People buy land for a number of reasons. Some want to use it to build their dream homes, while others are interested in vacant land for investment purposes. It can also be used to start a business.
Whatever your reason is for purchasing vacant land, it is important to be familiar with the buying process. Here are a few things you need to consider prior to signing your name on the dotted line.
Identify the use of the land
Before you purchase vacant land, determine its intended use. If you are going to build a business, what type of business will it be? For residential purposes, how large a home will you build? Will it be a single-family home, or an apartment building?
Identifying the intended use of the land helps you concentrate on properties that are specifically zoned for that purpose. Moreover, you will be able to locate land for sale that are suitable for your plans.
Get in touch with a specialist
Work with a professional who has extensive experience in buying vacant land and negotiating land deals in Ogden Valley. This way, you will be guided in the nuances of the process, from what to watch out for to other fine details.
To help you start your search for the right real estate agent, contact our team today at email@example.com.
Arrange for financing
Vacant land can be tricky to finance. Because it does not have pre-existing structures and does not generate income, you will find that most financing programs you know are not applicable.
You have two options. First, you can save enough funds to purchase the vacant lot you are interested in. Second, you have the option to tie the loan to your income or to structure you intend to build on the land. For the latter, this building will serve as the collateral for the loan.
Conduct tests and inspections
Inspections and tests are a must when purchasing land. The minimum should include a land survey, a zoning review and any restrictions that apply to the land usage, and a soil test to make sure a building can be constructed.
You may want to also do an environmental assessment and a perc test to ensure the property can support a septic system. Finally, it is important to properly identify the land’s boundaries. Determine if there are established easements, especially if the land you intend to buy does not have direct access to a public road.
When you find land that meets your requirements, all tests and inspections are satisfactorily completed, and all is in order, go ahead and close the deal.
Buy Land in Ogden Valley with Destination Properties
We can help you find the perfect plot of land in Ogden Valley for your dream home or investment property. Consult with our team today by contacting us at 801.745.2009 or info(at)destinationproperties(dotted)com. It would be our pleasure to assist you to purchase land for sale in Ogden, Utah, and land for sale in Huntsville, Utah.