These days, there is less empty land available than ever before, as people have increasingly been buying empty lots to build homes and businesses. As such, the cost of land has been rising, and affordable lots have become harder to find. But they are still out there -- you just need to know where to look. Here are some ways to find more affordable property for sale.
1. Watch the auctions.
Many times land ends up being sold at auction rather than on the open real estate market. The owner of the land may have passed away, leaving it to kids who prefer to divide it up and sell it. Since they want to get rid of it quickly, they opt for an auction. Empty farmland is often sold at auction, too, when back taxes are owed on it. Find out who the big real estate auction companies are in your area -- there are typically just one or two of them -- and follow their social media pages so you see all of the new lots they post. If there are only a few people interested in a specific piece of land, it typically sells quite affordably at auction.
2. Ask about empty lots.
Have you driven by a plot of farmland that has been overgrown for years? Maybe there is an empty lot that you've never seen anyone use. Contact your town and ask who owns the land. Then, find the owner's contact information, and get in touch. If you offer them cash for the land that they are not even using, they might just accept. You don't know what their financial situation is, and they could be in a spot where the $20,000 you offer them for their spare 10 acres is a real blessing.
3. Be willing to buy lots with old homes already present.
Another option is to buy a piece of property with an existing, but uninhabitable, home on the land. Since most people won't want to deal with the hassle of having the home knocked down, you can get this type of property cheaper than you can buy a completely empty lot! Make a low offer, and point out that you'll have to spend money to knock down the existing structure. Since there is so little interest in these properties, the seller may just accept your offer, even if it is really low.
