Investing in land can be one of the most important decisions you make in your life.
Whether you plan on building a home on the property or using it for commercial purposes, you’ll want to plan ahead and evaluate your motives and goals before taking such a big leap. There will be many things that will need to be taken into consideration before purchasing a lot, including the size of the property, the location, zoning laws and, perhaps most importantly, its cost.
Because purchasing land can be costly, you may not have the funds available right away. Thankfully, the expert realtors at Santa Cruz Properties not only offer owner-financing options but can also provide you with a few tips on how to secure funding to make your landowning goals a reality.
Don’t worry about dealing with stringent bank requirements. Use these tips to begin saving for a property to call your own.
Realize What Financial Assets Are at Your Disposal
It is important to know what kind of savings and funding you already have on hand. Check your financial assets such as your savings account, trust funds, or any other resources you may have available and determine how much you have to work with.
You won’t necessarily want to clean out all possible sources of funding to make the purchase but at the very least you can begin to understand exactly where you stand (and if you need to continue working towards saving up).
Whether it is a significant other, relative, friend, or potential business partner, one common method used to secure funding for land is to work with a partner that will be willing to co-invest with you. Depending on the circumstances of your understanding with said partner, this will generally mean having a co-owner.
Teaming up to secure land can definitely lower the overall costs for yourself and any other parties involved. However, it is only worth doing this if you feel 100% comfortable doing business with the prospective partner(s) and have the same goals for the property.
Selling Unused Valuables
Another effective way to get funds for your future property is by getting rid of some of your valuables that are currently laying around collecting dust.
It may be that you might have collectible jewelry in a cabinet, rare memorabilia sitting around your home, or even unused vehicles that are sitting in your garage. These types of items can help you secure a solid amount of funding.
In addition, there is probably a good chance you have clothes and other home goods which you no longer use. Rather than just throwing these unused items away, it’d be wiser to throw a garage sale or even sell these items via online marketplaces such as eBay, Depop, or Poshmark.
Perhaps the best way to secure the property of your dreams is via Santa Cruz Properties and our owner-financing services. Rather than seeking out a loan from a bank and getting denied, owner-financing eliminates any sort of third-party involvement and allows the buyer to work directly with the seller.
At Santa Cruz Properties, we strongly recommend going this route as we firmly believe that our clients come first, business second. By doing this, we make our beautiful Edinburg and Falfurrias owner-financed lots within our clients’ reach.