If you’re interested in buying land, you’ll want to get the best possible value for your money. A good place to start is by looking at how much comparable properties have sold for in the area. You’ll also want to consider how the property’s features can affect its overall value. For example, if one piece of land has a pond while another doesn’t, it may be worth more than the other.

It’s also important to understand how real estate sales and appraisals work. Whether you’re buying or selling, you’ll need to have the necessary knowledge to make informed decisions and avoid common mistakes.

Misjudging market value

A land buyer named Mark found the perfect piece of property: the land buyer’s best offer, including seclusion, access to a road, and just the right amount of slope. So he made an offer slightly below the asking price, thinking that he could always negotiate up. But the seller refused to budge, and Mark ended up losing out on the property.

Making a bad decision because of lack of knowledge

A common mistake land buyers make is purchasing the property they think they’ll like most. This can lead to overpaying for the property, especially when compared to the average per-acre land prices in the area. It’s important to gather and analyze all of the information available before making an offer, such as recent sales of similar properties in the area and zoning laws. You’ll also want to evaluate any offers based on their net proceeds, which includes closing costs, fees, and commissions.