Common Difficulties to Expect When Buying Land

Buying land is not a walk in the park, and it requires foresight and preplanning. Often, there are a few common challenges that many land buyers experience during the process. 

Often, land buying may seem like an expensive process that is reserved for the rich. Credit facilities may also cause you trouble while trying to access land loans due to inexperience in valuing land. It may also be a tough call figuring out all the zoning restrictions and regulations that manage the use of land.

Find out how these challenges can stop you from buying land, and the solutions that Land Elevated provides to help you buy your own piece of land.

Limited Financing Options

Most banks shy away from financing land purchases since they do not typically finance land purchasing on a regular basis. Banks rely on amenities and structures when valuing a piece of land. However, most banks find it hard to value a vacant piece of land. Moreover, many land sellers ask for a large down payment, and this makes it harder for people who would have chosen owner-financed options.

Zoning Restrictions and Regulations 

Every area has its own set of zoning restrictions and regulations that control the use of land. Buying land without first understanding the zoning restrictions and regulations set for the area is a bad idea. You will end up frustrated if the regulations do not match your needs.

Apart from zoning limitations, land may also have other limitations on the time it takes for the approval of permits and site plans. If you are buying land in a city, approvals can take up to 4 months to complete.

Ensure that you get the right information on zoning, restrictions, and regulations for the area where you wish to purchase land. You can simply call the local zoning and planning department to know more about the zoning classification. Ask for examples of the type of property that is allowed in every of the zone classes (mixed-use, commercial, agricultural, industrial, residential, etc.).

Land is Expensive to Buy

High prices of land make buying seem like a feat for the rich. Many people will often shy away from:

  • Land whose price is high
  • Purchases that require full payment
  • Purchases that require a high down payment

The cost of land also depends on the availability of amenities such as water, sewer systems, and electricity as well as proximity to cities and other developments. 

Although land can be expensive, it usually appreciates in value over time. That’s why it’s great when you can find solid land deals, and/or favorable financing options. 

At Land Elevated, we are committed to making it possible to buy land without having to face these challenges. Search for gorgeous land across the United States on our website, or receive 1-on-1 assistance from our Land Specialists, and find your dream property for as little as $79/mo.

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