How to Research Cheap Land for Sale

How to Research Cheap Land for Sale
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Have a professional inspect the land before you buy it, particularly if you plan to construct on it. Some land isn't worth the difficulty and expense. Be wary of land prices that seem too good to be true.

Cheap land is not necessarily a useless waste of space. Plenty of good land is available for you to build a home, construct a business or start a farm. Whatever your ambitions, you need to create budget for your purchase, become familiar with the type of land you need and conduct some research to obtain the best price. In fact, you can find quality land for less than a few hundred dollars an acre if you know where to look.

Step 1

Set a budget. Land is an investment, and you need to know the maximum amount of money you have available. When creating your budget, find out what kinds of taxes you'll be paying on the land. You can get this information by contacting the local government where the land is located. If you plan to purchase land through a real estate agent, find out how much you have to pay in commissions and fees. You might have to spend more than you think if you plan to open a business or start a farm. If your business is successful, you should start to see a return on your investment in the land in a couple of years. If you don't have enough money to buy the land upfront, consider obtaining financing through a bank or credit union or by applying for a grant through the state or federal government.

Step 2

Contact land and real estate agents in the area where you are looking to buy. Land agents deal almost exclusively with vacant plots, and real estate agents deal with land and structural properties. Let the agent know your budget. If nothing you have in mind is on the market, leave your information so the agent can contact you if something becomes available.

Step 3

Use the Internet. Some Web sites allow you to search for land for sale by size, location and price.

Step 4

Read the newspaper's real estate section. You will find land for sale in your area and information about auctions. Auctions are good places to find cheap land, but arrive early to evaluate the property and take advantage of the bidding. Register for the auction at least one day in advance. You often can register online. Once you've become a registered bidder, you'll receive more information about the land available. If possible, visit the property before the auction. Bring to the auction your identification, a blank check and a cashier's check for a specified amount of money. Auction rules vary, so check the information you've received or ask the auctioneer how much money you will need to bring. If you plan to finance the land you buy, you also will need a letter from the lender stating that you qualify for a loan.