Tips Before You Buy Vacant Land
Whether you are buying your dream home or selecting a camping spot, Here are some things to consider before you begin your parcel search:
1. USE CASH IF POSSIBLE
Use cash, especially if you are in competition with other buyers. Cash can give you the winning edge. Sellers tend to prefer cash and it gives you the freedom to close in a shorter period of time.
2.SECURE FINANCING
If you don’t want to use cash, you may want to finance the property. If you are ready to build your dream home you may want to consider a construction loan. A construction loan will pay for the land and all costs associated with building your structure. These loans are typically short-term (about 1 year).
-If you don’t plan to build immediately, ask the owner if they would consider owner financing. Owner financing is when the property owner lends the capital to purchase the land. Typically, it would involve a down payment and then monthly payment paid for the life of the loan. A great advantage of owner financing is that the terms of the loan can be more flexible than what is offered at a bank. We do owner financing on some of our properties! Give us a call 404-931-1500 ext 2 or email us at [email protected].
3. FIND THE RIGHT BUILDER
Do you intend to build right away? The one of the easiest ways to find a good builder is to find a good architect first. Architect often work with builders and typically will know many reputable builders in the area. Once you have your plans in hand and know exactly what you want to build it will be easier to get a true quote to build the structure.
If you are buying vacant land in a subdivision or deed restricted community, you may want to use a builder that is already working in that community. They will be familiar with all of the requirements and specifications to build in the community.
4. FIND A BUILDER FROM YOUR COMMUMITY OR PARTICULAR AREA–
If possible, use a builder that is already working in the community. They will be more familiar with that particular municipality and any issues particular to that community such as wetlands or low water tables. This will ensure less delays and help provide a smooth building experience.