Just like a owning a home, owning land creates a sense of pride to the owner. Though unlike a house, land has a lot of things to consider first before purchasing. If one buys a house most probably, it would be for living in, but this is different when it comes to purchasing land as one my decide to build a home on it, use it as a long term investment, start up a business on it or for speculation as they wait for the land to appreciate in value so as to sell or lend it to other potential buyers. However, before signing on the dotted line it would be wise to consider the following factors;
What are Your Reasons.
In most cases one may purchase land for settlement or for farming. This means that the location should actually favor the intended activity. Therefore it is very important for one to have a specific reason for purchasing land so as to know which type of land is good for them.
There are two different types of land; developed and undeveloped land. Mainly, for the developed land you may find some social amenities close by but for the undeveloped land one may have to bring them close using their own financial resources if need be. This turns up to be quite an expense to the buyer.
If planning to build on the land, then think about how many acres of vacant land to purchase so as to know how much of the lot can be built on. Get to know if it is permitted to build land on that area. Are there social amenities (schools, malls, hospital etc) around that place? But if you are looking for a quiet, peaceful, beautiful and private place to call home then an undeveloped land may also work for you.
If the land is for commercial use such as building offices or malls then you should ensure that it is not isolated from potential customers.
For a farm, it should be near a source of water and the soil and weather should be adequate enough for the type of crop to be planted.
There are zoning laws that are implemented in most vacant land areas that govern what can and cannot be done with land. Essentially, these zoning laws are the reasons why you don’t have a factory in your back yard or a sewerage processing plant right next to a town square.
Zoning is the division of land into subdivisions that will have varying restrictions on what can be built on each piece of property. It is important to make sure that you are even allowed to build a house on that piece of vacant land before you start constructing on it.
Utilities and Road
For any vacant land you are eyeing be it for a home or business you will need to have access to utilities such as electricity for power and phone lines for communication. If these are not available in the land you want to purchase then you will have to organize how the phone company and electricity company will assist you to bring this facilities close to your home. You will also need to know if the land is close to water and sewerage lines. If it is not, then you will need a well and septic systems to gain access to these utilities. This means more money used and more hassles as you will have to get permits for drilling the well and installing septic systems.
Get to know the proximity of the land to the main road. The road access must be less complex meaning that the land must be near the road for easy transportation. If your property is landlocked the only solution is to make an arrangement with a neighbor for guaranteed access via a private road through their land, known as easement.
Hire professional surveyors to research your property and use a plat to determine and mark the exact property boundaries of your vacant land. Surveys can serve purpose beyond plotting boundaries. For example, a construction survey can help you make precise evaluations determinations and plan out the dimensions of a house.
Get more property insights from Pam Golding.