Buying land is different than buying a home. You might be thinking “Duhhh,” however you wouldn’t believe some of the situations I have seen, particularly when the land is in an outlying area and not attached to town or city infrastructure.
Here’s one story I hear all the time.
“Well we were visiting from LA (or NYC or Chicago or any big city and going to the country) and found the most beautiful 40 acre piece of land on the top of the mountains looking out over the Pacific for only a million bucks ! (a lot in their city 10,000 square feet – costs $1m)
Flash forward 2 years
“It’s just ridiculous ! The road and the utilities just to get the house are $1m ! We spent $200,000 and countless hours designing our house now they tell us – 2 years to get the permit
We’re putting the property up for sale!”
For some reason people assume once you buy a piece of land – all you do is build. But why would you know this stuff? Lots of realtors don’t know the requirements to build on raw land. Many spend 95% of their careers selling homes and very little land.
Rules continue to change. Continue reading “Land Buying Hell ? Don’t get trapped – 7 things you need to check out!”