How to buy a correct Homesite?

Buying a homesite without any knowledge about it can spell disaster, especially when you are not clear in your needs and not able to conceptualise your plan for a home. So, it is always preferable to talk to your banker or mortgagor first and get to know the trends and facts regarding any homesite.

The closing procedure for buying a homesite may be different from that of buying a home. Check the market trends and know the per square feet price before deciding your purchase.

In case your proposed homesite is not connected to the community water and sewer, then you may have to make provisions for wells and drainage systems. Besides this, you may also have to make provisions for road and your driveway.

However, you can set aside certain amount for such expenditure from your total money earmarked for purchase of the homesite.

When the budget does not allow provision for such expenses, then you can cut short your expenditure ear marked for the proposed building over the homesite.

In addition to the money to buy the land, you need to know more about things such as titles, water, easements, zoning laws, building codes, mineral rights, contracts, and so on when you are looking for purchasing home site.

Knowing such a voluminous information in a short time may not be possible for any individual. Hence, if you form a group of people who are interested in buying homesite, then you can make it easy.

While forming the group, be very choosy as all people cannot have common interests at all points of time. People differ in their opinions and judgements depending upon the place and time.

Try to form a homogenous group with like-minded people and with people who are capable of sorting out issues amicably.

It is always preferable to buy your land by paying cash and ensure that the cost is well within your reach. Getting a loan for the initial investment on land may be difficult, hence try to save money so as to make the payment in cash.

There may be sellers who may take payments in installments, but the same will prove to be more costly in real terms. As far as possible try to pay the entire amount in lumpsum and save those few extra bucks that you might have to pay as interest.

Plan and decide what you want and prioritise them correctly. Never look into the features that you may not want at all and try to locate a property to match your set out priorities. Do not buy lands just for the sake of buying and increasing your net worth.

Put a restraint on your urges to go in for any land deal without any proper evaluation and without understanding your needs. Be patient and clinch the right deal at the right point of time.

Do not go for any purchase deal unless you have an amount of over $50,000 in your kitty. Further, in the process of your lookout for a land, do not attach importance or tag as “my land” before you can actually buy it.

Attaching such emotional tags will lead you to a stage wherein you will not look for other worthy land pieces and eventually you may end up in buying a worthless piece of land.

Try to tell your interests in buying a land to your friends, relatives and almost all the people that you come across in your regular day-to-day life; and if you are lucky, you may be able to clinch a good piece of land which otherwise might have gone to some other hands.

Once you identify the piece of land, then you can directly deal with the owner, there by avoiding any intermediaries. In the process you can also save certain money by way of unpaid service charges.


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