TRAGIC Mistakes People Make Buying Land

Buying land can seem like a golden opportunity, but it's crucial to tread carefully. Before jumping in, especially when faced with land that appears to be a steal, it's important to thoroughly evaluate all aspects. Essential factors to consider before purchasing land include obtaining surveys, examining title policies, and checking flood zones. It's equally important to scrutinize the land's quality and its suitability for your planned use. Plus, remember to account for the cost of potential enhancements or upgrades needed, along with the value they will contribute to the land.

Keep in mind, a low-cost plot of land doesn't always equate to a worthy investment. By meticulously examining all the factors, you can make a well-informed decision that will pay off in the future. In essence, thorough due diligence is the key to acquiring the perfect plot 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.

[SunnyHorn]

Your spot on talking to the neighbors, nobody does that and that could save you from a huge problems down the road. A bad neighbor can be a nightmare.

[shawnsparkman]

About 15 years ago, I had a guy seek me out. I've done lawn care for 33 years, .and could identify problems by looking and feeling the ground by walking on on it. The land being looked at was around 30 acres. Designated as farmland, no restrictions beyond the usual farm related things. I walked out everything, found some problems. Brought it up with the buyer, gave rough estimates on fixing things. Seller didn't like it much, but eventually granted fixing things cost money. Price was set at $6k per acre, with the faults found price was reduced to $4, 500 an acre. Be your own advocate in getting land at the correct price.

[chadparsons]

I was a town manager for 6 years. Amazing how many times people would show up at my office with complaints about things they could have known had they just read the property's title.

[indee]

Survey is crucial. Cost me $5500 to have it done. I had a neighbor cutting down trees on my 70 acre lot. Your neighbors will most likely not respect you.

[goosedogtransam]

Step one rule of thumb if you are going to shop rural land is to look at the neighbors. Talk to them about the critical stuff: Hows the water? Does the county maintain the roads for all weather access? School bus stop? Internet options? and so on. Chances are pretty good that if there are neighbors living around the area, you can live there too, just spend a minute uncovering the details.

[timlind]

Let me just say - this is some of the most solid, and upfront advice that doesn't have some "hidden agenda" that I've seen in a long time. Great content - keep it up!

[gregoryblair]

Western Montana had issues with " cheap" land that people in big cities would buy thinking they could just build a house and live there. Many found the land was remote, with no access roads and no water within drilling depth. About the only way to get to your land was by helicopter, as no one owning land around it would allow you to drive on their properties.

[bigwave_dave]

Good stuff. One additional thing to watch out for is a buried fuel tank -- When I bought my house in Seattle there was an old, buried fuel-oil tank. These houses were built in the 1940's and 1950's and the original tanks have exceeded their service live.- if the tank was leaking into the soil and you had not done due diligence to ensure no leakage before purchase, the EPA could come after you for the whole cost of cleanup (think, excavate the whole property..) instead of going after the original owner. Back then I hired a soils engineer to test the soils for contamination then immediately properly decommissioned and excavated the tank after I purchased the property. I've heard that since then the laws have changed but you just don't want that potential nightmare.

[Christy.]

Where I live, I've noticed a lot lately farmers selling their land, and they're going thru an auction company selling them in tracts. Anywhere from 5-15 acres usually. Also, you'll see a chunk of land for sale, and someone or several others own the land around it. Got to watch both of those scenarios, because you don't know what they're plans for their property are. I'm on about 8.5 acres, mainly wooded, goes uphill all around my house, very rocky, about acre cleared around my house. Very private spot, quiet. One sort of neighbor at the front, but far enough away. Guy that owns adjoining land to the side sold 5 acres to some ahole, and it touches the back of my property. He's wanting to build "a neighborhood" back there....there's a small neighborhood around my house, I'm just outside of it. Basically he's wanting to put in duplexes or something I'm thinking. Find out when he had some surveyors out looking for sewer hookup. I'm the only house around on septic because I'm so far out. Said there's no sewer hookup around here. Long story, but surveyors were lying to me who they were working for, so I had to threaten them and run them off my property, literally guys backed up quarter mile down my road to main street lol. I got cops involved, anyway. When I found out about this guy, his plan was to run a sewer line through my 8.5 acres which would be downhill, through my front neighbor's property, out to the sewer hook up there. I laughed no way you're running- a shitline thru my property buddy. Not happening. That backs up, won't affect them uphill, but will me, and the people on the street. I guess he wasn't smart enough to get a perk test done, no way can put a septic in up there. So just waiting now to see what he plans on doing. But trust no one in these situations.

