Owning land is a big commitment and it’s a truckload of work. Property ownership can be a smart long term move, but you want to know what you’re getting into. Purchasing land is a major milestone that tops many people’s lifetime to-do lists. But it certainly doesn’t have to be a scary or stressful experience. With time, care, and research, you can take control of the property-buying process.
With that said, I know that if you’re reading this, you’re probably going to buy a property anyway. So here we have put together a property buying guide to wrap up our best advice over the last few years in once place. Enjoy!
How to prepare to buy land;
1.Determine What You Can Truly Afford
Well, the first step in land buying process is to determine your budget, just as you’d likely do for any other major financial decision.
2.Decide Which Features Are Must haves.
It’s the rare lucky person who finds the perfect land within their budget, so before you go property hunting, brainstorm a list of what you absolutely must find in a property and which features are simply nice extras.
Examples of must haves might include the number of size property, proximity to work and other places you frequent, and access to your preferred school districts. You might also have a strong preference on the amount of outdoor space, and whether it’s move-in ready.
3.Start property hunting using experienced Real Estate Agent.
Browsing online resources for available land in your neighbourhood is a good place to start, and can help confirm whether your budget and house must haves are reasonable in light of what’s for sale.
This is also a prime time to decide whether you’ll hire a real estate agent, if you haven’t already. While you’re under no obligation to do so, there are several potential benefits to working with one. First of all, an agent can provide access to more home options than you’ll likely find yourself, as well as set up viewing appointments. Since home buying can be an emotional process, an agent can also act as a mediator between you and the seller.
The buyer should verify the authenticity of the property, check whether the seller has a right over the property or if the property is not caveat. Take the first step is to check the title deed of the property and approved plans if it is a structure which you are going to buy.
This can be done through obtaining a property search report from the land district offices. From the search report confirm whether the land is in the name of the seller and that he or she has the full right to sell the land. It is always better to get the original deed examined by a reputable lawyer and also to ensure the property is of the right size on ground it is important to engage your own surveyor who will help you establish whether the land you want to buy is exactly located on the site the agency is showing you and valid.
5.Property Due Diligence
When it comes to buying land? You will want to really understand what your money is going into, you will want to know the area, and you will want to know what the potential is for capital growth. The important thing, however, is to be rigorous, exhaustive. A property is always a big investment. There is a lot of money that goes into a property deal. So obviously, you don’t want to make mistakes that could have been avoided if you had done your research.
The key thing we consider when buying a property are
Price versus value.
Understanding the Local Area: Making sure that there is a ready local market. You need to know that the property is commercially viable.
Calculating Rental Demand
6.Put in an Offer
So you’ve fallen in love with a property that meets all of your needs and some of your wants—and it’s within your price range. Let’s make an offer!
This where it can get tricky: You don’t want to low ball your offer or insult the seller but you also don’t want to pay more than is necessary.
7. Review the purchase agreement
Once seller accepted your offer before you sign on the dotted line, you should make sure to review the contract thoroughly and understand every single clause.
Review all closing costs—the ones you’ve hopefully saved up 3% to pay for, which might include an attorney’s fee, title search and partial property taxes—before you sign the contract.
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