I have been given a price quote for a vacant plot. How do I figure out if the asking price is comparable to the current rate? Any other helpful advice on buying land will be appreciated.
2006-12-02 15:25:15 · 3 answers · asked by neeshera 1 in Business & Finance ➔ Renting & Real Estate
find out how much land in same area has been sold for, you can usually check this in the local court house.
2006-12-02 15:36:55 · answer #1 · answered by Mimi 4 · 1⤊ 0⤋
Also, besides the other good advise here, get a soil analysis done on that land. It sounds stupid but if there are any toxins in the soil and you buy the land, YOU are responsible for the clean up, and it is a lot of money. It can also ensure that the land is suitable to be built on. Another bit of advise is to make sure the land is zoned for whatever purposes you want to use it for. You don't want to buy land to develop it for houses when it is zoned for comercial purposes only. Anyways, good luck with land.
2006-12-03 13:26:28 · answer #2 · answered by Kenneth C 6 · 0⤊ 0⤋
Get a real estate agent to check comps for you. It doesn't cost you anything if you are the buyer. If there are no recent sales of land in the area to compare to, then look at properties with houses and check the tax assessments. They are broken down between land and building. Although these do not give true market value, it gives you a starting point.
2006-12-02 15:36:22 · answer #3 · answered by Sponge 1 · 0⤊ 0⤋