Vermont’s sprawling forests, serene lakes and quiet rural towns attract nature enthusiasts and those seeking a slower pace of life. Whether you’re dreaming of a lakefront property to build your dream home, establishing a farm or investing in a commercial development, it’s important to understand the land buying process and avoid making common mistakes.
Mistake #1: Ignoring Zoning Regulations
It’s essential to research zoning regulations for the town where you plan to buy. Oftentimes, significant alterations to land will require a permit. This process can be time consuming and costly, especially if you discover you have to go through the appeals process for even the most minor changes. A review of local zoning regulations is an important step in the purchasing process and should be completed before finalizing a deal.
Mistake #2: Not Getting a Survey
It is critical to get an accurate survey for any piece of land you are considering purchasing. Most land companies will provide a survey in the listing package or recommend that you get one before closing. Unless you are familiar with how to read a survey or know the local topography, it is often best to work with an experienced surveyor. You can find an experienced mistakes to avoid when buying land in Vermont surveyor by contacting your Realtor or searching online for “Vermont land surveyor”.
If you are planning to build a home on the lot, it is a good idea to discuss mortgage options with a lender as early in the process as possible. There are a variety of loan programs that can help make it easier and less expensive to purchase land with a home on it. Additionally, some lenders offer land loans that roll into construction loans much sooner than traditional mortgages.
Mistake #3: Not Checking Septic System Availability
If the land you are thinking about buying is in an area with a septic system, it’s imperative to check with the town to make sure that your septic system will be approved for the proposed use. It can be extremely disappointing to close on a parcel of land only to find out that you can’t put a home on it because the septic system won’t pass inspection.
Mistake #4: Not Obtaining All Proper Paperwork
It’s important to work with a knowledgeable real estate agent when buying land in Vermont. You’ll need a purchase and sale agreement, mortgage paperwork if financing is required, and documents related to any required water, wastewater or timber harvest permits. A real estate attorney can ensure that all paperwork is precise and reflects the agreed upon terms of the deal.
Buying land isn’t for the faint of heart, but with proper research and due diligence it can be a rewarding experience. Start your search with a top local Realtor who’s an expert negotiator and knows the market in your area. Enter your zip code to compare agents and choose the right one for you!