When buying land, consider the following costs:
- Purchase price – The main cost of the land itself.
- Legal fees – For title verification, contract drafting, and other legal services.
- Government taxes and fees – There may be taxes, registration fees, and stamp duties.
- Land survey costs – If a surveyor is needed to mark the land boundaries.
- Ongoing land taxes – Local governments may charge annual property taxes based on the value of the land.