LAND OWNERSHIP – March 2004

Land Prices & Land Ownership – Your Objectives

“Land Use & Land Values Affect Buying Land”

In a recent issue of LAND RUSH we offered six logical steps that can lead to a land purchase. To refresh your memory, they were:

Step #1 – Become Informed!
Step #2 – Analyze Your Objectives
Step #3 – Make A Commitment To Yourself
Step #4 – Come To The Mountains
Step #5 – Make An Appointment In Advance
Step #6 – Bring Your Checkbook

Last month, I covered Step #1. In this issue, I’ll elaborate on the second one “Analyze Your Objectives!”

Why are you considering a land purchase? What is your timetable? How much land would you like? What are the financial resources you are willing to commit to the purchase? Do you have a favorite area or location in mind? How will you know when you find the right property?

You should take these questions, one at a time, and write out the answers. If two or more people are involved in the decision-making, share your answers and discuss until agreement is reached on each item. Without a firm commitment from all involved, the search will be futile.

You may say to yourself “I’ll just ride around looking at different properties. When I see the right one, I’ll know it!” That’s fine with us. We have numerous “FREE LOOK!” properties – parcels that are easy to locate on public roads. The only problem is . . . how will you know how to locate the boundaries when you arrive?

Experience has shown that the successful purchase of properties occurs most often as the result of a purposeful search, powered by financial ability, and motivated by very specific objectives. For example, possible motivations might include: 1) investment possibilities, 2) land for a family retreat, 3) a weekend playground, 4) land for a retirement home, or 5) a hunting tract.

Once the objective has been identified, write down the features and amenities you hope to find. These could include: 1) a preferred location, 2) great views, 3) streams and springs, 4) suitable number of acres, and/or 5) privacy & seclusion.

Knowing a suitable price range is another consideration. This should be based on available cash for your investment, possibly combined with borrowed money from a lender. It is wise to know lender requirements for a down-payment, as well as the maximum loan for which you might qualify.

Finally, set a timeline for making your purchase. Allow 30-60 days to locate and inspect properties, followed by negotiating a contract and closing the transaction.

Sound like there might be more to buying land than just driving around? There is – but it needn’t be difficult. For answers to your land buying questions, just call 800/849-9225 and ask for Paul!

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