This Land in Lowell, MA recently sold for $80,000.
This property features 0.11 acres, and was sold by
The Rogers/ Melo Team – LAER Realty Partners
Some may think that buying a piece of land is a very complicated process. As true as that may seem, it is not as complicated as you would think and can be cheaper than buying a home. Finding a piece of land in the right location at an affordable price is possible, especially in rural areas. More populated areas may prove to be a bit more of a challenge. The following tips will help improve your land buying experience.
Start With The End In Mind
In order to make the right choice, you need to have in mind what you want to do with the property and in what time frame. There are several reasons people buy a piece of land, some want to build a home on it, others want to farm, while others buy land as a future resale investment . Whatever your reason may be, you need to decide before purchasing as your reason influences your choice.
Save Towards It
Make sure you have enough money for the down payment if you are purchasing with a loan. Some lenders might ask for up to 50% down payment, others are comfortable with 20%. Alternatively, you can opt for an equity or construction loan.
Make A Decision On The Location
This is a very tough decision to make as buying land is a huge investment. If you are already familiar with the neighborhood, your decision should be easier. If the area is entirely new to you, you’ll need to do some research both offline and online before making a decision. This website is a great place to start your online research and reach out to a real estate professional.
Visit The Property
If you have not seen the property, now is the time to do so. Visit the property with your real estate professional and see it for yourself. Look around and see what appeals to you. Does the neighborhood appeal to you? Is it easily accessible? Will it meet your needs? Talk to neighbors, ask questions about the history of the property, you will be amazed at your findings.
Make An offer
At this stage, you should be comfortable making an offer through your real estate professional. Offer a reasonable price that would not be considered an insult. With a lower offer, you and your agent will have more bargaining leverage if the seller counteroffers. When negotiating, do not appear desperate, always display a healthy measure of confidence and be willing to walk away.
When you agree on a price, an attorney will review the documents before you sign. This is necessary to ensure all details of the land purchase are included.
Owning a piece of land can be a great investment as its value generally increases over time. Finding a great piece of land in the prefect neighborhood is becoming increasingly more difficult. Call a real estate professional today to get started on your search.