Land for sale in many areas throughout the United States has fallen to its lowest point in terms of price and is beginning to bottom out. It is now the perfect time to scope out properties and make a land purchase to ensure that you receive the best deal possible.
As a recreational land buyer, it can be difficult to know if you are paying a fair price when it comes to land for sale in your area. The following five tips will help you to gain confidence in your ability to select land that is of good value to you:
1. Hire a real estate professional who has experience selling recreational property in your area. They will have knowledge on important factors, such as what was considered in the appraisal of the land and whether or not it is current and accurate. Factors, such as timber, accessibility and proximity to water all must be considered.
2. Comps for recreational properties are extremely difficult to come across. The real estate broker you are working with will need to adjust the comps, if any are found, based on a number of variations between various parcels of land for sale in your desired area.
3. Complete a statistical analysis of the area. While looking at individual comps is important, you should also have your broker assess the average and median sales prices for the recreational properties throughout the area. The analysis should include such recreational factors as timber and quality of wildlife, and compare it to other similar land properties in the area. Some might see the parcel of land as a recreational property while others may see at as the site of a new home, meaning land valuations can vary significantly depending on intended use.
4. Evaluate cost of improvements you are interested in making to the property. If you want to create more access points to the land or plant seeds to grow crops, you should figure out a budget and timeline for these projects. Considering cost of improvements along with selling price of the land will help you to determine whether or not a parcel is within your budget.
5. Determine your plans for a land plot on a long term basis. When you consider what you will be using the land for years down the road, you will be able to look for land for sale in your desired area that will meet important needs both now and later.
AllAcres conveniently allows you to search for recreational land for sale in your area. With an easily accessible website, you will be able to view multiple properties from the comfort of your home in just a few clicks. Call today at 855-227-3741 or visit us online today with any questions.