7 Simple Steps to Buy Land For the First Time

By on August 11, 2021
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Buying land can be intimidating for the first-time homebuyer. There is a lot of information to process, and it’s not always clear where to start. Our article will walk you through the steps needed for buying your first plot of land so that you can make an informed decision on your investment. We’ll teach you how to find a property, analyze it and price it right, negotiate the best deal, and close on your purchase.

How to Buy Land in 7 Simple Steps

Wondering how to get started on the land buying process? We’ve broken it down into 7 simple steps. A guide to buying land for a first-time land buyer needs to include everything from the decision on which type of the land suits you better, up to searching the land title and of course the payment. Prior to jumping to the process of land purchase, you can make a small research on the benefits of owning land, that will confirm the correctness of your land buying decision. The land purchase has various benefits, including lower costs, lower maintenance, increasing land value, and much more.

Decide on the Type of Land You Want

A good place to start when buying land is deciding on the type of land you need. Do you want agricultural, residential or commercial? You also have a choice between how much acreage is enough for your needs and what extra features are important to you as well.

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Find Land that’s Listed

Once you decide on the type of land that best suits your needs, make sure to find a property listed or currently up for sale. You can seek help from an accredited real estate agent to get access to listings and properties that are perfect for you.

Get an experienced realtor who knows all about local markets. This way, they’ll know where to look when searching so as not to waste time looking at places outside the realm of possibility.

Another way to find land is by looking at public listings on websites like Zillow or realtor.com. This will give you an idea of what’s available and how much it’s going for in your local area.

Check for Permits and Restrictions

Once you’ve found your ideal piece of land to buy, it’s time to look into restrictions and permits. Restrictions vary significantly from state to state, so make sure that you’re familiar with what’s required in your area, including permits and zoning laws.

Zoning laws are regulations that dictate the use of land. Depending on the zoning law, a piece of property can only be residential, agricultural, or commercial in nature.

Understanding what restrictions are in place for the plot of land you want to purchase can help you decide whether or not it is worth buying. For example, if a property isn’t close enough to a local sewer line and has no private septic system, building anything will require going through permit obligations before construction can start.

You’ll also need permits when wanting access to public water hookups or electrical grid installation as well.

Make an Offer

When you buy land, it is important to have a solid contract. Verbal agreements do not always hold up, and any details that might affect the value of your purchase should be in writing on the contract. You’ll want to include information about the location or parcel number, price of the property, and contingencies. Contingencies are there to protect you. If anything turns out wrong during the inspection period, then you can cancel this transaction, you’ll be able to back out and get your earnest money back.

Common land buying contingencies include

  • That the property can pass an environmental test 
  • The land has been surveyed properly with clear boundaries so that you know what’s yours for sure. 
  • Making sure that zoning regulations allow your desired use 
  • The land can get septic permits

Conduct a Survey and Inspection

Land surveying is a crucial step when purchasing land. Surveyors can show you the boundaries of the property, locate any easements and encroachments on the parcel. On the other hand, conducting a thorough inspection of the property will ensure that you are not purchasing any hidden surprises. Check for water hazards, drainage issues, or anything else about the land that could make it unsuitable for building on from an engineering perspective.

Negotiate on Terms and Make a Deposit

After the inspection and survey results come out favorable, it’s time to negotiate on terms and the final price of the land with the sellers. You can also make your initial deposit on the land if all goes well.

When the Title is Clear, Make Final Payment and Close in

The title search is the last step before you purchase land. You don’t want to buy a property that may have liens, easements, or restrictions attached to it- all of which can cost you more money in unexpected ways. A clear and concise title will ensure your peace of mind when making any transactions with other people’s property.

Once everything meets your satisfaction and all inspections are complete, then it’s time to pay.

Land is the new gold, and every day, more people are discovering this. If you’re considering buying land for your first time or adding to your portfolio of holdings, follow the above seven simple steps that will help make sure everything goes smoothly from start to finish.

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7 Simple Steps to Buy Land For the First Time