NEVER Buy Affordable Land Without Knowing This

Affordable land can seem like a great opportunity, but it's essential to approach it with caution. It's important to evaluate all the variables before taking the plunge, especially if you're considering land that seems like a great deal. Some of the factors you need to consider before buying land include surveys, title policies, and flood zones. It's also important to assess the quality and suitability of the land for your intended use. Additionally, it's critical to factor in the cost of any potential improvements or upgrades that may need to be made, as well as the value it will add to the land.

Remember, just because a plot of land is cheap doesn't necessarily mean it's worth the investment. By carefully vetting all the variables, you can make an informed decision that will ultimately benefit you in the long run. So, do your due diligence, and you'll be on your way to owning the perfect piece of land.

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*DISCLAIMER* The contents of this video are for strictly educational and entertainment purposes. This video is not intended to provide financial, accounting, tax, or legal advice. For financial or legal advice consult with financial advisor or lawyer.

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[shauny]

I always visit the property at night (criminal activity) and during a rainstorm (flooding).

[DonaldMark-nese]

Back in the day, when I purchased my first home to live-in; that was Miami in the early 1990s, first mortgages with rates of 8 to 9% and 9% to 10% were typical. People will have to accept the possibility that we won't ever return to 3%. If sellers must sell, home prices will have to decline, and lower evaluations will follow. Pretty sure I'm not alone in my chain of thoughts.

[IamGoen]

A few items I would add to your list; Zoning regulations, neighborhood restrictions, property taxes with and without improvements, HOA regulations, and mineral rights ownership. You may or may not want to live on the property depending on whether or not you agree or disagree with rules placed on it.

[evers]

My wife works for a title company and there is a problem right now of scammers posing as owners trying to sell vacant land without the true owners being aware.
If the seller is out of state and the land is listed below market value be very careful

[lbpdluis]

im a former city hall employee, my top 3 tips before buying a land are:

1: check with the city hall whats the use of the zone, if you can build on it and what kind of building you can do
2: check if it have a road,
3: check if it have acces to basic services like water and electrity

[ajthedirtpoet]

Here's a tip. If you are buying land on a private road make sure there is a road maintenance agreement in place. If not, chances are you'll be paying for it all.

[bjcouche]

Another important point to verify is EASEMENT. Always check to verify the easements to the property. You don't want to find out after you've bought a property that your neighbor(s) has rights to drive across your property to access theirs. Maybe you are OK with paying to maintain a road for someone else to use, but maybe not. Utilities can also have easements, sometimes that's just a water line alongside the road, but sometimes it's a high voltage electrical line (or natural gas line) buried underground across the center of the property right where you want to place your house foundation.

[vikingstorm]

I use to look for cheap land in northern minnesota. Most of the 40 acre plots are either land locked inside a state forest which you can only use for hunting. Or wetland and you cant build there. I saw a really good deal by duluth once and on the map I saw pine trees. I drove up there are it was deforested.

[livingonwheels]

I'm in real estate; this is fantastic advice. Buying land is completely different than buying a 3/2/2 in the suburbs - for all the reasons Wayne mentioned.

[Mulberry]

Always check zoning maps. The wooded lot next to you today might be a shopping center tomorrow.

[trumarksurveying]

Finally a pretty darn good video telling the truth about buying land. A reputable surveyor will identify MOST of these issues for you. Yes it's expensive, but so are the consequences of not knowing BEFORE you sign those papers. Well done, sir!

[richardross]

Good advice. I was a Town Engineer shared between 12 small towns for 10 years. I saw all kinds of problems with land/land development.
In one case, the realtor lied to the buyer(a retired state police CPT). It was only 3 acres not the 13 acres that the realtor and owner claimed. She finally got what she deserved. I suspect that it was an undercover op to get her. The CPT's BIL was the county prosecutor.
I did a survey on my land as a condition of purchase and walked it many times. I've seen construction loans as traps many times. The banks sit on the submissions and slow the job down to the point where the job goes over the time limit. The bank then forecloses figuring that they are going to make a big profit. Good Luck, Rick

[phillhuddleston]

Another consideration is to make sure it's not land locked, that is when other private properties surround your property and you have no way to get to it. If the property is on a private road you may want to see how many if any other properties have a right of way through the property. If it's on a private road gravel, black top or concrete etc. who performs the maintenance on it and how is it paid for. What are the building codes if any and are there any restrictions?