[brianbates]

Wish I would of came across this 6 months ago!! First land purchase and i got screwed! I'm forced to spend almost an additional 100k to live here legally! Don't trust a seller get the survey done. Lesson learned the hard way.

[arklinmike]

Lots to think about for sure. It raises my appreciation for getting hold of an experienced, licensed, bonded Realtor.
The brother is a surveyor (govt.) so he's heard stories, but the bigger issues come from not having your ducks in a
row when you're making a sale or purchase. Thank You, Wayne!

[ehhe]

I know someone who was looking at a lot. They asked a neighbor about the neighborhood and he got all worked up when they told him they wanted to build a house on it. The person I know asked him why he didn’t just buy the lot to keep it undeveloped. He actually told her that he could not afford to buy it and he would do everything he could to prevent them from building on it. In the end, they added a clause in their offer that an architect needed to confirm the lot was buildable. The architect said they would spend more on earth moving and fill than what the lot was worth (based on comparable lots in the area). They walked away from the purchase.

[randypullman]

Spot on. I purchased a piece of land the agent said i could build a garage on. The county explained i could build one after i hired a construction firm to build a house on it with a sprinkler system for fires suppression and then hired a road company to build a road to it and hook the water and sewer to it. They did say they will not do anything to improve the area except send me the tax bills.

[chrisw]

Another of the many things they could be teaching kids in school...
This is school for me.
Thanks much!

[JPGoulard-ifxu]

LOVE to hear real world scenarios...Nothing sinks in this noggin for learning better than real world examples

[alecjones]

As a Registered Land Surveyor (RLS), you always get a property survey before you buy or sell.
Property surveys differ from topographic surveys, so make sure whoever you hire does both otherwise you won’t know the high and low spots.

[Abears_]

Takeaway from the video……..
Become a surveyor and make $2k a day lol 😂

[williamwaha]

" Funny Farm " is a movie starring Chevy Chase and Madolyn Smith . They were buying a Farm and all of the ' Towns People ' were very nice but once they closed on the sale of the farm all of those neighbors and including their mailman became living nightmares .
In renting, you need ' references ' from previous landlords . Landlords will give exceptionally ' Glowing ' references for nightmare tenants just to be rid of those folks, if they give a bad reference then no one will rent to those tenants and the current landlord will be stuck with them .
So when getting out to talk with the neighbors in any and all land purchases remember some of these folks will have a vested interest one way or the other, they may warn you off on an exceptional property or they may oversell the land just to get you onto the purchase .
Also remember, with rural vacant land there will be someone already encroaching onto that piece of property guaranteed, whether it's hunting, fishing or even firewood scavenging ( so long as they don't ' cut down ' any trees, but they can kill a tree without ' cutting ' it down and then come back, knock it over, then they can scavenge it because it's already down ), in some places people search for particular plants such as mushrooms and Ginseng . Some properties even have ' Trash Dumps ' on them where the neighbors have been illegally dumping their unwanted items, you will undoubtedly have to pay for clean up and removal .
Buyer Beware means for you to your own due diligence -- get a survey, walk the property more than just the expected property lines, look for signs of trespassing and definitely locate any and all trash sites .

[ChickensAndGardening]

I'm saving this video for the future. There's been a couple of times in the past I wanted to buy some land, in some ways I'm glad now I didn't pull the trigger because I certainly would have made a bunch of mistakes. Sadly, land has gone way up since 2019 for various reasons.

[danmatte]

Thank you so much Wayne for this information. This has helped me so much in my planning! Taking notes the second time I watch it.