How to Buy Land with a Land Buying App
Buying land can be a daunting process, especially if you are not familiar with the local market, zoning regulations, environmental issues, and financing options. But what if you could buy land with just a few taps on your smartphone? That’s the idea behind land buying apps, which are software applications that allow you to search, bid, and purchase land online.
Land buying apps are not new, but they have become more popular in recent years as technology has improved and more people have become interested in investing in land. According to a report by Grand View Research, the global land market size was valued at $16.6 billion in 2020 and is expected to grow at a compound annual growth rate of 7.2% from 2021 to 2028. 1
But how do land buying apps work, and what are the benefits and drawbacks of using them? Here are some things you need to know before you download a land buying app and start browsing for your dream property.
How Do Land Buying Apps Work?
Land buying apps are similar to real estate apps, but they focus on vacant land instead of houses or apartments. They usually feature databases featuring thousands, sometimes even millions, of properties across the country or even the world. 2 You can filter your search by location, price, size, zoning, terrain, amenities, and other criteria. You can also view photos, videos, maps, satellite images, and property details on each listing.
Some land buying apps also allow you to bid on properties through online auctions. For example, Xome Auctions is an app that lets you buy properties through an auction process that typically lasts between one and 21 days. 3 You can place bids on properties that interest you and monitor the bidding activity in real time. You can also set up alerts to notify you when new properties are added or when an auction is about to end.
Other land buying apps let you buy properties directly from the app without going through an auction. For example, Atlas Earth is a location-based app that lets you buy virtual land that mirrors real-world locations, 900 square feet at a time. 4 You can purchase land anywhere near your physical location in the real world and earn rent per second from it. You can also climb the leaderboards and become Mayor, Governor, or even President of your city, state, or country based on how much land you own.
What Are the Benefits of Using Land Buying Apps?
Land buying apps offer several benefits for buyers who want to invest in land or find their ideal property. Some of these benefits include:
- Convenience: Land buying apps make it easy and convenient to search for land anytime and anywhere. You don’t have to visit multiple websites or contact multiple agents to find properties that match your criteria. You can also save time and money by avoiding travel expenses and closing costs associated with traditional land transactions.
- Variety: Land buying apps give you access to a wide variety of properties that you may not find through other sources. You can find properties in different locations, sizes, prices, and types. You can also find properties that are not listed on the market or that are sold by owners or banks.
- Transparency: Land buying apps provide you with transparent and accurate information about each property. You can see the property history, ownership status, tax records, legal documents, environmental reports, and other relevant data. You can also see the current market value and comparable sales of similar properties in the area.
- Control: Land buying apps give you more control over the buying process. You can set your own budget and preferences and bid on properties that suit your needs. You can also negotiate directly with the seller or agent without any intermediaries or commissions involved.
What Are the Drawbacks of Using Land Buying Apps?
Land buying apps also have some drawbacks that you need to be aware of before you use them. Some of these drawbacks include:
- Risk: Land buying apps involve some risk for buyers who may not be able to inspect the property in person or verify its condition and quality