Factors to Consider Before Buying Land
As with anything being done for the very first time, buying land can be daunting. This is more true if you’re a first time land buyer. The entire process of buying the right plot can seem unmanageable. There are a few pitfalls involved in land purchase, but they are generally simpler than purchasing property. Not to mention how potentially lucrative land purchase can be. Here are some tips on what to consider Factors to Consider Before Buying Land.
Buying land is like any other real estate purchase and as thus similar rules apply. ALWAYS know what you’re getting yourself into.
Reasons for buying land
There are a host of reasons why one would procure land;
- To build your own house.
- As a long-term investment.
- To start a business.
Regardless of your intentions, there’s a lot to know before investing in land. Here are some of the things you need to know, including location, zoning restrictions, and growth potential.
1. Be clear about why you are buying the land
What your intend long-term usage of the plot of land will be, will obviously have a bearing on what and where you will buy.
When looking to buy a piece land, you should develop a general idea of where you’d like to make a purchase. Invest in some research to appreciate the location of the land. You can go for an exploratory drive and use online resources such as Be Forward Real Estate to help you.
3. Understand the land on the market
There is a distinct difference in character between land that has never been developed and land which has been built over previously. The different land is subject to different planning requirements.
4. Growth potential
Location is as important to land as it is to properties. Key areas are those due to benefit from improved infrastructure development. Quite easily put increased development results in improved property values.
5. Costs involved
Various costs will be met along the way and its key to appreciate what kind of expenses can you expect to incur when buying land.
6. Zoning restrictions
Zoning can be viewed as the division of land into subdivisions. These subdivisions will have varying restrictions of what can be built on each piece of property. There are very stringent rules and regulations imposed by council. These rules regulate what a piece of land can be used for; either residential, commercial, or industrial.
7. Land survey
A plot of land may look like its just an empty field but its crucial to engage a competent chartered surveyor to carry out a thorough land survey. It is always best to be on the safe side and to seek professional advice.