You’ve probably heard about free land programs in cities and towns across America, where local government gives away land for residential use and business purposes. However, many people are unaware that they can also purchase private land in the United States at a discounted rate. While the Federal government no longer offers free land to homesteaders, there are a number of private programs that still do.
If you’re thinking of purchasing a parcel of land, you’ll need to have a good understanding of the market before making an offer. There are several factors that go into determining the price of a piece of land, including the location, the physical characteristics, and the zoning status.
A reputable real estate Get Offers for Land in America broker can help you determine the value of your potential purchase and negotiate with the seller to get the best possible deal. They will also be able to provide you with helpful resources, like market statistics, to help you decide on a price for your land.
Getting a good deal on land isn’t easy, but it is possible with the right amount of research and planning. If you’re working with a licensed real estate agent, they can prepare a purchase and sale agreement for you that includes all the necessary terms and conditions. This includes stipulations on environmental tests, septic system permits, and zoning regulations.
As with any major investment, a buyer should always have contingencies in place to protect themselves from unforeseen circumstances. For example, a contingency in a house purchase might read “Results of all inspections shall be satisfactory to Buyer at Buyer’s sole discretion.” With a land purchase, the contingency could be a little more broad, but should still allow the buyer to retract their offer and recoup their earnest money if they find the property is unsuitable for their intended use.
One of the most important steps in purchasing land is finding financing. Unlike mortgages for homes, land loans tend to have higher costs because of the inherent risks in financing raw or undeveloped properties. In addition to the purchase price, a land loan may include closing fees, land survey fees, and the cost of establishing utilities like power and septic systems.
When searching for financing, be sure to vet land buyers thoroughly. This includes checking for required real estate licenses and memberships, requesting references, and searching transaction records for transparency and responsiveness. Additionally, make sure to get all promises and terms in writing; verbal assurances can be meaningless if they aren’t followed through on. If you’re working with a company, it should be willing to disclose its years in business and client references. A company that won’t do this is likely hiding something from you.