Showing posts with label Purchase Land. Show all posts
Showing posts with label Purchase Land. Show all posts

Saturday, November 19, 2022

5 Things You Need To Know Before Buying Your Own Land To Mine

If you are like many people, the idea of striking it rich as a miner has a certain kind of allure. While you may have thoughts of hitting the mother lode and becoming rich overnight, it's usually not that easy.

Obviously, before you can even begin mining for gold or other valuable stuff that may be underground, you'll need to buy some land. Before you sign on the dotted line, here are five things you need to know.

Buying Land or Buying a Claim?

First, always be sure you are actually buying a piece of land rather than just purchasing an interest in a mining claim. If you own the land, anything you find is yours exclusively. Should you only buy a mining claim, you don't own the land, only the exclusive rights to mine for minerals on the land.

You May Need Permits

If you plan to mine on your land, keep in mind that you'll probably need permits from local, state, and federal agencies. Not only does this take time, but it can also prove expensive. Before you start digging, know exactly what permits will be required.

Buy the Right Equipment

Along with spending money on those permits, you will also need sophisticated equipment to make your mining operation efficient. A compact screening plant will be needed, especially if you are mining for gold. 

Depending on how big you decide to make your mining operation, heavy equipment, and even explosives may be needed, all of which will cost you more.

Maintenance Fees

When you buy land to use for mining, you may be required to pay annual maintenance fees if you establish a mining claim. Should you do so, you will need to keep your paperwork up-to-date annually. 

If you don't, even though you own the land, someone else may try to claim they have the right to file a mining claim on your land, which may lead to numerous legal headaches.

Beware of "Virgin" Land

Finally, if a piece of land you want to buy is being lauded as "virgin" land, don't fall for this ploy. Many times, sellers will try to convince potential buyers that "virgin" land has tons of gold, silver, and other stuff just below the surface. 

In reality, the land was not mined in the past because old-timers discovered there wasn't anything worth mining in the first place.

If you keep these five things in mind when buying your own land to mine, you can save time and money, get the equipment and permits needed, and spend most of your time searching for that one big strike.

Sunday, October 2, 2022

What Does it Mean to Get a Raw Land Loan

Many people dream of building a custom home on an untouched piece of land, but that type of project can become quite complicated if you don't plan ahead.

In addition to designing the house and setting up the utilities, you will also need to consider your loan options for purchasing the land itself.

Traditional Home Loans

There are dozens of different home and land loans to choose from, and each financial product is for a very specific situation. The type of loan that you will need to acquire depends on some key factors, and that includes the state of the land, how the land is zoned, and what types of structures you are building. 

For a piece of land that doesn’t have any structures or utilities, you most likely won’t be able to use a traditional home or construction loan.

Overview of Raw Land Loans

A raw land loan allows you to buy a piece of property that doesn’t have any existing sewage lines, electrical lines, wells, or structures. 

With that type of loan, you will need to verify that the land has had no previous improvements carried out on it, and that means there is no collateral other than the land itself. 

You must also verify that the land is properly zoned for personal residences, growing food, raising animals, and any other uses you are considering.

Finding the Right Lender

To purchase the property, you will need to work alongside a reputable lending company, someone like Raw Land Lenders, that has experience with those types of loans. Purchasing raw land is slightly more complicated than most people realize, and there will be a few extra steps that must be carried out. 

Your lender will need to know exactly what you plan on doing with the property and take an extensive look at your current financial situation.

Getting Approved

The approval process is carried out over a few steps, and you should start getting your finances in order well before you send out any applications. 

Improving your credit score is a great start, but building up a sizable down payment is going to be necessary as well. You will also need to research the land and come up with a comprehensive plan for what you are going to do once you are approved. 

Lenders want to see buyers who have done their research and have an actionable plan in place.

Purchasing raw land can open up countless opportunities, but getting a loan for an undeveloped piece of property is going to take some time. Luckily, with a little bit of patience and some assistance from a reputable lender, you could be building on your land before you know it.

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