"Investing in Florida land can be a great way to add diversity to your portfolio. Unlike other forms of real estate, it is less hands-on and requires more research before any money changes hands." - Jennifer @ Compass Lands
For example, you may have an idea for building homes on the property that will eventually increase its value substantially so even if there are no immediate returns from just owning the ground itself; something like this could pay off big time down the road. And while some might think investing in rental properties would provide better return opportunities than purchasing Florida land outright what they don’t realize is how lucrative long term investments with little effort required such as buying up raw parcels of undeveloped or underutilized lots near residential areas where new construction projects seem likely often turn out bigger profits than flipping residential homes.
Listed Below Are Four Land Buying Stages to Consider:
LOCATION
The first step is simply to locate a good piece of land somewhere in Florida. Often, the best way to do this is by speaking with real estate agents or brokers who specialize in finding property for sale. You can also use an online search engine and sift through properties listed on sites like Craigslist that might be selling their homes themselves (often at lower prices) as well as auction companies which often have government surplus property available if you want something more rural than city living offers but still need some amenities nearby such as schools and hospitals.
Online search is more convenient than ever. Craigslist has land listed in virtually every state and community, which makes it a great place to start your research. Additionally, there are online equivalents to land brokers like Guidelot that can provide you with plenty of options based on the area where you’re looking for property or farmland.
If you have ever driven in less developed parts of town or more rural areas, chances are that you’ve seen a property for sale. FSBO sites often advertise developable land and lots as well as other properties like rural area homes.Some government agencies have land available for sale. This variety comes in two forms: surplus property when they no longer need it, and from people who don’t pay taxes on their properties anymore to the point where it’s sold off at tax lien or deed sales.
This can be a great opportunity if you’re looking for something cheap while still being close enough to major cities like Miami!
DUE DILIGENCE
Florida land deals can be enticing because of their pricing. Inexperienced buyers are often lured by amazing-sounding deals on lots and parcels, literally costing only a few hundred dollars or promoted as “can’t-lose” investments by shady dealers. Be prepared to thoroughly research potential purchases before you end up buying a piece of dirt that’s good for little more than holding the earth together!
Possible areas to investigate when looking into land transactions include deed history (who owns the property), taxes owed, zoning restrictions and issues with current usage rights – all factors in determining whether it is worth your time investment to pursue this deal further!
Ownership claims on vacant land can be more complicated than with property that has already been built out. That’s because a lot of the time, ownership is transferred through gifting or inheritance and there are multiple parties who may have legitimate claim to it even if some were never recorded in previous title searches – eventually those unrecorded claims could come back up but will ultimately need substantiation by way of legal research.
When you are considering buying land, always do a thorough title search and purchase appropriate insurance to protect your interests. The proper people for these services might be the company that handles titles or an escrow office where real estate law is practiced; this will uncover those who have claims against the property as well as liens filed against it. Purchasing insurance could save you from unforeseen complications by providing peace of mind in knowing there’s third party protection should something come up later on down the road.
We recommend that you do a thorough title search and get title insurance when purchasing. This can be done with the help of an escrow or real estate law office. By doing this, not only will it uncover any claims on the property but also protect your interest in case something unforeseen arises later down the line!
ZONING CONSIDERATIONS
Zoning designations are a useful tool for shaping the appearance of Florida properties in any given area of the State. These letters-numbers codes can change based on location, but their function is to define what types of buildings may be put up inside that parcel’s limits.
Zones have specific uses ranging from residential housing to industrial spaces or agricultural areas with different restrictions placed on them depending upon where they lie. Often these zones will dictate which type of building you’re allowed to construct as well as how high your structure could rise if it were built at all!
Zoning is the way a county organizes its space. Different areas are designated for different purposes and certain types of buildings, effectively limiting what can be built in that area as well as how dense it may get.
One thing to be especially watchful of when buying land is pending zoning changes. Zoning changes can make lot more or less desirable, but rezoning always affects what you can do with the land and that often costs you dearly. For example, if a property was zoned agricultural in hopes for building a single-family house on it but then the county decides it should now become industrial instead; your plans may have been thwarted by this change as well. Similarly, even though an area had originally been designated light commercial while planning for construction of small retail center there – if later they decide to zone residential all around here too soon after beginning work; one will need pursue different project altogether from before due to these sudden changes.
CONSIDER ACCESS TO UTILITIES
The availability of utilities at a land lot can make or break your decision to purchase. If they are not already connected, you will either need to pay for the construction process yourself and wait until it is completed before moving on with other aspects of developing the property like landscaping, building structures/improvements and so forth. This may result in wasted time as well as money if this occurs during winter months when there’s no chance that new utility lines would be buried by snowfall etc., leaving them vulnerable from damage due to freezing temperatures which could lead up expensive repairs down the road.
LAND SURVEYS
FUNDING YOUR LAND BUY
Owner financing is the easiest way to buy a property, as it’s not uncommon for owners of vacant land or raw parcels have their own money in them. That makes getting an owner-financed deal easier than going through traditional channels with banks and other lenders who are loathe to give loans on unimproved properties.
With many options out there, from those funding themselves entirely up front to investors looking at equity sharing arrangements like 50/50 partnerships between seller and buyer, you’ll find that Owner Financing is one option worth exploring when buying your next piece of vacant land real estate!