Are you getting ready to buy land? Whether you intend to use the property for residential or commercial purposes, the land is a strategic investment with appreciating value. However, there are several things you need to establish before going through with a land transaction. So, what do you need to know when assessing land for sale?
Location of the Land
The primary consideration factor when purchasing land is the location. Essentially, location has an impact on you will use the land for sale. If you wish to build a residential home, you will want a lot near your place of work for easy commuting. Then, you may desire land in a safe, quiet, and quality environment. More so, consider the proximity of the land to necessary amenities such as hospitals, shopping malls, and schools. Alternatively, you may want land for agricultural purposes. In that case, check whether the climate is conducive for crop and animal production. Lastly, establish if the area is prone to natural calamities like floods, cyclones, and wildfires.
Existing Land Zoning Laws
There are land zoning laws that dictate how landlords use specific land. Therefore, take your time to research the particular ordinances that apply to the land for sale. Broadly, various jurisdictions zone out the land for residential, commercial use, or mixed-use. Also, commercial land can fall into industrial or agricultural use zones. As such, it may be illegal to carry out commercial activities in a residentially zoned area. Also, developing residential property in a commercial zone may mean you put up with industrial noise and pollution. In addition, the local authorities may restrict the type and size of structures you put up in a residential area.
Access Rights
Some land titles grant third parties the right to use another person's land for a specific purpose. Thus, before you purchase the land for sale, find out if there is an easement. For example, the title may give other people the right to cross over your land to access their property. Therefore, it would be illegal to deny them access despite interfering with your privacy. In addition, check if the land comes with mineral water or timber rights. The real estate agent or your lawyer may help you check on access rights and their hurdles.
Access to Utilities
The availability of utilities is a significant factor when evaluating the suitability of residential and commercial land. Typically, the ideal land for sale should have access to utilities such as water, electricity, gas, and cable. However, such utilities are not always available, especially in some rural areas. Thus, find out whether the utilities exist or you need to arrange for connection. Significantly, go to the extent of contacting utility companies to get the cost of the connectivity. This way, you can have clarity on costs before putting in an offer.
Ultimately, the property checklist above is not exhaustive. Conduct more research to ensure the land for sale fits your needs while identifying the existing restrictions. For more information, reach out to a local real estate office, like Mary Enck Realty, Inc.
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