According to April LANDTHINK Pulse results, 76.37% of respondents indicated they would prefer to own a small tract of land without a partner, instead of a large tract with a partner. Buying a tract of land with a partner might seem like a smart way to buy property you otherwise couldn’t afford, but based on the results of last month’s Pulse question, buyers are not keen on joint partnerships. Initially, it sounds like a good idea – buying that hunting tract with 4-5 buddies or purchasing a lake property with a few close friends – but the decision might turn out to be less workable once you delve into the process. All too often, one person ends up doing all the investigating and information gathering for potential properties, someone ends up backing out, or fails to hold up their end of the deal after closing. As indicated by the results of last month’s Pulse question, the LANDTHINK audience understands or knows firsthand the potential headache it can turn out to be.
Last month, the April Pulse asked: Would you prefer to own a large tract of land with a partner or a small tract without a partner?
For those that choose to face the perils of concurrent land ownership and believe it’s the solution to purchasing a dream property, it’s in both you and your partner(s) best interest to retain the services of a real estate attorney, and a Certified Public Accountant. They will offer invaluable services and head off potential problems before they occur. They can advise how to take ownership of the property, which can be done in a variety of ways, most commonly a limited liability corporation (LLC), multiple names on the deed, corporation, and limited partnerships. The method of ownership will affect how the property can be used, sold, or transferred to other people. Our informal online survey revealed that 76.37% of those responding indicated they would prefer to own a small tract of land without a partner. Only 23.63% said they would rather own a large tract with a partner. The majority would rather have a smaller tract and not take any chances on having a bad experience. After all, buying and owning land is one of the most rewarding experiences of a lifetime. Sole purchasers of property might feel some initial apprehension, but it’s a great time to consider purchasing land. An experienced agent can help locate your dream property, and keep you on budget. The decision to purchase land shouldn’t come with regrets, only fun, adventure and years of enjoyment.
Here are the final results:
- 76.37% indicated they would prefer to own a small tract of land without a partner
- 23.63% indicated they would would prefer to own a large tract with a partner
Thank you to everyone who participated and shared the Pulse with friends and connections in the land industry.
LANDTHINK is seeking a sponsor for the June LANDTHINK Pulse and months thereafter. The spring and summer buying season has arrived, and there’s no better time for land industry businesses and professionals to sponsor the Pulse question! Pulse sponsorships are offered on a first come first served basis and are subject to certain limitations. If your business would be interested in sponsoring next month’s April Pulse question, please contact us soon.
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