Buying land is a great investment if you only know the ins and outs of owning one. So before you jump into that major vacant lot purchase over where you’ll build your new home, it’s best to first consider the many realities that come with it.
Zoning requirements are essential as required by local authorities in your city or state. Determine the type of house you can build before buying a piece of land. For example, some communities within 20 to 30 minutes of city limits prohibit the construction of structures on lots less than 20 acres. If you have problems with zoning ordinances, you can apply for future zoning. In this way, you can investigate city or community plans that could devalue your land.
Also, things to be aware of are the sights, smells, and sounds in the area where your vacant lot is located. Keep in mind that you may be trading columns of city pollution for smells from the countryside, courtesy of pig and other animal farms. Sometimes when buying land, you have to think about the big picture and imagine if you really want to live in that kind of place.
Natural hazards must also be taken into account when buying land. Inspect soil problems and get information on natural hazards. Some areas have natural asbestos found in soil and rocks. It’s best if you understand the complexities of finding a land before committing to it. If you want to buy land for the sake of real estate investments, then it is your choice whether you want to resell it or not. In fact, such disclosures can inform you if the land you are looking at is protected habitat that does not allow construction. Also, check if the area is vulnerable to fire hazards and scan address directories if there is a fire department nearby.
The ground can be unstable if there are slab foundations that can easily crack. Check if your lot is situated in the path of a possible landslide. If you have a waterfront home that is close to bodies of water, you might consider building a sturdy, elevated building foundation to ensure stability. You can even ask people in neighboring areas about the condition of their foundations.
Buying land in the city is different from buying land between the hillsides. Generally, city lots are in short supply and most of the time you will find buildings for sale. For this reason, they tend to be a bit more expensive than vacant lots in the field. Of course, paying money for land is a common thing. You can get your own appraisal to determine the right price before bidding. This is a good option if you do not plan to finance your land acquisition through a lender, which involves appraisals by the lender.
Easements are also considerations. You must acquire an easement and register it if access to your plot is by driving through a border area. Check with the people who handle road maintenance and maintenance costs. Clearly mark your boundaries and get rights to your land when you buy it. Having title insurance is the key to revealing easements and you may also consider obtaining a site survey.