Property Mangement

How To Buy Land With Little To No Money

Everybody dreams of having their own piece of paradise, a home for their own, or a land they can build on – to raise their family and to grow a little garden and to revel in that simple pleasure that they call home a piece of earth that belongs to them completely. But this dream falls short if the cash is in question.Here are some clues to help you buy a lot even if the money is not in abundance but you are in need of a piece of land of your own.

  • You need to save a little money to start with.
    Well, though contradictory it sounds, you must know when we say “no money at all” it actually refers to the huge down payment you set aside in a regular property land Woodend sale transaction. You will at least need $500 in minimum as anything lesser will look too weak and unconvincing. Cutoff the unnecessary expenditures – eating out regularly, buying coffee every morning, those regular vacations, hold them up for a summer and you will easily save this amount.
  • Long Unsold Properties.
    If a particular lot has been in the market for quite a long while then it is a lucky ticket. A seller who has spent about a year unable to sell his land will be negotiable than a newly listed property owner. Once you find one, it’s just a matter of getting a professional for conveyancing Sunbury matters.
  • Does it say OWC or OMC
    OWC means Owner Will Carry and OMC says Owner May Carry. Both these terms mean that you will not be required to deal with a bank. The seller will hold the first of trust deed on this particular lot and that will be all that is needed. If he is experienced, even a credit check will not be asked for.
  • Get Creative.
    Say this prospective property comes with a cabin/an outhouse on the same land and is vacant; try asking the owner to give it to you on rent for about six months or so, making about 80% of this payment going towards your down payment. If you are lucky, try getting the percentage up to 100% – meaning you live rent free for six months.
  • Time is Money.
    Ask your seller if he can give you a delayed closing, usually past the normal 30 or 60 days margin. More time means you can gather more money. So the longer you have the better. Also use this time to do your research on the land; it will save you a ton of money in the future as well.