Buying land is a significant investment and involves careful consideration to ensure you make an informed decision. Here are some important factors to know and consider before buying land:
- Purpose and Zoning: Determine the purpose of the land purchase. Are you planning to build a house, start a farm, or use it for recreational purposes? Check the local zoning regulations to ensure the land is zoned for your intended use and that there are no restrictions or limitations that might hinder your plans.
Location: The location of the land is crucial. Consider proximity to essential amenities like schools, hospitals, shopping centers, and transportation. Also, evaluate the neighborhood, surrounding developments, and potential future growth in the area.
3. Access and Infrastructure: Ensure the land has proper access to roads or transportation routes. Check if there are utilities like water, electricity, sewage, and internet available, or if you'll need to incur additional costs to bring these services to the property.
4. Survey and Boundaries: Obtain a recent survey of the land to understand its exact boundaries, as discrepancies may exist between property lines and legal descriptions. This can help prevent potential boundary disputes with neighbors.
5. Environmental Factors: Investigate any environmental issues that may affect the land, such as flood zones, soil quality, natural hazards, or endangered species in the area. Also, inquire about any restrictions on land use due to environmental regulations.
6. Title and Ownership: Ensure that the seller has a clear title to the land and that there are no liens, encumbrances, or legal issues that could impact the ownership transfer. A title search or title insurance can help with this.
7. Financial Considerations: Evaluate your budget and the total cost of the land purchase, including any additional expenses like taxes, fees, legal costs, and potential development or maintenance expenses.
8. Market Research: Research the current real estate market trends in the area to understand property values and the potential for appreciation over time.
9. Permits and Building Codes: If you plan to construct buildings or make significant changes to the land, familiarize yourself with local building codes and obtain necessary permits.
10. Future Potential: Think about the long-term potential of the land. Are there any factors that could positively or negatively impact its value in the future, such as nearby developments or changes in infrastructure?
There are major advantages to contacting a land consultant when looking into purchasing land. When purchasing land during a land liquidation sale event, you have the greatest advantage there is. Most of the items listed above, are done for you. At Compass Land Group, we do the research on the land you're touring. We specialize in finding land with investment potential, secure access and zoning, prepare a clean title, evaluate environmental factors, and guarantee buildability. We still encourage you to prepare a plan, and a financial budget, but we've got you covered on the rest! Give our land consultants a call, ask the questions, we will get you the answers and help you make the best decision for your future in land and development.