| The decision to buy land or property is not one to be | | | | loan, the reality for many is that the hardest part is |
| taken lightly. Land can be extremely expensive, | | | | paying it off. If you are not able to pay your |
| representing a considerable investment in both time | | | | mortgage loan, your property may be foreclosed on, |
| and financial resources. If you’re thinking about | | | | leaving you without money, without property and |
| buying land or property, you should ask a few | | | | with bad credit. No matter how tempting a piece of |
| questions yourself first. | | | | land or property may be, don’t borrow money |
| 1. Why Are You Buying This Property? | | | | to buy it if you don’t know how you are going |
| Is your primary interest in the property to create a | | | | to pay it back. |
| personal residence, to have a vacation home or as an | | | | 4. Is the Land Surveyed? |
| investment? While these interests may overlap, you | | | | It’s hard to know if you’re getting exactly |
| may need to explore different considerations based | | | | what you are paying for when buying land, especially |
| on your priorities. Easy access to your property may | | | | if you are buying a great deal of acreage. A certified |
| be a plus for a personal residence but not for a | | | | surveyor can tell you and show you the exact |
| vacation home. Proximity to a tourist attraction may | | | | boundaries of the land you are considering, so you |
| be good for your investment property, but not so | | | | can purchase with confidence. |
| much for your personal residence. | | | | 5. What, if Any, Are the Zoning Restrictions on the |
| 2. What Is the Property’s Investment Value? | | | | Land? |
| Even if you aren’t buying a property primarily as | | | | It’s important to know local zoning restrictions. If |
| an investment, it’s still important to understand | | | | you’re planning to build on your land, you |
| its value. You may decide to sell the property down | | | | don’t want to find out that your plans violate |
| the road and it’s good to know up front what | | | | local regulations after you’ve started, or even |
| you can expect in this regard. | | | | after you’ve bought the property. Find out up |
| 3. Can You Afford This Property? | | | | front what you can and cannot legally do on the land |
| Most people will need to get a mortgage in order to | | | | and make sure this fits in with your needs before |
| purchase land or property. While some may fear the | | | | buying. |
| hardest part of the process is getting the mortgage | | | | |