6 Tips for Buying Vacant Land
Buying vacant land can be such an exciting time! You can do many things with and on vacant land. Additions and improvements to the property increase its value over time. Today, we want to share 6 tips for buying vacant land to help make this process a little easier for you.
#1 Make Sure That You Know What Kind of Deed and Title You Are Getting
Three deed types to know when conveying land –
1. Quit Claim Deed – This deed is the lowest of the three deed types and transfers the property with no guarantee of a free and clear title. It transfers to the buyer whatever rights to the property the seller had. If the seller didn’t have the right to transfer the property, it moved no rights to the buyer.
2. Special Warranty Deed – This deed provides two warranties to the buyer. One, they warrant that the seller owns the property. Two, they warrant that there have been no liens or encumbrances placed on the property during their ownership period.
It is essential to note this particular deed warrants the property ONLY during the seller’s ownership period, not during anytime outside of their control.
3. Warranty Deed – This is the king of all deeds. This deed warrants to the buyer that the title is clean, not only during the current owner’s period of control, but that the deed is clear of liens and encumbrances back to the beginning.
We often see people buying land on Quit Claim deeds. While this may be fine when transferring property between family members, doing it through an online transaction is a disaster waiting to happen.
Tip #2 Have a Plan For Your Land
What makes buying raw/vacant land so great is that you’re purchasing a blank canvas. Focus on properties that suit your lifestyle and goals. You can use it as you wish (within your local planning and zoning), or you can also use it as an investment where minor improvements can add significant value!
Additions that increase the property value
1. Have the land surveyed.
2. Add a groundwater well system, septic tank, and/or bring power to the site.
3. Install a fence.
4. Build a cabin, place a mobile home on the site, or even an off-grid tiny house.
Mark Twain and Will Rogers both said, “Buy land – they’re not making it anymore!” The markets may go up and down, but they cannot take your dirt away if you invest inland. Some buyers invest in land, hold it for many years, and sell it. We have others that buy to have something to hand down to their families through the generations. Raw land is an excellent vehicle for wealth generation, but it can also be enjoyed and used while increasing value. Because it is gaining value, you can use it recreationally while working on your long-term development plans.
Enjoyment on Your Vacant Land
Are you planning to retire on this property? Do you want to leave the parcel to your children? Are you only looking to use it for recreational activities for a while and then sell it to like-minded people who will see the benefits of the improvements you made?
Vacant land buyers buy property for hiking, camping, RVing, basecamp for hunting, fishing, going off-grid, and many other outdoor activities. Some go to unplug and step away from all the noise for the weekend for quality family time. Many rural parcels give you the option to take day trips to National Monuments and State Parks. In Florida, you can swim with the manatee!
The colors, the textures, and nature – the oranges and reds, the ochres and umbers, in some places there are deep purples and turquoise, plus gold, copper, gray, all contrasting against endless blue skies. Don’t forget about the bursting sunrises and sunsets! Much to take in and enjoy!
Tip #3 Understand Restrictions on the Property
As part of your due diligence, it is essential to understand the county’s planning and zoning and any property owners association.
Read and understand all covenants and property restrictions on the county and property association level (if one exists). Be sure to know what you can and cannot do with your property.
Tip #4 How do you access the vacant land?
Be sure to understand how you can access the property. Is it on a main public road, or is it off the beaten path?
Not always, but in rural areas, some lots can be landlocked, and the only way to access it is to go through another’s property. It is essential to check with the county on the lot’s easements and ensure that right-of-way easement is given in writing so you can get to your lot.
Tip #5 Learn How to Bring Utilities to Your Lot
Please read our blog post HERE on obtaining water, sewer, and power on your lot before building.
Tip #6 Buy Vacant Land from a Reliable and Trustworthy Seller
When you purchase land from E24Land, a 100% money-back 90-day guarantee protects you. If you are not satisfied that the land is what we told you it would be, we will refund your money in full or exchange it for any other property in our portfolio. We have a 100% satisfaction guarantee to ensure that you are completely protected when purchasing vacant land through E24Land.
We also provide:
1. Easy owner financing, low down payments, low monthly payments, no credit check.
2. Guaranteed free and clear title, unless otherwise discussed.
3. Warranty Deed, not a Special Warranty Deed or Quit Claim Deed.
4. We handle all the paperwork to make your transaction as easy and painless as possible.
5. Your happiness with your purchase is important to us, and we value long-term relationships.
Talk to You Soon!
We hope this was helpful to get you started! Please let us know if you have any questions.
Don’t forget to check out our Costilla County Colorado properties HERE and join our VIP Program!