Buying and selling land is different from buying and selling a house. Some of the steps may seem the same from the outside, but the differences are very real. A person who wants to buy or sell land should be aware of those differences so they can be prepared and make strategically smart choices. Here's what most property buyers need to know.
Buying land is different from buying an Aspen Woods home in that it might be more difficult to secure a mortgage. It can also be harder to decide which plot of land is best, since it's difficult to compare one empty lot to another. Here's what home buyers need to do for the process to go smoothly.
Make a List of Must Haves
Buyers who know what they're looking for in a plot of land often find it easier to narrow their focus and avoid wasting time. Some of the features that many home buyers want in a plot of land include:
- Close proximity to work place and businesses.
- Close proximity to schools.
- Beautiful views.
- Expansive space for pets and children to play in the yard.
- Water features like a creek or a lake.
- Wooded area for privacy.
- Fertile land for planting crops or flowers.
Buyers who aren't sure in advance what they want must give serious thought to the type of home they'd like to build and the kind of goals they have for the future.
Shop Around for A Mortgage
Shopping for a mortgage can be more difficult when the buyer is purchasing a vacant lot. Banks see plots of land as higher risk than land with a pre-built structure, because plots of land tend to sell much more slowly than other properties. Vacant lots are also more difficult to leverage than properties with homes. Shopping around can help buyers find a mortgage.
Get the Land Tested
Just as many home buyers will get a home inspection, those who are buying plots of land will get the land tested. Environmental tests can help reveal pollutants and toxins that exist in the land and in the air around the home. This is important for making sure that the land is a safe place to live.
Selling land can be a slow process, because there are fewer buyers who want to build their home than there are buyers who want to buy a pre-existing home. Here's what land owners need to know.
Stage the Land
Staging the land is an important part of selling the land. Land owners can sell more quickly by keeping the grass mowed and weeded. It also helps to plant flowers or an attractive tree. This helps to show that the land is fertile and that it has potential.
Be Prepared for the Wait
Even after staging, many plots of land will take a long time to sell. Preparing for the wait is important. Land owners who want to sell quickly can hurry the process along by working with a real estate agent who has a lot of experience working selling vacant lots. A good real estate agent can help landowners list their land and market the land to potential buyers.
If you're a land owner who would like to sell, or a home buyer who is seeking an empty plot of land where you can build your dream home, working with a real estate agent is important. Contact real estate agents to get started today.