Some Factors to Consider Before Buying Land to Build Your Home

In this time of economy recession one major challenge that people, especially those in the cities battles with is their rent. The thought of a phone call from landlords or agents has led many to developing high blood pressure.

I know you have been thinking of building your own house. I know you are fed up of having to give excuses and explanations to your landlord all the time because of rent. I also know that the times are hard; the economy is at a slow pace. Sell now in Jersey City

Building your own house is good as it takes certain responsibilities away from you. It is a major achievement in some parts of the world when you move into your own home. But I would want you to consider some factors before embarking on your new home projects.

Given below are 6 factors to consider before buying land to build your home.

1. Knowing a genuine land / owner

This is a major reason why many have ignored the thought of buying land to embark on building projects. The stories of litigations over lands that saturate the space are enough to discourage many from giving thoughts to buying land to build their own home.

The world has always witnessed the existence of good and bad. Everything that is good always has its bad version. Our ability to identify the good at all time is what makes us a winner in the game of life.

It is not every land that is offer for sale that is not genuine and vice versa but whatever the case may be the buyer must ensure that due diligence is observed. Desperation should be avoided when trying to buy land for any projects.

Fraudsters often take advantage of the desperation on the part of the buyer to dupe them of their hard earned money. Take your time to ask the necessary questions and ensure you get the right answers before making any commitment.

Where you are not satisfied seek help from professionals. To be candid, do not ignore professional counsels in all your land dealings. Do not be penny wise pound foolish! Where you may need to spend money for professional services do not take it to be waste of resources.

2. Proximity to major road and highway

It could be frustrating sometimes when your abode his not easily accessible to friends and family. And a situation where you have to spend several hours to get to the major road in your town/city could impact negatively on your health.

Precious time can be saved when your land is not far from the major road and highway in your location. This can impact positively on the time spends on daily activities and engagements.

Thoughts like the nearness of the land to the major road around and the major highway in the city are crucial when thinking about buying land for home projects.

3. Proximity to office or place of work

That you have become a land lord is not a reason why your work or business should suffer. This is an important factor to consider before embarking on a building project. I have seen people who have to abandon their business in the city because they moved to their own house in a remote part of the state.

Thereafter they would not be able to make money the way they have been doing before becoming a landlord. Houses that are in far remotes areas could be let out pending the time the owners would be buoyant enough to shoulder the challenges of living there without any regrets.

4. Proximity to electricity

Electricity is an essential factor to be considered when planning to build your home. Running a home without access to electricity could be very costly and frustrating. It will impact negatively on your budget. It may even impact negatively on your health.

It may not be readily available in your proposed estates at the time of buying the land but it should not be far from its vicinity. The cost of installing electricity to the site should however be friendly and easily affordable if it is to be installed in a short time.

5. Proximity to telephone / internet networks

The world today revolves around technology, and telephone and internet are major drivers. However it is not unlikely that these services are yet to be operational in several places.

Living in areas without telephone and internet access is like living on an island. In this global village that we live you will do well with good telephone and internet access without which you are not accessible, and cut off from the world of information.

6. Proximity to Bank/ATM

You will always need cash to run your life and home. Especially in an environment where e-commerce is still unpopular and many businesses still rely on traditional method of selling, there will be dependability on cash all the time when you are in your new home.

Unlike in the past when you can keep cash at home for as long time as possible the current security challenges faced by many countries does not allow the storage of excess currencies at home.

Access to a bank or an ATM would take off the burden of keeping and accessing cash as at when due, because without access to cash one could be stranded in the home. A situation where one will have to travel hours before accessing bank or ATM services should be avoided when conceiving the thoughts of building your own home.

7. Overall cost of building and living in your new home

This is what will determine whether you will be able to build and maintain your proposed home. The cost of land, building, and that of providing basic amenities should be given adequate consideration before embarking on the projects.

It could be frustrating to own a building in a place that is not easily accessible by road. Cost of maintaining cars, providing security and electricity, could make one to relinquish the status of a landlord too soon.

8. Comfort of family and dependents

You will not live in your new home alone. The comfort of those who will live with you in the home should be put into consideration. What is good for you may not be good for your spouse and or children.

