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10 Tips for Developing Raw Land

Plan for your land

You've decided that you want to buy some raw land, but what will you do with it once it's yours? Do you want to raise cattle? Build your dream home? Use it for a retirement investment? Or develop it so you can quit your day job?

Before you start the buying process, it's best to determine exactly how you want to use the raw land and when you want to buy it. A little planning will help you choose the parcel that's right for your stated purpose. For example, land purchased for hunting would require enough wildlife in the area. If purchased for fishing, you need to locate streams and lakes. If you want to use your raw land purchase for investment, at what point will you consider your investment a success?

Planning isn't just for your benefit. It's also important if you intend to apply for financing through your bank. The lender will want to know this information before granting loan approval. A development plan with blueprints can help to justify the loan.