5 Warning Signs You Need to Look For When Buying a Vacant Land

The number of people buying vacant pieces of land has increased in the new millennium. Recent research reveals there has been an increase of 37% in the number of people buying lands in the US.

Vacant land is one of the most misunderstood and overlooked real estate investments in every country. Majority of the people who invest in real estate fail to recognize the superior benefits which are associated with owning a land in its raw form. However, it is very unfortunate since to the stability and the simplicity that comes with owning a vacant land which has been purchased at the right price can outweigh the problems which can come up with the other types of real estates. Vacant land is considered to be one of the best places where you can always put your money. However, need to evaluate certain things before buying a piece of land. Below are five major things one need to know for whenever they are buying land.

Vacant Land

1. What is the Property’s Topography?

When you are hunting land for sale out of your state, your first line of business should be to know the type of topography for the property. There are several places around the world which are known to have very unpredictable mountains, ravines, cliffs, valleys, mountains and more. The land topography can in many cases have a huge impact on the build ability of the property. It is important that you always conduct some preliminary research to help you find out where your property should be located and what type of land you are about to buy. You can always achieve this by using the Google Earth which is usually free and the topography map which is also free.

2. What is zoning on the Property?

It is very important for one to understand what the land can be used for and what the best and highest use of the property is. You can solve all these by making a simple phone call to your zoning and planning department who will be able to provide you with an answer to this question within a few minutes.

You can always request them to provide you with some examples of the types of properties which can be allowed under each of the particular classifications after you have known the zoning classifications.

3. The Annual Tax Obligation

In case you are planning to hold into a property for a certain length of time, it is advisable that you be aware of the super high tax bill which is relative to the value of the property. Though you might not have come across this issue, certain properties are known to have ridiculous high taxes in proportion to the actual value of the property.

4. The Type of Public Utilities Available

In case the vacant land you are about to buy does not have one or more of the public utilities such as water for a reasonable living, then it may considered not to be buildable. In case any land is not buildable, you are bound to lose a great portion of its value, marketability and usability.

5. The Required Building Setbacks

It is important that you first understand the exact dimensions of the piece of land you are interested in buying. Thereafter, you can contact a local zoning department and request them to offer you with the designated building setbacks for the property in questions. Thereafter, try considering the regulations and setbacks relative to the size of land you are interested in and check if there will be enough space for you to construct something worthwhile. There are several pieces of land which were previously considered to be too small after factoring in the setbacks which leaves them completely worthless after building anything on them.

This entry was posted on Wednesday, October 11th, 2017 at 6:27 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.