Posted on: 28 June 2016
Investing in vacant land can be a great real estate idea, but it does take some know-how to navigate a finished product. If you are new to developing vacant land, here are some things that you must do when contemplating a land purchase.
Visit the Land First
The first thing to do is conduct a visual inspection of the piece of land. There is only so much information that can be conveyed in a listing or description of the property. When you visit in person with your real estate agent, you can quickly spot problem areas such as poor upkeep, difficult roads, and other obstacles that will need to be fixed before you can develop the land. This step can save you the cost of hiring a land inspector if you do it early.
Map Out the Area
The next step, if you choose to proceed, is to have a land surveyor map out the features of the property. The land surveyor will do a good job of marking out the boundaries of the property, any geographical features such as vegetation and slope, and potentially even things like underground utilities. All of these can go into your valuation of the property. Things like slope can end up being a big problem during development if they make it difficult to lay a good building foundation, so a properly surveyed piece of land gives you a good bargaining chip during land purchase and real estate negotiation.
Look at Building Regulations
Another thing to do is consider how your goals for a piece of land will correspond with local laws. First, look at zoning regulations to make sure that your intended use will meet the local regulations; you'll run into trouble if you try to build a commercial establishment on land that's zoned for residential use. Aside from that, each area may have its own building restrictions. For instance, if your property is on the waterfront and you're thinking of building a dock or seawall, make sure that the local building restrictions don't prohibit this. This is a crucial step in making sure that your plans will align with what's legally possible before you get too far into the planning process.
So, in short, before you consider the potential of a piece of real estate, it's important to consult several outside sources to make sure that your dreams will be feasible. A land surveyor and land planning team can help you to consult all of the necessary resources for visualizing your plans. To learn more, contact a real estate agency like ERA Key 1 Realty Inc.-Cindy Frank.Share