Buying land can be a daunting task. There are many things to consider before making the purchase, and it’s important that you have all the information possible about what the process entails.
While land buying may seem like a complicated process at first, with the right tips, it can be easy and straightforward.
To help make the process easier, we put together some of the top tips that will make buying land a little less stressful and more rewarding.
6 Things to Know That Will Make the Land Buying Process Easier
Types of Lands, Zoning Regulations, and Restrictions
Land zones and restrictions are the number one thing first time buyers should understand on what to know when buying land, since it may affect you significantly. Generally speaking, zoning is the process of dividing land into zones, or areas. There are three types: agricultural/rural, residential, and commercial/industrial-zone that allow for different degrees of development like offices, shops, etc. The zoning process helps balance these competing interests by using buffers between different types of development so they do not interfere with each other’s work areas.
You’ll also want to know the type of land that you’re looking for because different types have their own restrictions and regulations. For instance, agricultural lands are often zoned by acreage, while residential property may be limited in terms of how many homes can be built on it or what size they can be.
Watch Out for Environmental Hazards
You need to know whether the land is contaminated with hazardous materials. A professional surveyor will identify any potential hazards and advise you about what they are so that you can make sure they’re not present in your project area.
The presence of these types of issues could significantly increase the cost of your development, as well as making for some very uninviting living conditions if your property is residential. It’s worth asking for advice from experts before proceeding too far into negotiations when buying land because this issue isn’t always immediately apparent at first glance.
A Real Estate Agent Will Come in Handy
If you’re buying land, it’s necessary to hire a real estate agent. They can handle all of the formalities in the process and they will also be able to advise you on other issues that might arise.
If your property is residential, a real estate agent should always come with experience in this field; because there are many things involved when dealing with land for homes.
One way that an experienced realtor can help you out when buying land is by negotiating on your behalf. This not only saves time but ensures your investing safely as they’ll know what questions need asking about agreements like easements or zoning changes-and they’re sure to give good advice too!
Available Infrastructure and Utilities
When buying land, familiarize yourself with the available infrastructure and check for utilities. It’s important that your land is accessible from the main road, if at all possible. This will make it easier for you to sell the property in the future – or even see what improvements need making before you buy.
Utilities such as electricity, sewage, and water are a vital part of the process. In some cases there may be public services available to you as well – so it’s important to know where these lie before buying land.
Check for hospitals, schools, and police departments. You may also want to check for public transport links and some form of internet connectivity.
Market Trends and Cost
It’s important to understand the current market trends and cost of land before buying. This will allow you to make the best decision for your needs. If there were any recent sales in the area, ask how much those parcels were going for so that you can get an idea of what kind of average price these parcels should be going at.
Ownership History of the Land
You’ll want to know the land’s ownership history so that there are no liens on the property for any reason. This is important before signing anything or giving your money away! You should also ensure the title is clear as well because otherwise, someone could come along after purchasing them from you claiming they were misled about their status in regards to lien-free properties.
Not only would this mean losing time invested into making an acquisition happen, but it might also cost some serious dollars too.
You’ll spend months in court trying to resolve land disputes which will delay your development plans.
Buying land can be an overwhelming process. But, with the proper knowledge and research, you may find that buying a plot of land is easier than anticipated.
Thinking about any of these things before starting your search will make it much less stressful and more rewarding when the time comes. Have you started thinking about what zoning regulations are in place? Do you know how to identify environmental hazards like wetlands or a site where hazardous substances were originally stored? What infrastructure is available onsite? How does this property’s market trend compare with others nearby? Is there an ownership history that could be helpful for understanding potential risks? We hope these tips help!