Buying land for sale is an investment decision that should never be made without thoroughly understanding all the facts. Every prospective land buyer must consider a few key points before putting any money down on a potential piece of property. It is crucial that you and your buyer's agent do your due diligence to find the right piece of land that meets your requirements and budget. Here are four essential things to know before purchasing land for sale.
Before purchasing land for sale, knowing the zoning regulations for that parcel is essential. Many jurisdictions have specific zoning regulations that impose strict guidelines and restrictions regarding property usage. For instance, the zoning code could dictate the type of construction permissible in the area, the maximum height and number of stories for a building, and the minimum lot size requirements. Always make sure you are aware of these zoning regulations, as they could have a significant impact on your intended use of the land. Do not assume they are the same as the neighboring house or property.
When looking for land for sale, consider how you will access the property. Purchasing a landlocked parcel could hamper your ability to use the land. Unless you have a helicopter, you need a legal easement. In other words, you need written, legal permission to drive over the neighbor's land to get to yours. Again, do not assume that just because the previous owner did so that you will continue to have permission. You need it in writing.
3. Physical Features
It's essential to consider the physical features of the land. For example, if a property is steep or hilly, building on it may be costly. If the land features a creek or pond that is attractive to look at, it may also raise the water table, increasing the risk of flooding, which may limit you to building within a smaller footprint than you anticipated. Before buying any land for sale, understand all the intricacies. Steep hills, high water tables, and soil makeup must be considered when planning a building project.
4. Rights of Way
Always be aware of any rights of way on the property for sale. They provide others the right to cross or use portions of the property for specific purposes, like utility installation. These rights of way can limit the use of parts of the property or make it impractical to develop all areas of the property. In other words, you may have to mow the grass, but the electric company is calling all the shots. Be sure to fully understand any rights of way before you buy land for sale.
Purchasing land is a complicated process that requires a thorough consideration of many factors. Whether you're acquiring the land for personal use or investment, these tips can help guide your buying decision.
For more information on land for sale, contact a local realty group.