When buying a property such as a house or a building, we look into pretty much all there is. However, a similar level of care is not given when purchasing a vacant lot as we are more concerned about what we are going to build or grow on it rather than the land itself. In fact, purchase of such a property can sometimes include a host of problems that you might not face when purchasing a house. Certain properties are bound by legal constraints which will prevent you from building anything on it, making your investment an utter and complete waste. Discussed in this article are some of such aspects you must pay attention to when purchasing a piece of land.
The Right Location
As the saying goes, ‘when it comes to real estate business, it’s all about location, location and location’. For a buyer, the location of the land will entirely depend on what he/she intends to do with it. For example, if you are planning on building a house for your family on it, you will have to choose a land from a location which is surrounded by a good neighborhood, closer to good schools and not too far from grocery shops and restaurants. If it’s for a business activity, the number of problems will certainly go up as the location should not only be in an area where demand for the business will be favorable and easy access to main roads is available, but several other factors too will be there. Therefore, based on the nature of your need, select a land from the best possible location.
Look For the Utilities
Utilities include all the requirements that must be piped into the home or building you plan on building in a vacant lot you have selected. These will include electricity, water, telephone lines, gas etc. and ideally, the land of your choice should already be facilitated with all these. Otherwise, you will have to allocate large proportions of time, money and effort into acquiring these with the help of the relevant providers.
A Flood-Free Land
Flooding can completely destroy a land and everything that is built or grown on it. When selecting a vacant lot for your house make sure it has been marked safe from the risk of floods. Most probably some past research must have been done on your land and referring these will help you determine the safety of it. If no such past information is available, seek the services of a surveyor and evaluate the elevation of the land anditspercentage chance of annual flooding. If this number is anything more than 1%, flood insurance is necessary to construct a house on the land and if the value is less than .2%, then it is ideal for construction ass the likeliness of the occurrence of a flood is very low.
After purchasing a land, for pretty much every change you make to it, a legal permit must be obtained. Digging a well to supply the house with water, burning a shrubbery area to clear the land or even cutting down an annoyingly obstructive tree will require a permit. Although this can be a concern, understand that these legal requirements have been set in place to protect the rights of you, your neighbors and the environment in and around the piece of land and adhering to them is required by the law.