Buying a piece of land is one of the most critical aspects of building. It is the place that your dream home will rest upon for a lifetime; therefore, it is important to absorb as much knowledge as possible before you ever put a deposit on a piece of land for sale.
Are your dreams realistic, and what is the eventual return? Consider the surroundings, the community, and whether the land is wet or dry. What does the adjacent property look like, or who are your neighbours? Is the land worth the money you will be spending to purchase a parcel? How many acres is the land, and does the piece of land provide the adequate space you need to hold your dream home’s building design?
Here are 8 questions you should get answered before buying a piece of land:
- Does the surrounding area have quick exit points to major highways? This may not seem like a big deal, but in case of natural disasters or even for the convenience of getting from one place to another in a hurry, major highways are essential to the land you want to live on.
- What is the area going to be like in 10 years? Does it have sustainable infrastructure, or is the community destined to struggle with time? No one can be a fortune-teller, but you should study the history of the area for any revealing tell-tale signs that may determine the worth of your property further down the line. If recent malls and housing developments have been springing up nearby, that’s a good sign of growth.
- Anyone who is considering buying land needs to look at the overall value of the land and compare it with all the options. Look for intangibles, like wide open areas or land that can be used for farming, industry, or even other real estate opportunities.
- How accessible is the land you’re going to buy? For example, if you live too far out in the woods, it could cost you a pretty penny to hire builders who will charge for extra travel and materials. It could also cost more for heat, snow removal, road improvements, etc. It may not be a good thing if the land is too isolated.
- If at all possible, try to rent property in the area before you buy the land. Doing this will allow you to get to know the community and see if it’s really somewhere you want to live.
- Another good idea when considering buying land is to look at the zoning requirements. Look for any potential problems with the building plans you may have in the future. You don’t want to buy land somewhere only to discover there may be limitations on your home building plans, or perhaps you would not be allowed to set up a business on your land because of zoning restrictions. Find out now before you buy land!
- You should also look into any potentially hidden industries in the surrounding area that could come as a surprise later on. You don’t want to buy a piece of land and find out there is a big nuclear power plant or factory nearby that sends its foul air or poisonous gases your way.
- Research the parcel’s background to see if it has a hidden history, such as hazardous waste accidents, ghost stories, or any other weird circumstances. Make sure it has a clean title as well.
After you find out the answers to these 8 considerations in buying a plot of land, you will feel more peace of mind that the land you are buying is a good choice. It will also be less stressful; otherwise, you could run into a lot of problems when building a home on your new land. Clean land has the potential to become an investment for you in the future. Never assume anything in the real estate business. Any extra information that you can find will go a long way in your search!