Purchasing land is a dream to many and involves a lot of choices. Unluckily, those who have no experience buying land do not know how to avoid making common mistakes. Also, that does not mean experienced ones are immune to mistakes. So, whether you are purchasing land as an investment or a site to build your dream home, you should be aware it comes with its set of pros and cons.
If you have gathered resources to secure a place of your own, you can check land for sale buderim to see whether something resonates with your home plan. But before reaching the buying decision, you should weigh all your options to avoid buying nightmares that many homeowners find themselves involved in unaware. Before you finalize your buying process, go through the land buying nightmares shared below to avoid becoming part of the statistics.
Choosing The Wrong Funding Source
When planning to buy land, you have numerous funding options to consider. For instance, if your credit is remarkable, you may get funding from a credit union or conventional bank. Alternatively, Farm Credit System such as the Farm Credit System (FCS) in the United States is a nationwide network of borrower owned lending institutions and dedicated service organization. The Farm lending system offers more than $300 billion in loans, leases and other services to ranchers, farmers, aquatic producers, rural homeowners, agribusinesses, rural utility cooperatives, timber harvesters and more.
Even with such an outstanding loan mechanism laid in place to help you fund your land-buying decision, never rely on that alone. You can opt for crowdfunding which has become popular nowadays for many people. Exhaust all avenues to ensure you get the best funding that meets all your needs and provides you with a stress-free repayment process.
Avoid Purchasing Graveyard Sites
Do not rush to purchase raw land because it glitters with all the features that interest you, first perform a background check. Dig for more information to know the history of that place. Some buyers have bought graveyard site and later turned out to be a mess and a waste of resources. Apart from getting haunted throughout your life, you may get in trouble with the county authority if the place is not legally acquired. Also, check for things like wetlands which are a no go zone or is not allowed for any development.
Check whether the land has undergone an environmental survey or if the place matters to you the most, pay for the service. Get to learn whether there is an issue with environmental contamination as purchasing such land may be costly to remediate.
Suppose you have never heard of land issues where a buyer purchases a place to develop, only later to have their few acres cut when the road widening project occurs. In that case, you can avoid such issues by surveying to obtain insurance to help you confirm the acreage and lot lines. Relying on the legal description that is cited in the seller’s deed may mislead you. But when you evaluate the deeds against up-to-date land surveys will help you unearth any discrepancies. It doesn’t matter the changes are recent or dates back to a century ago. Dig deeper to ensure the information provided is the same as the updated information or the property’s reality to the current date. Your attorney can help you maneuver the legal process and get the title insurance together with the survey to protect you by covering the legal description of the acreage and the lot lines that you are purchasing.
There Is No Way To Get To Your New Home
You sealed a land deal without checking or asking about the driveway. If the seller used the driveway, but after securing the land, you realize you have no right to use it. It happens where you are locked and cannot use someone else driveway since it’s not located on your land. That’s why allowing the attorney to peruse the land you are interested in purchasing may help you avoid future headaches. An attorney can review the current survey to confirm whether you have access to a public road.
If the land relies on easement across the neighboring properties, ensure you review the documents together with the attorney to make sure you have all the needed access. Another approach is to agree with your neighbor and make it in writing, especially in the land records, to add benefits to your land. The record is to show that your neighbor has agreed to grant you access to their driveway, which may avoid future disagreement about your access.
You will find thousands of land purchasing happening every year without any nightmares. However, that should not make you take the issue lightly because it can be devastating if the mistake happens to you since your hard-earned money is involved. Therefore, check the nightmares shared above and follow the right procedures to acquire your dreamland.