Buying agricultural land can be a sound investment, but a lot of care is required to ensure you are giving yourself the best opportunity for success.
1. It takes time to find the right land
Land sales aren’t like residential property sales where there is an abundance, it requires patience and sometimes it can take two to three years to find the right plot.
2. Ask questions
Don’t be afraid to ask questions, even if you feel awkward or uncomfortable, this is a big investment on your behalf, and you need it to be right.
Make sure to visit at different times of the day and take photos of anything you’re unsure of.
3. Get advice on the land value
Land prices vary across the UK so it’s a wise choice to understand the local market before making an offer, this is where seeking professional help is beneficial.
4. On that note, take specialist legal help
Take advice from lawyers that have done this for years to ensure that a lack of knowledge doesn’t slow the process down.
5. Understand your objectives
Sit down with your family or business partners to define what the purpose of this purchase is, how it benefits the business, where you’re looking, how much you want to spend, and all the finer details.
It’s important to be open with the relevant parties about this purchase as a lack of communication can lead to trouble further down the road.
Buying land can be exciting and rewarding, but like any business decision, it needs to be thought through and planned.
Rushing into buying land could cause numerous problems, so it’s best to take your time, seek professional help and look through your finance options.
If you’re buying land and are wondering what finance options are available to you, Contact Us today.