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1-541-312-2959 kspenn@eliproperty.com

8 Guidelines for Buying Land

We’ve put together these guidelines to help you in buying the perfect property. These are proven guidelines that will save you time and money in your search for property. The guidelines will work 100% of the time if you follow all of them!

Decide what best fits your needs…

The first step is to decide what type of climate you would both enjoy. This will help in determining what areas to research. You will eliminate areas that are too hot, too cold, have too much rain, etc. This will save you time and money spent on trips to areas that are not right for you.

Stick to a budget…

Spend some time to formulate a budget that is comfortable. Look at land in areas that are within your budget. Investing should require sacrifice but not suffering. People are shocked when they find that land prices have skyrocketed in areas that were once very affordable.

Be realistic…

Some people are looking for the “perfect property.” It does not exist. It is unfortunate that some people spend many years searching the country to finally come to this conclusion.

Watch out for opinions…

Friends and family will always be happy to give you advice on what you should buy. Some people have lost fortunes by following this type of advice. If you wish to obtain information about our property, we suggest that you talk to people who have had experience dealing with our company.

Always do business with a reputable company…

Most reputable companies are happy to furnish you with a list of customers that can be contacted as references. Whether it concerns painting your house, a room addition, or buying real estate, existing customers are the best source of information. Be sure to get references and contact them before you do business. Please click to read our “Client Testimonials Page“.

Never buy land without title insurance and a recorded deed…

We sell our own land, handle our own financing, and give our buyers legal title to their property by giving them recorded deeds and title insurance at the close of escrow, not years later.   Read our financing terms.

There are several online companies selling land  using  land contracts. What this means is that you are not the legal owner but have “rights” to the property.  Ownership, or title,  stays in the name of the seller until your final payment has been made, years later.   Read the “advice from the experts” and you’ll see the problems with this type of sale for a buyer. The ONLY way to buy real estate is to receive a recorded deed and a policy of title insurance when you buy, not years later when you’ve paid off your loan.

When you buy real estate always insist on title insurance. Buying any real estate without title insurance is very risky. Liens, unpaid property taxes, judgements, federal tax liens, etc. can be recorded against property. Title insurance guarantees that you receive a clear title to the property you are buying. It also insures that the seller actually owns the property and has the authority to sell it. Receiving a recorded deed at the time of purchase guarantees YOU are the recorded owner. The property tax bill will be sent to you. Never buy land where you receive the deed AFTER you pay off the land.

Check the zoning and the CC&R’s…before you buy…

Be sure that the property you are buying has the proper zoning and CC&R’s. If you want to build a custom home we suggest you buy property in an area that is restricted to only custom homes. If you don’t want to have livestock or raise chickens we suggest that you buy property where livestock is not allowed. If you want land for a mobile home be sure that mobile homes are allowed before you purchase.

Avoid buying “boondock” property. It’s one of the worst investments a person can make. Boondock properties are located in the middle of nowhere, with no water, no power, and usually have cow-paths for roads. Junk cars, shacks, and assorted garbage will be found and are usually plentiful.  I frequently hear from people who have bought boondock land and are shocked to find out how much it would cost for them to actually live there. There are several companies selling this type of land online for low down payments and outrageous interest rates as high as 12%.  Bringing power, water, and decent roads to the land can easily cost over $100,000.  Not too “cheap” for “cheap land”, is it?  Another problem I hear about all the time are people’s homes, cabins, RVs, etc.,  being vandalized on this type of property.  The three most important things about real estate are…location, location, and location. Owning land in a desirable rural area, next to a lake, is a great idea. Owning “boondock property”, in the middle of nowhere, is not.

Take action…

The biggest difference between the “have’s” and the “have not’s” is the ability to make a decision. There are countless motivational books and seminars on how to better yourself and they all stress this point. Some people go through the motions of researching and then make excuses not to act. Most of these people have lost out on tremendous opportunities.I also suggest you read the “Frequently Asked Questions” page on this site.

 

Please call or e-mail me if you have any questions.

Kerry Penn, President
Eli Property Company
541-312-2959
kspenn@eliproperty.com

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