How to Buy Land
Buying Blue Ridge Mountain Real Estate and/or land requires different considerations and criteria than typically associated with buying property with an existing home already in place. Some advantages of buying Blue Ridge Mountain Real Estate and/or land are as follows:
- You can choose when you are ready to build, and are able to build what you desire
- If done correctly, you have the opportunity to realize excellent appreciation
- With some knowledge of mortgage options, there are numerous ways to structure the deal where you can minimize the amount of money needed to put down for the construction loan when ready to build
- Reduced liability and easy exit strategy, againing depending on what, when, and where you buy land
Typically, you have the best real estate opportunity when you can buy land in an area that is primed for growth, but get in early enough to purchase at a good price. Look for the long-term scope of a certain community and the surrounding areas and what future they hold. You also want to assess the rental market if you plan to build and then rent the home, or the sales market if you plan to build and then hold for yourself or resale for a profit.
Another important consideration you must take into account, is the ease of construction on the lot. Alot of time in the Blue Ridge Mountains you have steep inclines that require pedestal homes. Though this increases costs of contruction, it also increases square footage and when done correctly works to your advantage. You should also check with local ordinances and building codes to make sure you build your home to comply with them. Alot of communities have a mandatory architectural board that you must submit your building plans to for approval.
Some other things to take into consideration as they fit into your investing criteria:
- Commercial Real Estate opportunities to support the growth
- Adequate schools, police, fire, and medical facilities
- Ease of access to the community (paved roads, off of major highways, major airports nearby)
- Recreational facilities to draw tenants to the area for a strong rental market
- Plan your personal usage, construction plans, and rental strategy taking into account the seasonal atmosphere of the Blue Ridge Mountains and the surrounding lakes, rivers, streams, hiking trails, etc.
From a financing perspective, you will be surprised at how many different options you may have available to you for financing such real estate in the beautiful Blue Ridge Mountains, including land, of course depending on you personal financial situation. Make sure you understand tax implications, the future possibilities for construction loans, and accurately budget a multi-year timeline for raw land.
Please feel free to call or email me to discuss in more detail your personal situation and what sort of real estate land you might be interested in, and I can help guide you to real estate that will fit nicely into your investment portfolio. Fill out the below information request form, and I look forward to helping you with your Real Estate Goals.
