Buying raw land offers the opportunity to build your dream home from scratch. But there are a few things you need to consider before making your purchase. In this article, Felicia shares her top 8 tips for buying raw NM property.
A good place to start is with the soil type. You want to find out what types of soil are on the property and what the potential is for growth. You can also use this information to help determine whether or not it would be viable to build a well on the property. You can check this on the county records, or ask the seller to do so.
You’ll also need to think about the property’s location and access. Rural We buy raw NM property for sale often isn’t close to utilities like water and power. This can make it a challenge to build on the property or even reach it. If this is the case, you’ll need to consider the costs associated with bringing in utilities or drilling for a well.
Another consideration is the local climate. New Mexico is a sunny state, but it can get hot or windy at times. This can impact the way a house is built or how much energy it uses. For this reason, it’s important to have a professional perform an inspection and an appraisal of the property before you buy. This will give you a better idea of the property’s condition and value and may save you money in the long run.
Mortgage lenders are usually more hesitant to finance homes with structural or safety issues, so you’ll need to make sure that you have the money available to cover any repairs. If you don’t have the money on hand, it’s a good idea to get pre-approved for a loan before you begin looking at properties. This will let you know how much you can afford and what terms you might be able to negotiate with the seller.
You should also ask the seller about the property’s history. This can help you avoid scams and understand the property’s potential for growth or use. You’ll also need to look into back taxes and other liens on the property. You can find this information from the county records, or a title company can complete a real estate search and issue a title insurance policy.
Selling raw New Mexico property can be a great option for sellers that want to sell their property without the high cost of paying a real estate agent. But it’s important to understand the process and do it right to ensure that the sale goes through smoothly. One of the most important steps is preparing your contract and disclosures properly. The other is completing the necessary documentation for the sale. Make sure to hire an experienced lawyer or a knowledgeable real estate agent to assist you. They can ensure that all paperwork is completed correctly and that your sale is legal.