It will not be fair to deny your children access to good quality education because you now live in your own home. The impact of the proposed area on their health and emotions should also be of concern to you.

These 8 factors to consider before buying land to build your home if religiously followed will not just save you money but it will also safe you from unnecessary stress.

I would like to hear from you also as your opinion can help many of my readers out there. Kindly share your thoughts about this post via the comment box below. And if this post will help someone around you feel free to share to your social circle

Why You Should Be Investing in Land

If you are on the prowl for a good investment, you should seriously consider investing in vacant land. Most people don’t get why land is a good investment, others simply don’t give it the credit it deserves as an investment. Those who wonder why land is a good investment ask questions like:

What income does vacant land have?

What does it do? It just sits there.

What’s exciting about it? It’s boring.

The reality is that land investments are very good, even with regards to cash flow. In fact, the land is a lot more flexible as an investment than most people think. And the fact that it does nothing is a huge plus; as you will soon realize why. Also, what is boring about an investment that can you make money?

Top 10 Reasons Why You Should Be Investing in Land

1. No action is Required from You

Land can stay the way it is – you don’t need to renovate, repair or do constructions on it to make it retain its value. You just need to know that someone else can desire to build something on it or to own it as it is and you are set. So, as long as you own a piece of land someone would pay for, you have made the right land investment.

2. Owners of Vacant Land are More Predisposed to Selling

Selling land is a lot easier for many people than selling other kinds of the property since they don’t live on it. There are therefore no sentimental reasons to hold on to it when it becomes apparent that selling it would be of value. For this reason, sellers of vacant land are also more likely to offer a better price because they are not losing out any income source. Some keep the land vacant because they don’t know how to develop it further, so letting go of it actually seems advantageous.

3. Your Engagement is Not Required

Let’s compare owning land to owning a rental building. The building would require you to deal with the tenants, plumbing, and other pesky issues that come with having a building. But vacant land does not demand anything from you. Buildings, on the other hand, can have mind-boggling demands that can only be ignored at the risk of getting into legal trouble.

4. Buying Land is Easy

When buying other kinds of property, you usually have to deal with banks and mortgage companies. But with the land, you will get your hands on great real estate property straight away and without the need to borrow money from financial institutions. The fact that land does not require as huge a financial investment as other kinds of property is a huge plus.

5. You will Deal with Much Less Competition

Many regular property investments require you to deal with lots of competition. This can get exhausting as you will lose out on many deals even as you win some. With vacant land, you can avoid many of these challenges because the competition for vacant land is practically non-existent.

6. You Don’t Need Inspections

Any good property investor will often require seeing the building they are buying before paying for it. In fact, a lot of information may be necessary to ensure the right decision is made even after seeing the property. But vacant land can be purchased without even having to see it in person. You can do everything online because there are no structures to deal with as you make your purchase.

7. Seller Financing can Grow Your Income Potential a Great Deal

Many banks will not offer to finance for land purchases. And yet, this convenience can motivate many people to own a vacant piece of land. So, if you can manage to offer your buyers financing, you can sell your plots of land at much higher prices and grow your potential income considerably.

8. Owning Land is Cheap over the Long Term

With no insurance, utility bills, mortgages, and other costs related to owning a property to deal with, owning land are pretty cheap. Even the property taxes on vacant land are low, which makes land the perfect investment if you don’t want all this bother.

9. It Gives you Fewer Things to Worry about

The land is very stable as an investment. It does not experience issues like wear, depreciation, theft or destruction. All this, in addition to the fact that it is very cheap, makes owning land such a smart decision.

10. It is Fixed in Quantity

Many people forget that land is fixed in supply, and this means that its value can only grow over time. The benefits of owning land are multiplied when you buy the land before a huge development project comes by such as bungalow plots, agricultural land, residential NA plots, and similar projects come along. For this reason, land can be quite valuable, even as a retirement investment vehicle.

Land Investment is Very Lucrative

With land, you get lots of passive income. Most real estate investments cannot offer you this convenience. Even newbies can do a great job of investing when vacant land is the investment of choice since it does not demand much expertise or ongoing involvement.

Enduring the above information in mind you can move a step forward buying your desired land. However, the key is to do a lot of research before making any kind of big investment.