Solid Advice for First-Time Land Buyers

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  • Post category:Real Estate
  • Post last modified:April 28, 2021
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Due Diligence When Buying Land

The whole process of buying land can be very exciting. However, it can also be very overwhelming. Most people at one point in their life have considered making land investments. Individuals have gone as far as setting goals to be able to fulfill this wish. Most have even begun saving for this big move to be able to have enough funds when the time is right.

With the real estate market having really great deals, you might be tempted to make an impulsive purchase that could potentially go a long way into hurting your financial status and goals.

In as much as you are eager to own property, you may need to put some few factors into consideration as there are scammers and fraudsters ready to reap you off of your hard earned money soon as they realize that you are not careful.

Key Pointers

Other than land being the greatest investment on earth and the most rewarding asset to acquire, it also has the highest risks.

To avoid these risks, you need to know your way around and gain confidence when it comes to the processes of land acquisition. You should be willing to learn from those with more experience in the business.

As no one would want to make any mistakes, going about this process the right way is very essential.

Current financial status

Before you even decide on buying land, you need to consider how much you are willing to spend on the investment. Make sure you can afford to purchase the property. If you can’t afford the property, at least make sure you have a plan on how you can finance the purchase price or alternatively raise the amount over some amount of time.

Trusted seller/Agent

Basically, one of the biggest things you need to look out for is who you are buying land from. You should consider buying land from a trusted partner. This can be from an individual you know well who works in the real estate industry or from a real estate company which has the proper documentation and is a trusted real estate agent such as Denver Group Limited. The biggest advantage of doing this is that you minimize your chances of coming across fake land sellers and are guaranteed of the best deals in the market.

A land search

Before making any payments it is also advisable for you to conduct a land search on the property from the registry in The Ministry of Lands and ensure you see the title deed under the parcel you want to purchase in order to ascertain of the owner of that piece of property. This will protect you from buying someone else’s land. The search will be able to reveal the real owner of the property as well as give you the history and use of that land.

A Site visit

Before making payment for any parcel of land or for any property, make sure to make a physical visit to the location to ensure that it suites your needs depending on the particular purpose you want to use the land for.

Talking and getting the details from the seller is just the theory part of it and making a physical visit will erase doubts and will enable you to get more details on the property such as the exact estimate of the land from social amenities as compared from the ones the seller spoke of.

The exit strategy

If you are buying land with the buy-hold-resell mentality you need to consider the risks involved. Land is said to increase in value with time but this is not always the eventuality.

You need to prepare for such a situation so as not to be caught off-guard when things don’t go as planned.

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