Buying Land - The 4 Biggest Land Buying Mistakes.

Paying Too Much For The Land

Paying Too Much For The Land

The biggest mistake land buyers make, is paying too much for the land. Every parcel of land is unique. You can't "look up" the value, making it difficult to know the right price. You must have an idea of the value before you make an offer to purchase, don't assume the price you are quoted is even close to the actual value. The seller is telling you what they want to sell it for and that may be 10 times what it is actually worth.

Falling In Love Before You Know The Facts

Love at first sight. It might work with romance but it doesn't work with land. Don't fall in love with a piece of land until you have all the facts. What negatives does the land have? Do you like the area? Do you like the neighbors? How is the road that accesses this property? Will you still like the land in 5 years? Slow down, don't rush into an offer. Take a deep breath and think about it before you sign the contract.

Buying Land With Title Problems

There is no reason to buy land with title problems. Use a title company, get a title insurance policy, which will protect you against title problems. I have seen many sad stories of people purchasing land and finding problems later. Never believe the words, " I have owned it for years and I know there are no problems." There could be problems the seller is not even aware of. A Title Insurance Policy will protect you.

Buying Land Without Legal Access

It is possible to buy land and have no right to get to it. This happens when you must cross other land to get to yours, and have no legal right to cross the other land. Make sure the title company is insuring access to the property. If there are problems with access in the future they will fix it. NOTE: Legal access does not mean there is an actual road to your property; it means that you have a right to access your property which may require you to build a road.

Conclusion

First, make sure you don't pay too much for the land you choose. Next, take your time and look at everything, weighing the pros and cons, before you decide to buy. Finally, get a Title Policy to protect yourself against any problems, including lack of access.

by: Deron Wilkerson

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