Factors you need to Consider When Buying Land

Lands are being sold on a daily basis. Recent research reveals more people are buying land to build their homes. Statistics reveal there are 15% of new land owners on a yearly basis.

Almost everyone aspires to own his or her own block of land. However, it is never easy to get a piece of land on desires; in fact, the process comes with lots of considerations. Though it might be intimidating to navigate the waters trying to get your choice of land, having professional guidance will help provide you with a peace of mind. Here are five important factors you need to consider when looking for a block of land to buy.

hunting land sale

1. Location, Location, Location

Before you embark on the process of hunting land for sale or talking with a real estate professional, you first need to answer the following questions. Are you interested in a rural location with privacy and acreage? How much are you willing to spend on land? Are you looking for an already developed land or will you develop it all by yourself? Do you want a place where you have a view or be on water? What minimum size will you need for your home? The above questions will help you known the right location where you can shop for land.

2. Permitting

It is important that you first consider the types of permits that will be required in the city or country where you will be buying land. There are jurisdictions that are known to have limited requirements for permitting. Others are known to be more comprehensive and will need you to get several permits for all aspects of your project. Ensure you consult a local land professional to enlighten you on the types of permits you will be in need of when purchasing land in a particular city or town.

3. Restrictive Covenants

There might be restrictive covenants associated with the land you are about to buy. A restrictive covenant refers to a legal obligation on a piece of land which has been imposed to the buyer. Such restrictions usually depend on the land types and are enforceable on future buyers. For example, you will not be allowed to put up a fence on the property expect of a wood not more than six-feet high.

The restrictions are known to be put in place in order to have a more standard appearance and ensure the property values are well protected. Restrictions can also be used in controlling or limiting the activities taking place in that development such as in home businesses and home rentals.

4. Utilities and Roads

Before you make any purchase, ensure you are aware of the utilities that have been brought to the property. Most of the undeveloped lands are known to have a few if any utilities that come onto the piece of land. If you opt for a land that does not have any utilities, you will have to cater for the cost and effort of bringing them onto your land. Utilities include things such as telephone and cable, water, power and gas. You will have to first contact the local utilities to know what it will take to have them.

5. Costs of the already Developed Land

Once you have an idea of the type of land you are interested in, you need to take into consideration the costs that you will need to develop it before making an offer. In case you are looking for two pieces of land that are of same size and almost same price though you will need a septic system and a well on one piece of land, you need to check if the extra costs will be worth it. Ensure you have all the facts before making any transactions. Land experts and professionals will help you in evaluating any piece of land.

This entry was posted on Tuesday, July 11th, 2017 at 9:47 am and is filed under Buying land. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.