens or parks require land sales, or maybe you just want a solid investment. Regardless of your reasons for purchasing, it’s important to understand how to choose the right land.
1. Consult With a Builder First
If you plan to build on the lot you purchase, it’s important to consult with a builder when searching for land for sale in Suffolk VA. The builder can help you determine whether a piece of land is practical by helping you determine which views you’ll have, where you can get the most for your space, and whether there are any potential problems that could add to the cost of your building project.
2. Consider Local Zoning Laws
Imagine finding the perfect piece of land for your home or business, doing all the work to purchase it, and then finding out you can’t do what you wanted with it because it isn’t properly zoned. Some land is only available for residential use, while other lots are for businesses. There are also zoning laws regarding where certain types of businesses can operate. Check into the local zoning guidelines to ensure you can do what you envision before you purchase a piece of land.
3. Work With an Attorney
It is important to purchase land that is free of liens. A lien occurs when a landowner has certain types of unpaid debt. The owner of a plot of land cannot profit from its sale until the debt is paid, which could mean a big mess if you’re trying to purchase the property. A real estate attorney can double-check the property’s title and deed to ensure there are no liens and that you’ll have a fair sales process.
4. Prepare for a Down Payment of About 30%
Purchasing land, especially if you plan to build on it, is a big investment. Whether you choose a short- or long-term loan, expect to have to pay about 30% of the total cost of the land as a down payment. This means a plot costing $1 million requires a $300,000 down payment. If you want to build on the land as well, expect to pay a down payment for both the cost of the land and the building plans.
Always work with reputable sellers, real estate agents, financial lenders, and other professionals when choosing land for sale in Suffolk. Doing so ensures you have a sound investment.