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Purchasing land for sale in Colorado is very different than purchasing a single family home or condo on the slopes. Buying vacant land for sale in Colorado demands different financing terms and it is best to have the help of a Realtor who is experienced in land sales and land contract negotiations, such as Sunny Brstina of Sotheby’s International Realty, Steamboat Springs.
If you are thinking about buying land for sale in Colorado, with the help of Sunny Brstina and these few steps, you can ensure that you will get a property that meets your needs and your budget.
Steps To Follow When Looking At Land For Sale in Colorado
- Know What You Can Afford- In general, a good rule to follow for financing property is to aim to have the total monthly amount of your mortgage payments be 36% of your total monthly (gross) income or less.
- Arrange For Pre-Approved Financing- Online mortgage calculators do not guarantee approval or the interest rates used in the calculations so it is best meet with a mortgage broker to secure pre-approval financing. You can still shop around with other brokers and change your mortgage provider prior to your closing, but it is smart to use an experienced lender because the rules for purchasing vacant land can differ greatly from purchasing a single property to live in as a residence.
- Make Sure You Have the Cash You Need- In addition to securing your mortgage financing, you will need to have enough cash to make a down payment and cover closing costs. Your Realtor can tell you what these costs will be and your mortgage lender can help you arrange for the financing.
- Location- Decide what your most important needs are in this land for sale in Colorado and make a list. For example, do you need to be near a hospital or medical facility? Perhaps you have older kids and need to be closer to the local high school rather than the elementary school. Specifying what your most important needs are will help determine the locations that will work for you.
- Other Items to Consider When Purchasing Land For Sale in Colorado-Whether you want to purchase vacant land to build on it yourself, or as an investment, there are other things you need to consider, such as: even if you are not building on the land yourself, your ability to sell that land in the future may depend on whether someone else can build on it or not. Some things to consider are:
- How far out of town is the property? Sometimes contractors will charge extra to work on the property if it is that far out of town.
- Roads and access? Is the property near a major highway and is it a paved road or gravel road? Is the road plowed in the winter or will you have to do this on your own?
- How is the land zoned? How easy or hard is it to change the zoning if needed?
- What restrictions are associated with the land due to its proximity to water?
- What sort of topography does the land have and what is located underground? For example, you may need to put in a septic system and you need to know if the soil can support it.
Many of these differences associated with land for sale in Colorado are just more reasons to engage the help of trusted Realtor, Sunny Brstina. Please visit https://steamboathousesforsale.com to search available land for sale in Steamboat Springs, CO.