Buying Land: What You Need To Know

Buying Land: What You Need To Know

on Nov 3, 2023 in Small business

There are many reasons why you may want to buy a plot of land. Perhaps you’re looking to build your own home? Or maybe you’re looking to set up your own farm? The big question that most people have is ‘how do you buy land?’. This post takes a look at the vital steps required to buy a plot of land. 

Choose a plot in the right location

Plots of land can be found in all kinds of places. It’s important to consider what type of location you’re looking for. Do you want a rural plot or an urban plot? Does there need to be certain local amenities? Does it need to be accessible by road and connected to water/gas/electricity? Some areas are going to have more available plots of land than others, and the price of land is also likely to vary depending on the location. All in all, you need to consider which location is attractive and practical for your needs. There are listing sites for plots of land that allow you to search by location very much like property listing sites. 

Get a land survey

Before purchasing a plot of land, it could be important to carry out a survey to a) check where the boundaries are, and b) measure and record the details of the land. A separate survey may be needed to understand the soil quality if you are farming or building on it. All in all, a survey will help you determine whether the land is practical for your needs and what obstacles you may have to work around. For example, there could be a path running through it that is owned by someone else or  areas that are prone to flooding. The seller may have already arranged a survey beforehand, which could save you money, although you need to make sure the survey is official and that you understand the results. 

Look into planning permission

Before you make any developments to your land, you will need to make sure that you have planning permission. You don’t have to own the land to apply for planning permission – which is good, because it means you can check whether your development plants are feasible before purchasing the land. Some land may be protected or there may be local restrictions as to what you can build. It’s good to find out what these restrictions are to determine whether you can work around them or not. 

Work out how to fund your purchase

You need to work out how much the land will cost and how much any developments will cost. If there is a building already on the land that you want to demolish, you will need to look into demolition services. An architect and labourers will meanwhile need to be hired to design and construct any new buildings. Many people borrow money to buy land – there are specialist loans you can take out called land loans that work much like mortgages. Meanwhile, any developments will need to be funded by a separate loan (look into self-build mortgages if you’re building your own home). 

Make your offer

Making an offer on a plot of land is very much like making an offer on a house. There may be room for negotiation, but only if there is not a lot of other interest. Land can be bought at auctions, but is often bought directly through sellers or through an agency. A land conveyancer is worth hiring to handle the paperwork. 

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