Indiana is a state with classic Midwest charm. With its wide open spaces, many of them suitable for farming, it is a great place to shop for land for residential or commercial use.
When buying land, it helps to go into the process with your eyes open, aware of the do’s and don’ts. Below, we go over these with you so that you are prepared and make smart choices when investing in IN real estate.
When Purchasing Land, Do:
- Have a clear budget, and break it down into categories for different types of expenses (see below).
- Be aware that the cost of the land may not be your total costs. Many purchases will end up leading to additional costs to install utilities, add an access road, etc. Make sure that what looks like a great deal at a glance really is one before you jump on it. Account not just for the money you may need to put into making the land habitable, but also the time and energy.
- Use a real estate agent to speed up the process, but make sure they are reputable and knowledgeable about the local area.
- Check if there are any local government incentives available to you.
- Order surveys and environmental tests.
- Consider a blanket loan if you are purchasing multiple parcels of land. If you intend to sell off parcels one-by-one later, the part of your mortgage associated with each parcel will be released with each respective sale.
When Purchasing Land, Do Not:
- Describe your detailed plans for the land to the people living nearby. Sometimes they may not be thrilled with what you want to do, and might try to put up roadblocks.
- Assume that it will be possible for you to rezone land. While this can sometimes be done, it is a challenging process, and in many cases, the building department will simply say no. If the land is not zoned for what you want, it is better to look for different land to buy.
- Buy land without considering how you will overcome challenges related to it. For example, will it be hard to get construction equipment to the site? Does the building site have a steep incline? How do you plan to tackle these issues, and how expensive will it be?
- Forget about what you will have to do to maintain the land. Make sure that you are willing to commit to the work required. If you will be buying land in a different state from where you live, consider your willingness to travel when needed to manage the land.
Buy Land in Indiana with a Competitive Loan
Indiana offers many opportunities to buy vacant land with commercial and residential potential. If you are ready to purchase vacant land, please contact us for your consultation. Grandview Lending offers competitive blanket loans. To get started now, please give us a call at (317) 255-0062.
