Louise P shared 3 great tips on buying land, which in my opinion apply to buying a house just as well.
Louise says: “Our dream home is still a work in progress as we are building, but here is some advice on buying land.
1. Keep an eye on the property, any little change can mean a change in price. We looked at our property for 9 months and noticed a change in Real Estate Agent and an Under Contract fall through!
Chris explains: less experienced buyers will be glad to find out that when a property that was under contract is back on the market (because the buyer failed to arrange the finance or some other reason) the seller will be more likely to show some flexibility, re-think their asking price and be more willing to negotiate with the next potential buyer.
2. Give an offer, you never know if they will take it. We gave a what we thought was a ridiculous offer that would never be taken during December 2011 (the downturn of Real Estate). To our surprise the owners needed to get rid of the land at that point in time and we got the benefits of that situation.
3. Stick to your budget. The owners will always want more money and try to bump that price up. Don’t fall into the trap even if you love the property. As they say there are many more fish in the sea.
Hope this helps a first home buyer like myself.”