Florida has great affordable land for buyers and investors. Knowing how to buy land is the first step to becoming a Florida real estate owner. From views of the gulf, to views of a lake or a nature preserve, the “Sunshine State” has a lot of different types of land to choose from.
Begin researching the top priorities for your plan on what to do with the property after the purchase. This will help locate the perfect potential piece of land in Florida for you. It might help to get preapproved before making any offers, as moving fast can help the purchase go much more smooth.
How to Purchase Land in Florida as Investment
When wanting to purchase land in Florida as an investment it is important to consider location is key. Sometimes plots of land cannot be accessed by vehicle or foot. Though, it is possible to have easements that lead to the property installed.
In the long run, even without having the ability to easily access the land, as the property value rises it becomes more likely money will be made.
Be sure to consult with financial advisors and real estate attorneys when buying any land for investment purposes. Buying land to build a home on is a little more in depth, but it can be possible.
Next, we will take a look at the steps after finding a property that looks to be a great purchase.
Receive the Required Documents
Send an offer already signed to the seller of the land and wait for the seller to send the final signature. Once this is done, the title agent will begin research and process the transfer. Time estimate can be from a few days to weeks. The faster documents are collected and sent from each party the faster and smoother the process can be.
Agree on the terms on who pays for title and doc fees. This can be an expense some can overlook when factoring potential profits on buying and selling land.
Due Diligence on Buying Florida Land
There can many factors to look for when buying land in Florida because of the wildlife and natural preservation’s. Check local ordinances when wanting to install any buildings on the land. As mentioned previously, it may not be even legal to build structures on the land and only permitted for use like fishing, hiking, camping etc. When selling the property it can come up when negotiating offers.
One last important factor that can come into play when purchasing land in Florida is if the property is located in a Flood Zone.
It may cost more to own it because of the location close to the water. If the property is located in natural wetland, even more restrictions can apply on that property. These are put into place to protect the surrounding Florida natural wildlife.
To Conclude,
Finding a property in Florida to purchase can be a fun exciting and yet challenging task. It can take many viewings to find the perfect property. Research whether or not you will be purchasing the land for investment reasons, or to build a home to live on. When wanting to know how to buy land in Florida, it can require a little more research on the property to make sure everything is setup for success.
Always try to do in depth due diligence on the property as some factors may not be easily discovered. And lastly, Location is key. Rising property values can lead to higher annual property taxes; however, they can also lead to more net profits. Check out all factors and risks when locating a property to purchase or invest.
Have your real agent or attorney provide any assistance, as they can help provide the required documents and steps to complete the deal. Lastly, consult with your financial advisor to see if investing in Florida land is the right choice for you.
