Purchasing raw land is a great way to invest in the future of your property. Whether you plan on building a dream home or simply want to hold onto the land for potential use down the line, buying raw land requires careful consideration of your financial and legal obligations. This blog post will outline some of the key considerations when purchasing raw land, including how to secure financing and what real estate services you need to make it happen.
Research & Due Diligence
When researching potential parcels of land, consider factors such as location and zoning regulations. Zoning laws provide local governments with control over how land is used within their jurisdiction, so it’s important that you familiarize yourself with these rules before committing to a purchase. You should also research any necessary permits or licenses that may be required before proceeding with the transaction.
Secure Financing
When you are ready to purchase raw land, it’s important to have all your ducks in a row. Many lenders will offer specific products tailored for those looking to purchase raw land for personal use. However, if you are having difficulty securing traditional financing from banks or credit unions, you may want to consider working with a hard money lender. Hard money lenders specialize in providing short-term loans secured by real estate, which makes them an excellent option if you need quick access to capital for a short-term investment opportunity like purchasing raw land.
Reach Out to Real Estate Services Professionals
Once you have done all your research and secured funding for your purchase, it’s time to reach out to professionals who can help guide you through the process of actually making the purchase and taking title on the property. This may include brokers who can help connect buyers and sellers, attorneys who can review contracts, surveyors who can confirm boundaries, and more! Working with experienced professionals will ensure that everything runs smoothly across all aspects of your transaction.
Purchasing raw land is an exciting opportunity whether it’s for personal use or investment purposes. Be sure that you do plenty of research ahead of time so that you understand zoning regulations in the area and any other necessary permits or licenses needed before moving forward with the transaction. Additionally, make sure that you have secured financing through a bank or credit union—or even through a hard money lender—so that funds are available when needed during your purchase process. Finally, don’t forget about enlisting professional help like brokers, attorneys, surveyors, etc., so that everything goes as smoothly as possible! With these tips in mind, you’ll be well on your way towards successfully purchasing raw land!