Cheapest Way to Buy Land Today (Industry Expert Tips)

by Tara Caruso

If you’re in the market to buy land, you may be wondering what is the cheapest way to buy land? 

There are a few things you need to keep in mind when looking to purchase land at a low price. 

In this blog post, we will discuss some tips for how to find cheap land so you can get the best deal possible!

What to Keep In Mind When Looking To Buy Land

When it comes to buying land, there are a few key things to keep in mind. First, it’s important to have a clear idea of what you want to use the land for. 

Whether you’re looking to build a new home, rent out apartments with Section 8 arbitrage, start a farm, or just enjoy some peace and quiet in the country, it’s important to know your goals before making a purchase. 

Second, you’ll need to consider your budget and be realistic about what you can afford. 

Keep in mind that purchasing land often requires additional costs for things like surveying and clearing the property. 

Depending on your time constraints and budget, looking for somebody selling a house as is could be a better option.

Finally, it’s also important to be aware of any zoning ordinances or other restrictions that might limit how you can use the land. 

By keeping these things in mind, you can help ensure that you make a wise investment when buying land.

buying-land-pros-and-cons

How to Find the Best Deals on Land

If you’re searching for a bargain on property and wondering where to find cheap land, there are a few things to consider. Begin by brainstorming what you would like to do with the land. 

This will help you narrow down your search and focus on properties that are a good fit. 

Second, be sure to check out a variety of different sources. The Internet is a great place to start, looking on sites like Zillow or Redfin, but don’t forget to also talk to local real estate agents and developers. 

They may be aware of upcoming auctions or other opportunities that aren’t widely advertised. 

Third, be prepared to act quickly. When you find a property you’re interested in, don’t hesitate to make an offer. 

If you wait too long, someone else may swoop in and snatch it up.

Tactic for Success

Get a county ownership plat book. These are maps that detail all of the land ownership in the county and can be very useful. Look for large undeveloped tracts of land or look for people who own multiple pieces of property in the county and try to contact them about buying one or more of their parcels.

Buying Land at Auction

land-surveying

One way to find cheap land is to look for auctions. Auctions are often a great way to get a good deal on land, as long as you do your research ahead of time and know what you’re doing. 

There are a few things you’ll need to keep in mind when bidding on land at auction. 

First, be sure to have a clear idea of what you want to use the land for. This will help you avoid overpaying for a property that doesn’t fit your needs. 

Second, be sure to do your research on the property ahead of time. You’ll need to know things like the size of the land, any zoning restrictions, and what the current market value is. 

Third, be prepared to act quickly and have your financing in order. If you’re the winning bidder, you’ll often need to be able to pay for the property on the spot.

This is a great starting point if you have any interest in starting a career as a land developer.

Trend on the Rise

Buying land as a stable asset. Historically land values have always stayed stable or increased in value over time, making it a more stable investment than stocks or other assets that can fluctuate wildly in value. With the current economic conditions, many people are looking for stable investments that will hold their value or increase over time.

How to Purchase Land With a Loan

If you can’t purchase the land outright with cash, you can get a loan from a bank or other financial institution, or enter into a lease-to-own agreement. 

Keep in mind that getting a land loan is not always easy and you’ll likely need to put down a significant down payment. 

If you’re not ready to commit to purchasing land just yet, a lease-to-own agreement may be a good option. 

Some sellers are willing to lease their land for a set period of time, with the option to purchase it at the end of the lease. 

This can give you some time to save up for a down payment and get your financing in order. 

The seller may even be willing to owner finance the land, which means they would provide the financing for the purchase. 

Just make sure you understand all the terms of the agreement before signing anything.

Tactic for Success

Community lenders or credit unions are more likely to provide land loans. Try to develop a relationship with the lender prior to applying for the loan. Even if you don’t end up getting a loan from them, developing a relationship with these lenders can be helpful down the road.

types-of-land-zoning

Types of land zoning:

  • Residential land – This type of zoning is typically for properties that will be used for single-family homes or small multifamily dwellings.
  • Commercial land – This type of zoning is for properties that will be used for businesses, such as stores, office buildings, or warehouses.
  • Industrial land – This type of zoning is for properties that will be used for manufacturing or other industrial purposes.
  • Agricultural land – This type of zoning is for properties that will be used for farming or other agricultural purposes.
  • Rural land – This type of zoning is for properties that are located in more rural areas and are not used for commercial or industrial purposes.

Wrapping Up

Purchasing land can be a wise investment, but it’s important to do your homework first. 

Be sure to have a clear idea of what you want to use the land for, do your research on the property, and be prepared to act quickly.

About the Author

Photo of author
Tara is a licensed real estate agent in Southwest, FL. She helps buyers and investors find their dream home by educating them about real estate and how they can use it as an investment.