10 Things to Know Before you Buy Alaska Land for Sale
by Dan Wolf
on Saturday, September 7th, 2013 at 9:27am.
Alaska is a beautiful place to live with tons of vacant land available for purchase. Buying Alaska land for sale can be your dream come true....
However, if you aren't aware of certain things, it can become a nightmare instead.
Here are 10 things you need to know before you buy Alaska land for sale!
#1 – How much do you want to spend?
You need to have a good idea about how much you want to spend on the property. By doing so, you can narrow down what you look at. The last thing you want is to find your ideal home but then be disappointed because you can't afford it.
#2 – Financing
Do you need to secure financing to buy the property in Alaska? If so, it is a good idea to get pre-approved for a loan. This tells you how much you qualify for, what the payments will be monthly, and other details. If you can't get financed and you don't have funds saved up, you aren't going to be able to buy Alaska land for sale. This early stage is also a good time to make sure everything on your credit report is accurate.
#3 – Location
Where do you wish to live? Narrowing down the location is going to be a big part of finding Alaska land for sale. Perhaps you are moving for work so you will need a place that allows you to commute with ease. If you are moving there for retirement you have more freedom with picking your location.
#4 – Real Estate Agent
Finding Alaska land for sale will be easier if you have a real estate agent to work with you. Find someone that you are very compatible with. They should be organized, easy to communicate with, and they should get back to you quickly. Let them know the price range, location, and any other perks such as the number of bedrooms you are interested in. Then they can match you up with the right options that are available.
Our agents are ready to assist you right now! We are passionate about what your want and getting it for you.
#5 – Property Disclosures
In Alaska, property disclosures are required. Before you buy Alaska land for sale you need to read through such information. These disclosures will include:
Any crimes (violent, drug related, felonies) occurring at that location
Homeowner Association disputes (insurance claims)
#6 – Property Taxes
It is important to understand that property taxes can be considerably more expensive in Alaska than other areas. It is a good idea to find out what the average cost is going to be so you can anticipate them. You may decide to have those taxes included in your mortgage rather than paying them in a lump sum annually. Make sure the taxes are current too and not in default by the current owner.
#7 – Make an Offer
Buying Alaska land for sale is a huge commitment. Make an offer when you are ready to do so. Don't feel pressured into it or rush to make the decision. Take your time to look at the various options so that you will be content with what you buy.
Once an offer has been made, an inspection on the Alaska land for sale and any structures on that land has to be completed. This is done by an independent inspector of your choice. They will offer a detailed report on the following elements of the property. If there are any issues, a plan of action must be created to resolve the issues. You and the seller of the property can determine who will pay for the necessary changes. Once they are done, another inspection to confirm everything is in compliance will be done. The elements looked at include:
Termites, bug, or rodent problems
Environmental risks due to location
The presence of lead
Foundation or structure problems
Issues with heating, cooling, electrical, plumbing, etc.
#9 – Closing Costs
Your real estate agent should be able to help you with identifying the closing costs associated with buying Alaska land for sale. It may be much higher than you had anticipated, but don't worry. Some of the loans can be set up to include those closing costs in the amount you borrow. Some of the sellers are also willing to pay a portion of the closing costs in order to get out from under their obligation to that property.
#10 – Paperwork
Take your time to carefully read through all of the paperwork involved with the Alaska land for sale you wish to buy. Don't sign the documents until you have done so. You may feel better hiring an attorney to read through the documents on your behalf. The final documents are referred to as the closing. These documents will also include the date when you can take possession.
Now that you know these 10 important things are you ready to buy? Call us today and we can help you find Alaska land for sale that fits your lifestyle, needs and budget.