Thinking about buying land in Mason, OH? Do you have questions such as How much money do you have to put down to buy land? How does buying land work? Is it worth buying land?
Is it better to buy a house or buy land?Much like shopping for your dream house, searching for the right piece of land to accommodate your needs is a process worthy of your time and effort. Whether you’re purchasing land as an investment or to build your own home and to answer your questions, here are 5 things you should know about buying land in Mason, OH.
Planning and Finding the Land For Sale
Before you truly get your land search underway, it’s important to first stop and think about what you’re wanting to get from your land purchase.
Are you expecting to build a new, permanent residence on it, a vacation home, or will it be used for something else entirely, like a rental property? Remembering that the more land you own, the more space will require your regular attention, how many acres are you looking to purchase?
Take a look at the prices of available plots relative to their size in the area in which you’re looking to purchase your land. Keep these in mind when narrowing your search in order to make sure you get a reasonable price for the acreage.
These are all essential questions you want to answer to help inform the first steps of your search when buying land in Mason, OH.
Examing All Details – Rights and Easements
It’s easy for the average buyer to overlook the nitty-gritty details when purchasing land.
These details include the water, mineral, timber, and access rights to the property. Each of these categories defines which specific other parties could legally have rights to the use of the property, and what those uses may be.
For example, say a portion of your property is located adjacent to a landlocked property, and it was previously negotiated that the owners of the landlocked property would have access rights to travel through your property to reach their own. You likely want to be aware of this detail prior to purchasing the land, and then discovering your lack of privacy.
The best way to handle these critical elements is to hire a qualified and experienced real estate professional to help you from day one in buying land in Mason, OH
In the 21st century, most of us are going to assume that there will be open and easy access to power, water, sewer, and even internet in any relatively developed area.
However, you want to contact all of your utility companies to double-check that there really is utility access on any properties in which you are interested. If you’re further out in a rural area, having a soil test done to prepare for a septic system and well installation is a major hurdle in determining where you could comfortably build your new home.
Before you get too attached to a certain piece of land, you need to consult municipal, county, and state zoning laws to ensure the land meets the criteria to be used for your intended purpose.
Consulting an attorney specializing in zoning and real estate is a great step to safeguard against any nasty surprises should your transaction be concluded without knowing everything.
It’s also a great idea to walk the property with the current owner to get a better idea of how everything is laid out. This also gives you the ideal opportunity to ask any lingering questions and get a better understanding of what will be possible.
Just like buying a house, mortgage lenders will be available to assist you with financing when buying land in Mason, OH, if that is necessary.
When discussing financing options with your chosen lender, ask about the possibility of receiving a land construction loan that could eventually be rolled into a traditional mortgage down the line.
On the other hand, if you are planning to make your land purchase with cash or leasing, it’s a good idea to get a lawyer involved in order to verify every last detail of any contracts before signing off on anything.
If you are to consider in buying a raw land -without utilities or streets- You should be aware that lenders generally require a down payment of 20% to 50% which will likely have a higher interest rate.
You may also try local banks or credit unions in financing your land purchase since many sellers offer financing. Also put in consideration that not all lenders handle vacant land loans, so it may be a bit of a challenge to finance your purchase.
One of the biggest miscalculation residential land buyers make is leaving out the cost of developing the land when applying for a loan. So get all the bids required in advance of seeing a lender.
Experienced Guidance Buying Land in Mason, OH
If you’re thinking about buying land in Cincinnati, OH for your commercial or residential needs, contact us today at (513) 813-6293! Team Sztanyo has the experience you need to help make the buying process easier, less time consuming, and we’re on your side to help make sure you get the best deal while we worry about all of the details.
Either way, countless local homeowners and investors trust Team Sztanyo to help them wade through the real estate buying and selling process while keeping more cash in your pocket and helping you save the time and headache of working with less experienced brokers.