Frequently Asked Questions

 CASH 

You've heard the saying "Cash is King!"   By paying cash, you will save on interest and closing costs 

CONVENTIONAL BANK LOAN 

Keep in mind that not all banks offer loans for land.  Consider talking with your current bank and explore options with local banks and credit unions in that know area.  Generally these lenders will require 20% down and will be a shorter term than a residential loan (10-20 years).

 HOME EQUITY LOAN 

 Many people can leverage the equity they already have in their homes and borrow against it to pay for their land purchase. It’s generally a loan at a much lower interest rate.

 BUYING WITH AN IRA (INDIVIDUAL RETIREMENT ACCOUNT) 

 You might not know this, but real estate can be purchased with IRA funds without paying penalties and deferring taxes on the gains. 

When buying land you want to consider your goals for the property and make sure that matches the property.  If you are buying a lake property for a personal residence or weekend spot you might also consider the investment potential via platforms like Air BNB.  If you are buying larger acreage it is important to know if that land has been surveyed, any parts in a floodplain, current land usage and tax status.