Whether you’re looking to purchase a vacant lot in a newly constructed subdivision or an out-of-the-way patch of land that you can build your dream home on, Maryland has many opportunities for you. However, buying a piece of Maryland land is a different experience than purchasing an existing house and requires some extra research and preparation. Here are some tips to help you find the best property for your lifestyle and investment goals.
Getting Started
Before you start shopping for land, decide what you want out of your purchase. Do you intend to use the land for recreation, as an investment, or to build a house Your answers to these questions will guide the rest of your search for your next Maryland treasure.
Once you’ve determined your purpose for the property, research the area and its surrounding communities to determine what features will best suit your needs. You’ll also want to consider the legal requirements for the land, including zoning restrictions, deed restrictions, easements, and liens against the property.
Obtaining the proper permits and inspections is crucial to your success, so be sure to check local and state guidelines for required paperwork. You’ll also want to investigate the property’s history and determine whether there are any potential environmental hazards that may affect your enjoyment of or the future value of the property.
Another consideration is the state’s tax system. Depending on the real estate market, a property’s tax rate will go up or down. The state uses a “sales approach” and a “cost approach” to determine these rates, which are then applied to the property’s assessed value. If you’re looking to minimize your tax bill, a careful comparison of property taxes in other Maryland counties could save you money.
Once you’re ready to take the plunge, make contact with a qualified Maryland land company who can guide you through the process of finding and purchasing a plot that meets your criteria. They’ll be familiar with the nuances of the real estate market and strategies for impactful marketing, so you can be confident that your land will sell quickly and at a fair price.
In addition to their expertise, a pros and cons of selling to a Maryland land company can provide a level of service that’s not available from traditional realtors. iBuyers typically charge sellers a flat fee to list properties on the MLS, which can save you the cost of paying a commission to your own realtor. They can also help you avoid expensive repairs and maintenance after the sale, and are likely to offer a more competitive price than a traditional realtor.