Important Considerations for a Land Purchase
Buying a vacant lot is an important and complex decision because you are faced with a host of issues. Rules that are used when buying a house are similar when you are buying land. Knowing what you are getting yourself into is very important when it comes to purchasing land.
Whatever your intentions are, there is plenty to know before investing in property. You first have to consider where the property is located. It is important to look for a good location no matter what the reason is for wanting to buy a property.
If you are making an investment, do not buy a land with no resale value. IF a place is isolated from potential customers then it is not good to buy that land if you are thinking of putting up your business in it. If the land is not ideal for building a house, then do not buy it if you purpose is to build a house. This is paramount to real estate because you are actually investing time and money. If you are well prepared to choose the property you will buy then you are more ready to spend your money wisely.
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You also need to get a title insurance so that you will be protected against any property loss or damage due to liens, encumbrances or defects in the title, and you should also get a professional surveyor who can determine the boundaries of your property early on.
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Another thing that you have to consider before falling in love with the property is to remember that utilities like side road and road right of way, electricity and water are costly and in many cases problematic or overpriced. On some land, you will have to drill a well or install a septic system alongside home construction. If it is for investment that you are buying the land, then some of the utilities may not be a problem to you.
It is also important to consider zoning when purchasing land. You have to know exactly what kind of government zoning restrictions are in place. This is to ensure that you will be allowed to build your house or commercial building in that vacant property.
It is also important to get a flood plain survey and should be done first so that you will have critical information about the chances of flooding in your lot. It may be very costly to have a flood plain survey but it is a lot better to know beforehand if the area floods rather than have your house build on it and find out later on that you have built your house on a flood zone.