Whether you want some land in order to build on it, or for any other reason, buying land can be a difficult process to wrap your head around. Because it’s a simple plot of land, you might think that the process would be simple than buying a house. However, the process has just as many steps as a home purchase, if not more. Especially in Louisiana, where the land is fruitful and desirable, and therefore the competition for owning it tends to be quite hot. So, in order to help you get your own piece of land, we have put together a step by step guide on buying a land property in Louisiana, and we hope you find it helpful.
Get pre-approved and start searching
Much like when looking to buy a house, getting pre-approved for a loan is very important. As a matter of fact, it’s the exact same process as getting pre-approved for a mortgage. The reason why this is important, however, is so that realtors take you more seriously, and accept to work with you. Generally speaking, once you are approved for a loan real estate professionals will take you more seriously. Once you’re pre-approved, consider the perks of working with a realtor, and then it’s time to start searching. Keep in mind, however, that parcels of land around larger city usually come at a premium. Additionally, land which was already built on also pulls a higher price. So, in order to find a piece of land which fits your needs, you will likely have to look around quite a bit before you can settle on a piece of land.
Getting pre-approved for a loan is a vital step when searching for land property.
Look into the zoning laws
When you find a piece of land you like, take the time to familiarize yourself with the zoning laws in that area. After all, certain areas have restrictions on the types of buildings which can be built there, as well as other requirements. Things such as where utilities are located, the number of rooms in a structure, size and height of buildings and such. While you’re at it, if you’re planning on moving into the property quickly, you will want to figure out a solution for extra furniture while you figure out what you want to do with the land. On site storage is typically considered the best solution, but it might not be perfect solution for everyone. To find out details about zoning laws in a specific area, try contacting the local department of city planning, or any similar office, they will be able to give you the details.
Compare your choices of land
When you know the local zoning laws, it’s time to narrow down your choices and choose a piece of land. Depending on what you intend to do with it, certain factors can affect the value of the land you’re considering quite a bit. Some of the things you want to think about are: access, privacy, terrain and irrigation. How far is the property from an interstate or highway and how close is it to nearby noise or neighbors? Is it just undeveloped land, or is there wood on the land? Finally, is there a source of water near the property? All of this can affect the price when buying a land property in Louisiana, so consider them very carefully before deciding on anything. Next, you’ll want to know how to prepare yourself to negotiate when buying property, and also put everything down in writing.
When you find some land that you are interested in, make careful comparisons before coming to any sort of decision.
Make an offer
In Louisiana, in order to make a formal offer on a piece of land, you will need a real estate agent’s bid offer form. You can find examples of these forms online, or if you are working with a realtor, they will be able to help. However, you should carefully consider your offer before you make it, for several reasons. If your offer is too low, then chances are someone else will make a more appealing offer. On the other hand, if you offer above the asking price, you will have to go back to your lender and make sure you can afford it. We don’t usually recommend offering above the asking price, but sometimes the situation does call for it. However, experts from Zippy Shell Louisiana note that you should remember moving costs, if you plan to live on the new property.
Sign the land sale contract and purchase agreement, and prepare for closing
When the offer is accepted, the buyer and seller are required to sign a land sale contract and purchase agreement. This is a legal document which solidifies the intentions of involved parties when it comes to the real estate transaction. This document will include: price, property size, description and boundaries, seller disclosures and title. Usually, the buyer’s agent will have the contract written up by a real estate attorney beforehand. Once all signatures are obtained, the agreement becomes binding. Then, all you have left to do is prepare for closing. When it comes to buying land, there is no inspection involved. The buyer also only cowers somewhere between 2 and 5% of the closing costs. So, all you have left is to consider what you want to do with your previous property, and if you plan to sell it, you should familiarize yourself with the real estate sale procedure.
Signing a land sale contract and purchase agreement is a legal requirement in Louisiana.
Buying a land property in Louisiana – step by step guide – wrap up
Buying a piece of land is a very valuable investment which can serve you for decades to come. The process, however, is just as complicated as when buying a house. So, it’s important to properly prepare yourself for the process beforehand and consider what you want out of the land before you start the search. We hope you found this step by step guide to buying a land property in Louisiana helpful, and we wish you a good day.
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