Reason to buy land now: Pandemic or Pandemonium?
As I have stated in other blogs, some people want to move to the country because of Covid-19. With so many people working from home now, it doesn't matter if they live in a urban or suburban area. Some believe that living in the country will lessen their chances of getting the virus. They are probably right unless they are out meeting people then bringing home whatever contagions they may have come in contact with in their travels.
Yes, we are getting more calls about the availability of land. Because they don't make land any more, prices are on an upward move. Like any commodity, when there are more buyers than sellers, the price will go up.
In addition to being a Real Estate Broker, I am also a professional Auctioneer. Perhaps you have been at an auction and saw several bidders who want the same item, as perhaps, none other exist. The bids go higher until someone doesn't see the value based upon what is being asked or bid.
With the renewed interest in land, you may see more ads regarding land for sale by owners. If you are in the market for land, be a smart buyer before you make that leap. I always recommend that you work with a professional. With that in mind, let us look at a few things you need to know.
First, when someone calls me about wanting to sell their land, one of my first questions I ask is, “Why are you selling?” You will probably get a multitude of answers from, “Family member left it to me and I don’t want it or need it. I live out of state now and can’t manage it. I'm tired of paying taxes. Or, I need cash… etc., etc"
As part of your due diligence, you must determine if cell/internet service is available? Especially if you will be working from home. What about utilities? Are above ground or below ground? Is there water and sewage already on the property? Are there existing power lines? Adding these after purchase can be expensive.
You do not want to buy in a flood zone, or wetlands, so check the zoning. And do not buy based upon what you think the terrain looks like because you saw a Google or some other aerial map. Or because you think there are valuable trees on the property. Google Earth Maps and County Aerial Maps are not always accurate or up to date. Go visit the property in person.
If there are roads on the property, who maintains them? You, the county or adjacent property owners? Is there a “road maintenance” agreement in place? Do you have the right to access these roads or is the land land-locked? Who are your neighbors? Are they drug addicts, loud party people? Check with the local authorities to see if they get many calls from the area.
Are there any “endangered species” on the property that would prevent you from doing what you originally intended to do with the property?
These questions are not all inclusive but will start you out on the right foot. For professional help, give us a call at 252-257-4822 or visit our website at www.cansellnow.com .