How to find land that is good to build on and buy with confidence?
If you already own the land you’re planning to build on, skip ahead to the next section. But if you’re starting at the very beginning of a dream and are planning on buying land soon, keep reading.
Finding and buying land can seem like a stressful and painful process. There’s no instruction manual on how to do it or even a clear place to start. We’ve helped many families work through the struggle of finding, evaluating, negotiating, and closing on their dream piece of land. In the years of doing this, we’ve seen patterns emerge and have helped many different people solve similar problems.
In this section, we’ll cover the basics of finding and buying your own land. If you want a more detailed guide to work through the process, download our ebook 5 Steps to Buying Land for Your Dream Home.
There are five basic steps to finding and buying a piece of land for your forever home.
- Financing How you’re going to pay for your land comes first. Without a source of funds, you’re just daydreaming.
- Finding This one seems simple, but finding the right piece of land can be the most difficult and frustrating step. After all, nobody is making any new real estate.
- Evaluating. This is the step where you have to figure out whether the land you’ve found is even suitable for building.
- Negotiating. Sometimes, land that’s for sale is overpriced (or perhaps underpriced). Or you may find land that isn’t on the market but could be bought for the right price. In either situation, you have to find the market value and negotiate reasonable terms with the seller.
- Closing. This is when the land and money change hands. It’s critical that you know the steps, how long each step will take, and whether you’re actually buying what you think you’re buying.