Finding the right piece of land can be one of the biggest thrills in building a home. Photo credit tuchodi at Flickr.
The “Ups” of Purchasing Land
Of course the ups of purchasing land are great. You will own your own property with a great place to call your own. You will be able to build your own home to your specifications and guarantee yourself a forever home. You will be able to build a home and then later selling it for profit (hopefully).
You can be very picky about what you want in a piece of land because you have a picture in your mind of the perfect home. Look at many different pieces of land before you purchase so that you can find that ultimate home building site. If you chose the right piece of land and get it for a good price you will be able to save money and be able to put that money into your home building ideas.
You now have a spot of Earth to call your own. Sure, there are taxes to pay on owning land, but for many people they are a reasonable fee for the pleasure of calling a piece of dirt your own.
The “Downs” of Purchasing Land
While there are many ups of purchasing land there are downs. You may find that perfect piece of property and make an offer on it only to find out that someone else has gotten it from you. You may find that perfect tract of land to get and your credit will not allow you to get it. You may also go to purchase the land and find out that it is on a flood plain and not suitable land to build on.
You will also have to deal with paying for the land (lump sum or loan payments?) and keeping the land up. Keeping the land cleared and accessible can be a financial burden if you purchase a large tract of land.
Another downside of purchasing land is that you will have to pay taxes on it every year. If you do not make sure that you pay your taxes, the state or government can come in and take your land along with anything that you have built on the property.
While there are many downs of buying land there are plenty of ups and owning your own property means that you can build to your specifications and enjoy your dream house. If you are unsure of how to buy land and how to deal with both the ups and downs your realtor can help you through and show you what is best for you and your land buying experience.
Resources
Land Buying Tips at About.com, Home Buying/Selling.
The Dirt on Buying Land at Money Magazine.
A Beginner’s Guide to Buying Land at MSN Real Estate.