Land ownership is a potentially lucrative investment but can be a tricky process if you’re not experienced. If you want to build your dream home, buying land is one of the most cost-effective ways to do it. Not only does it give you the opportunity to construct an entirely customized home that meets your every requirement, but it’s often cheaper than buying something that’s already built.
Whether you dream of owning an equestrian ranch, a micro farm, or you want the freedom that undeveloped land provides, there’s something to meet your needs. If you’re thinking about buying land, here are some tips to help you in the purchasing process.
The Best Location to Buy Land
Land can be a profitable investment if you purchase it in the right location. Even if you love the idea of living off the grid, your land purchase should be an investment. This means that you should consider factors that could affect the resale value. For instance, if the nearest grocery store takes longer than an hour to reach, you might have a hard time selling your land. You should also consider the quality of the schooling and the land’s proximity to emergency services and highways.
Check Out the Zoning
Local zoning heavily impacts what you can and can’t do with your land. You must check with the city, county, and state zoning ordinances to see if you can realize your real estate goals on the ground you’re thinking about buying. It’s also a good idea to examine any future plans that might impact the land’s value. Government plans such as highways that increase accessibility can increase your lands future value. On the other hand, plans for a power plant could have a negative impact.
Is the Topography Suitable for Your Needs?
The topography is vitally important to understand when buying land. Considerations such as the soil type, elevation of the terrain, and even the types and number of trees are crucial. For instance, if you purchase land with low soil quality, it will be almost impossible to build a thriving farm. Similarly, if the topography is incredibly steep, it likely won’t be suitable as an equestrian property. Another consideration to look out for are environmental factors; for example, do any protected animal species live on the land? A land survey can answer most of these questions with a land survey.
What’s the Land Accessibility like?
If there are already established roads leading to the property, you’ll want to find out who they’re owned by. For example, if your neighbor owns the roads, you may have to seek a legal easement to use them to access your land. Similarly, you’ll also want to find out whether the land has any legal easements; as is so, this could be a potential concern in the future. This is another reason why a land survey is so important when purchasing land.
Undeveloped land means just that — it’s undeveloped! This often means that it lacks essential utility services such as access to the city sewage system, water, electricity, and cable lines. If the property is outside of city limits, you’ll also have to invest in building a septic system, drilling a water well, and gaining electricity access. Also, you’ll probably want cell service and access to the internet!
Is the Land Ready to Build?
Some undeveloped land needs more time and money invested in getting it ready for construction than others. For example, if you need to clear trees or clean up an environmental issue, you should budget for that in your plans. In addition, if the land already has existing structures on it, you should budget for the demolition and clearance of those too. Depending on how much work needs completing, this can significantly increase your budget and timespan.