The internet is a powerful tool for connecting landowners and land buyers. Buying land online, though, carries the same risks and problems that buying land offline does – as well as complications unique to online transactions. Before investors buy land online, they should perform due diligence.
Plan Before Searching for Land
A detailed plan of action is a necessary foundation for buying land online. Buyers must consider factors such as the purpose for buying land, ensuring that the land has access to basic necessities, and laws that restrict usage of the land. Owning a piece of land without being able to fully utilize it is a wasteful investment.
Prepare the Necessary Finances
Buyers should be prepared to pay in cash since loans for land purchases are unlikely. Acquiring proof of funds is the land-purchasing equivalent of a mortgage pre-approval and can help when communicating with a seller. And buyers should ensure that they have enough money remaining after the purchase to cover the costs of developing and maintaining the land.
Use a Reputable Online Land Broker
The internet is rife with scams, so it is vital to interact with a trusted land broker that emphasizes trust and quality. The online land broker that a buyer utilizes should include features such as:
- Search capabilities with factors such as location, price range, and acreage
- Prompt, non-automated customer service
- Relevant information about buying land online and related activities
Study the Laws That Govern the Land
Violating a law, a zoning restriction, or an HOA rule can swiftly turn a land purchase into a net loss as well as generate negative press. Before buying land online, buyers should familiarize themselves with both the current and pending laws that dictate how the land can be used. Buyers – especially those buying land online for the first time – should seek a consultation with a lawyer specializing in land use and zoning.
Assess the Land Before Finalizing the Purchase
The land must be physically capable of meeting the buyer’s needs. The buyer should arrange to have onsite contractors performing inspections including:
- Environmental assessments
- Boundary surveys
- Soil reports
The commercial land surveys chicago il before buying land online may seem laborious, but failing to plot a course of action can turn the land acquisition into a nightmare. Investors who buy land online must have a clear idea of how the land will be used, and they should anticipate complications. Foresight and research can greatly increase the chances of buyers saving time and money when buying land online.
