You’ve had your dream home planned out for ages. All that stands in your way of breaking ground is purchasing the land. So you look into conventional loans, add up all the fees, calculate the down payment needed, and start to wonder who sucked all the air, and your dreams, out of the room. Why does it cost so much just to buy a piece of land? It doesn’t have too. Before you give up and walk away from your perfect property, know this: in Georgia, owner-financing saves everyone money on land!
The Buyer Saves Money
With conventional loans, there’s a fee for everything! Attorney fees, survey fees, application fees, title service fees, appraisal fees, credit report fees - fees, Fees, FEES! Talk about digging deep into that creative budget set aside for building your forever home. Don’t forget those commissions during closing costs either. With owner-financing you are FREE of all these FEES! That ridiculously huge down payment suddenly becomes chump change up front. Owner-financing means your dreams are swimming in savings. And you will be swimming in your new pool behind your dream home on your own peachy piece of Georgia land!
The Seller Saves Money
The buyer isn’t the only one that saves money. As a seller, you pay taxes on the land sale. That’s right! The dreaded word has been uttered. A traditional, bank-financed sale on the land means you have to pay “Uncle Sam” all the taxes on the sale that first year. OUCH! So much for enjoying the capital gain, huh? With owner-financing installment sale, the tax is spread out over the lifetime of the loan as the buyer pays you the installments. There’s even a possibility of combining it with an IRC 1031 Tax-Deferred Exchange for even more savings! So while the buyer is saving money, you as the seller also saves money. Everyone is saving money.
This Land is Your Land, This Land is My Land
In Georgia, this land was definitely made for you, for me, for everyone looking to invest in their future home. With an owner-financing installment sale the buyer saves money, the seller saves money, and dreams start to become reality. So forget fees, forget endless charges, forget draining your hard-earned savings, and start picking out that sunny piece of Georgia grandeur. You’ve got ground to break and a foundation to lay.