Whether you’re a real estate investor or a prospective home builder, it’s essential to evaluate land before buying. It will help you maximize your investment and avoid buyer’s remorse.
There are many things to consider when evaluating land. Before making an offer, you’ll want to know everything about the property, from location to utilities.
Location
Before you make an offer on a piece of land, it’s essential to consider its location. The land’s surroundings, environmental hazards, and accessibility to schools and hospitals can all affect the property’s resale value.
In addition, the property’s topography can have a significant impact on its usability. For instance, if the land is flat and open with little to no trees, it might be challenging to build a house.
Before buying a lot, check with your local zoning board and find any restrictions that could impact your plans. It includes setbacks, which determine how far from the property line you can place your home.
Utilities
One of the biggest concerns buyers often have when evaluating land is the availability of utilities. Undeveloped land frequently has few or any available utilities.
Bringing utilities to vacant land requires a great deal of time and effort. You will need to determine which utilities are essential to you and what it will take to bring them to the property.
For example, some vacant lots may require a well and septic system before you can build a house or cabin on the lot.
You will also need to determine whether the land has utility easements. If it does, you must ensure that construction will not interfere with these easements.
Surveys
According to to sell land reviews, land surveys are essential to most real estate transactions. When a mortgage lender or title firm wishes to determine the location of property lines or to resolve disputes with neighbors on the boundaries of their land, they are crucial.
They also help identify improvements such as fences or outbuildings. They can also reveal unrecorded or unknown easements and encroachments onto neighboring properties that could impact your plans.
While a survey is costly, it can be worth the investment if you’re serious about your property. Plus, it’s a great way to get feedback from your customers and potential buyers.
Legality
The land is a significant investment, and you want to ensure it’s in good hands. That means checking the legality of the property before buying it.
First and foremost, you’ll need to verify that it has a title deed in its name and is free of any mortgages or debts. Also, check to see if the previous owners paid their property taxes on time and had proper receipts.
You’ll also need to look into zoning and any restrictions that might come with it. It will help you decide if it’s possible to build on the land you’re looking at. The best way to figure this out is to get in touch with the zoning department of your local city or county government. They’re likely to have a helpful wiki or a website where you can find information about the rules and regulations surrounding your property.
Value
The land is a popular investment option that can provide a high rate of return, but it requires careful consideration. Location, topography, and environmental concerns are all critical factors before buying land.
Whether the land is in an urban or suburban area will significantly impact its value, as these properties are often more desirable to potential buyers than vacant rural lots.
Accessibility to utilities is also a factor that can affect the valuation of a piece of land. If the property does not have water, sewer, or electricity lines could significantly increase development costs.
