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Although investing in land can be easier then traditional property, there are still a few common mistakes that many new investors make. Be sure to avoid these 8 common mistakes that could cost you thousands of dollars.

1.    Get Rich Quick!
It is not uncommon for new land investors to assume they make money fast in the real estate market. However, land investment is a slow and steady process, and patience will make you more successful in the long run.

2.   Buying Inexpensive Land
Buying land just because it’s cheap is a big mistake. You want to find land that has potential for future growth, and competitively cheap land is often land that some one is trying to get off their hands. If you happen to find a great deal, that’s fine. Just make sure to do ample research.

3.    Purchasing Foreign Land Without Research
When buying land overseas, it is important to do extensive research on the areas where you invest. Make sure the area is politically and economically sound.

4.    Not Getting Help
Investing in land is not the kind of project you want to take on alone. It is a good idea to seek out a small team of specialists to help you through all the steps and make sure you don’t miss any important details.

5.    Not Checking the Bank Account
It seems simple enough, check your bank and make sure you can afford the land before you buy it. Specifically, make sure you can afford the entire project: hiring specialists to help, having the money to buy the land, having the money to do what you want with the land…

6.    Putting all Your Eggs in one Basket
Investing in land does not always work exactly how you would like it to. Make sure you have a plan B, C, and even D.

7.    Falling for the Property
There’s nothing wrong with loving a property at first sight, but don’t forget to take off your love goggles long enough to make sure it has everything you need.

8.    Not making a Check-List
This one’s important: have a well-planned checklist handy at all times. You never know when you’re going to get a call on a piece of property you like and you’ll be expected to ask questions. Being prepared will put you well above other buyers and will impress sellers.

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Building a home is a huge, but manageable task. As with any big project, you will want to surround yourself with experts who can guide you through planning, design, construction and finishing. If you keep the lines of communication open and work with reputable contractors, you can achieve your dreams with minimal discomfort.

Here are a few tips to consider:

1. Build in harmony with the building site. You should know where the sun rises and sets and how high it is in the sky during different seasons. It would be unfortunate to be awakened with the sun in your eyes every morning, and then have to go outside every evening just to watch the sunset. You might also want to know the sun’s path so you can take advantage of passive solar heating and winter cooling to cut utility costs

2. Before you think of the rooms as little boxes on a plan, think of the general living spaces and where they are in relationship to each other. Early thinking should be sketched loosely, with circles representing different living areas. You can always fit in the walls and rooms as boxes later. This insures that the resulting rooms relate to each other because they were within the same living-space circles.

3. A lot of home buying decisions hinge on kitchens and bathrooms, so don’t skimp on your planning or spending in these areas. Quality materials and fixtures will return their cost of investment many times a day. Things like double sinks in the master bath, quality counter tops, and stainless steel appliances in the kitchen not only add to your appreciation on a day-to-day basis, they also help increase appreciation value if you decide to sell.

4. Plan for ample storage for off-season clothing, sporting goods, extra vehicles and sport utility vehicles, and pantries. Planning this area ahead of time is simple and economical. Adding them later can be costly and less than ideal to traffic patterns.

5. Be sure you understand the details of the plans. Your architect or contractor should be able to go over every detail of the home with you. If you’re picky about little details, ask to get clear on them before construction. It’s a simple matter to change something on the plans, but costly to change something after construction and pay the extra charges that come along with “change orders”.

6. Consider consulting a lighting designer for kitchen and work areas. They know the amount of light you will need and the best way to accomplish a good lighting plan. You’ll want to avoid a kitchen with a ceiling light in the center of the room, because whichever counter you work at, you’ll be standing in your own shadow. They can also advise you on where you can conserve with compact fluorescent lights and tiny halogens.

7. The least expensive time to protect your home from earthquakes is during construction. Check local codes and build in compliance with them. But realize that some simple connectors and sheer walls can be added as the home is built for a fraction of what it will cost afterwards.

8. Make the home reflect you and your interests. When it comes to decorating, you should have a file of pages that you have torn from design and home magazines to refer to. Don’t be afraid to tear out the pages…having a stack of magazines with dog-eared pages is a lot to lug around. When you’re ready, group the like pictures together before you have a meeting with a decorator. Organizing your thinking on something as subjective as decorating will help the overall design come together easily. And don’t forget, one picture is worth a thousand words.

