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by Dan Auito
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at they may be
willing to do.
If you plan on building on your land, then having a development
plan with an appraised set of blue prints for the project will
help the lender in justifying your loan. If you can use equity
from other property, then paying substantial down payments may
also be an option.
Final words of caution here are to know values and don’t
overpay. Always offer less when possible and research recent
sales of comparable properties. The larger a parcel is, the
cheaper it tends to get per acre. Ask an agent what an acre of
land tends to go for in the area that you are considering; try to
buy more than one acre.
When buying residential lots, builders try to keep raw land costs
down to 10 percent of the overall value of the project. If streets and
utilities are already in place, then they will use 25 percent as their
guideline. If you can combine or assemble parcels or achieve
zoning changes with property, you have a good chance of
immediately increasing its value.
Always physically inspect the property and do your research before
obligating yourself to buy it. And try using contracts with contingencies
put in to protect yourself. In essence, these are really options that
let you control the deal while you investigate and research the land’s
potential to satisfy your objectives. Happy Hunting and buy the
high grounds!
About the Author
By Dan Auito, magicbullets@alaska.com , http://www.magicbullets.com/home.php
Dan has been a real estate investor for the |
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