Buying land is a kansas land buying pitfalls to steer clear of can have significant ramifications. Whether you’re looking to build your dream home or an investment property, mistakes in this process can be costly and derail your plans. Fortunately, there are several common mistakes to avoid when buying land so you can make an informed purchase that will provide long-term value.
Mistake #1: Not Knowing What You’re Getting Into
Before buying land, you must think carefully about what you plan to use it for. This will dramatically impact every decision you make, from budget to zoning requirements and more. Additionally, understanding what the land has been used for in the past can help you uncover any potential issues that should be addressed prior to making a purchase.
Mistake #2: Not Accountating For Taxes
When buying land, you must also consider all the taxes associated with the purchase. This includes not only property and transfer taxes, but fees for environmental assessments and surveys as well.
Mistake #3: Not Considering Utilities
When purchasing raw land, it’s important to take into account the availability of utilities like water and electricity. Without access to these essential services, the land will be nearly useless.
You should have an attorney or real estate professional review the title and any potential liens or encumbrances before making a final purchase. This will help you to avoid expensive pitfalls and potential problems in the future. For example, you may discover that you have the right to use a private road, but it was recorded in another owner’s name.
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