How to Make a Successful Land Purchase

Choosing to make a land purchase is not a decision that should be taken lightly. Whilst it can be a shrewd investment if executed correctly, there are also many ways in which it can go wrong. So, if you’re considering making a land purchase and you want to ensure that you don’t end up squandering all your hard-earned cash, just read on…

1. Research the Market

The mistake that many people make when making a land purchase is that they let their hearts overrule their heads. Whilst it’s important to have an emotional connection with the property, especially one you’re going to be living in, there are other things to consider. A property or piece of land may seem like your dream location on the outside. But dig a little deeper, and you might just find that your dream purchase isn’t all it appears to be. So, research the market carefully to see how similar properties in the area are priced. Don’t rely on just looking at photos of the property. Go and take a look yourself. You have to see a property first-hand to get a real sense of all it has to offer.

http://www.geograph.org.uk/photo/675424

2. Scrutinise the Surveying Report

Once you’ve researched the market, if you still want to proceed with the purchase, it’s time to survey both the land and property in question. Different countries will have different laws regarding this, so this is worth checking out during the research stage. Whatever the laws may be, the most important thing is that you arm yourself with as much information as possible. This ensures that when it comes to making a decision, you’re fully aware of everything involved. Things to check for are planning permissions and restrictions – would you be able to build on the land for example? Is the area prone to flooding, or is subsidence a problem? All of these things need to be taken into consideration before deciding to proceed further.

http://www.geograph.org.uk/photo/3205701

3. Risk and Cost Assessment

When making a large purchase of this kind, there’s always a strong possibility of going over-budget. This is especially true when there’s building work involved. So, do your sums and work out what you hope to spend and what you’re able to spend. Plan for variables, if you do end up over-spending, what financial position will this leave you in? Then ask yourself whether or not it’s a risk worth taking. If the idea of taking such a major risk fills you with dread, there are other options. Packages and deals, such as those offered by The Rivergums, eliminates much of this risk. Such packages often include a surveying report, so much of the hard work is done for you. Having this information available up-front saves you much time and effort. It also considerably speeds up the buying process, which is win-win for all those involved.