Finding the right piece of Land in Minot ND
When real estate prices are at an all-time low it might be a good idea to think about buying land. Whether buyers are looking for residential property or commercial lots, now is a good time to consider buying before the rates and the prices increase. Once you know where you would like to buy, it’s always a good idea to purchase now and perhaps build later. While everyone need some place to call home not everyone needs raw land so you may be in a better position later on buying land now, holding onto it for a while, and then building or selling a later time.
Something banks would like you to know that buying land in the hopes of selling it later on may not pay off for the best rate of return. Because of this, lenders and banks require higher down payments and loan rates to finance land purchases. They know that offloading land to default borrowers in the future can be difficult and they want to protect themselves with the risk.
You’ll need to find out what kind of land you’re looking for; raw, maintenance free, cleared, or primed for utilities. Is there a lot of lumber that will need to be cleared away or brush? Is there access or an easement road? Will it be easy to develop later on or cost more money in the long run? How much are the yearly property taxes and do they fit within your budget?
All of these issues are things that need to be discussed and determined ahead of time. In areas square land is cheap it might be fine to sit on it for a while as opposed to land in pricier cities that may not generate income as raw land. You’ll need to check with local building and zoning officials about any permits that are required before you build or dig. There may be specific permits or other improvements that are required before building, even for a vacation or recreational facility.
For more information and details on buying land in Minot call our offices today or start your search below at any of our commercial and residential properties for sale.