9. Think Green! There are so many choices you can make in building materials, passive and active solar systems, water heating technologies, heating systems, flooring, etc. that will be good for your home and ultimately good for the earth. Watch for local home shows and specialty magazines to be up-to-date on what you’re doing to protect the environment and yourselves from poor environmental and economic choices.

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We have all heard these popular land investment myths a few times in our lives. However, just because someone repeats an idea does not necessarily make it true. Below are the 6 most common land investment myths to ignore while you are deciding on a potential purchase.

Myth: All land is the same, so why should I pay a higher price for one?

All land is not the same. In addition to residential land there are also five different grades of agricultural land. In addition to demand, the location and quality of the land are extremely important determinants of the price of a land investment. It’s essential to understand the different types of land available to make a sound investment choice.

Myth: Investing in land requires a large amount of cash

The value of land with planning permission can be up to 10 times that of land without. Obviously, purchasing prime land with planning permission is more expensive. But it can actually be good for investors if you can purchase land before it gains planning permissions. Then you can buy land when it is cheap before and wait for it to increase in value. Remember: “You don’t wait to buy land. You buy land and wait”.

Myth: Land values rise slowly

The rate that land value increases largely depends on the specific demand, however in some areas the value can rise as much as 20 – 25% per year. As with any large investment you cannot expect sudden increases and have to remember that it is a long-term investment. However, keep in mind that purchasing land far away from residential areas will almost certainly rise more slowly than prime plots of land for sale next to existing housing.

Myth: Investing in land requires specialist knowledge and skills

Like any investment there are always going to be risks. Any sensible investor will obviously try to minimize the risk they are exposed to. But having said that, there is no special technical knowledge required. You don’t need to know how to take soil samples, subdivide plots of land for sale, grade roads or be an expert in the building trade. If you need this kind of expertise, you can hire (delete “pay”) a specialist. You can find out about the investment land available in your area quickly and simply by using a land agent.

Myth: Investing is only for the extremely wealthy

While land has been part of the millionaires portfolio for thousands of year, it is no longer available to just the wealthy. With more sophisticated investments being structured, such as dedicated real estate/land funds, and the emergence of land banks, it’s possible to invest in land from as little as a few thousand dollars per purchase.

Myth: The type of land you purchase has no effect on its potential growth in value

Nothing could be further from the truth. The type of land you purchase will have a very big effect on its ultimate growth in value & potential for resale. For example, not all land is going to be suitable to residential development. If you purchase land that is of a non-residential nature there may be little scope for you to resell it to a developer. Additionally, land that is currently without planning permission can be quite valuable if it’s about to get approved for development.

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Deciding on a real estate agent is one of the most important decisions you can make as a buyer. You want to find someone you can trust that will represent your best interest in the purchase of a property. Everyone in California knows that it’s a buyer’s market, and a good real estate agent can help make your dream home a reality. To help with the process please consider the following 25 questions to ask when interviewing a potential real estate agent.

1. Are you a full-time realtor?

2. How long have you been working in the real estate industry?

3. How long have you been representing buyers?

4. How long have you worked in this area?”

5. What professional designations do you hold?

6. Do you have a specialty? If so, what is it?

7. Can you provide me with the phone numbers of recent buyers you’ve worked with?

8. Will you provide a free initial consultation to go over my needs and expectations?

9. What do you think about the recent market slump?

10. With prices going down should I wait to buy?

11. Do you have a website?

12. Do you have a blog? If so, do you write the entries yourself?

13. Have you heard of Zillow?

14. What is the best way to reach you?

15. Do you have an assistant, team, or staff to handle different parts of the transaction?

16. Can I email you questions? If so, will you personally respond to the emails?

17. How will calls to your office be handled when you’re out?

18. Can you refer me to a reputable mortgage lender, appraiser, and/or inspector?

19. What separates you from your competition?

20. Will you show me listings from other companies besides your own?

21. Will you be able to arrange showings around my schedule?

22. How many other buyers are you currently working with?

23. How are your fees structured?

24. If I’m not satisfied with your performance, will I be able to terminate our buyer’s agreement?

25. Are there any other questions you commonly get asked that I may have missed?

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