[tranger]

Craziest thing I ever heard from a co worker that was buying cheap land. She was getting ready to hand off 15 thousand dollars for 2 acres. I suggested she get it surveyed before handing out that much cash being she was nervous. She bit the bullet and asked to get it surveyed before she handed the money to the seller and it was going to cost her 1000 dollars the seller proceeded to tell their was no need and it was a waste of money. She insisted the seller then proceeded to say no . When she said she would not do it without a survey he scrapped the deal. Turns out he was not selling the property description in the Internet it was 2 acres of untamed brush with no access behind his 4 acre lot.

[Fedgery]

I just purchased land on St. George island. I had a survey done and did my research so I knew what I was getting into. Everything came back great. I paid cash so there’s no mortgage payment.

[agentp]

My biggest concern after buying my place about a year ago was when I found the old farm burn pit. I am uphill from a large pond own by the local Indian reservation. This burn pit was in a draw in the land that fed directly into the pond. There were all kinds of old paint cans and building supplies, toilets and sinks that all got burned. I was concerned that I may be contaminating the soil and water on my land or the reservation land. I spent 9 months in Iraq. I don’t do burn pits. I still have a trash barrel that I haven’t gotten rid of. Just not going to expose myself to that crap.

Speaking of reservation land. My house is surrounded by reservation land. About 85 acres of rural land to the south and west of me. It’s used for raising cattle for the tribe. I have a sponsorship sheet that I need to fill out and pay $100/year where a tribal member sponsors a nontribal member to hunt, fish and gather on tribal land. It was only because my wife worked with a tribal member that we had this opportunity. I actually liked the idea of the tribal land because the tribe is not interested in building there. They want it to be used for hunting, fishing and farming. So I know I won’t have any neighbors.

I was considering buying 7 acres of land that had about 20’ of fence that butted up against my land. It had a cell tower on it. I didn’t want to have more land to manage than I already have. If I wanted to back out and sell in the future. Few people would want to build a house on land near a major highway and a cell tower dead center. With maintenance personnel coming around. The cell tower owners own the land and driveway used by the cell company. So you don’t collect any money from it. It’s like someone owning a rental house on your land. You own the land but the house is occupied and you can’t collect the rent.

Some friends from church found out that there’s an unmarked grave of a young girl who died from scarlet fever a little over a hundred years ago. It wasn’t disclosed in the sale of the property but the neighbors informed them after moving in. By that time they built a swing set over the grave without knowing it. Maybe ask the neighbors about the land.

Biggest thing I hate is improper disposal of waste. I found burned cans of something in what used to be the old garden. All I could see on one of the cans was skull and cross bones. So apparently the old burn pit wasn’t enough. They had to burn in the garden too. So now I’m looking to find a new spot for a garden as my plants are needing to be planted. I need to have the contaminated soil hauled away. Because this is a health hazard that is passed on to the next person down the line. The previous owners are long gone but their choices can have lasting effects. Especially on children.

[GhanYt]

Success depends on the actions or steps you take to achieve it. Building wealth involves developing good habits like regularly putting money away in intervals for solid investments. Financial management is a crucial topic that most tend to shy away from, and ends up haunting them in the near future.., I pray that anyone who reads this will be successful in life!!

[nightblade]

The land I'm on now. We walked it, we talked to folks close by. Our next door neighbor is the person from which we purchased the land. We found out later that this family used the higher area of the land as their personal landfill. Heavy rains uncovered all kinds of garbage here on the lower area! We had no clue but are doing what we can to clean it up.

[scottieray]

Solid advice. I had a friend here in Arkansas that bought several acres of land that was in an isolated area in the Ouachtita Mountains that bordered a Deltic pine forrest. They visited the property and found several of rheir large hardwood trees had been cut down. Tree 'rustling' is a real (illegal) activity and the owner lost several thousands of dollars of those trees.

[daynegraves]

An additional thing my family has learned the hard way is to ensure you have legal access to the property. Especially in more rural areas, if you have to cross private roads to get to the property, make sure that you have easements across those roads.

Also, as others have mentioned, HOAs and POAs are very important to know whether you would fall into.