Do’s and Don’ts of Buying a Land
When you are planning to purchase the vacant land to build your dream home, be aware that the land requires more specific inspections than the house. These can be restrictions on the zoning of the land or the adverse weather conditions that can affect the longevity of the construction. Further, we will describe the ways how to avoid problems while buying land.
Hire a real estate agent
The buyer of the land usually has the ideal vision of how his dream property should look like in the future. However, the good real estate agent would draw the buyer’s attention to the drawbacks of certain property during the showing and inspection.
It is important to partner with a real estate agent who already has the experience of working with both the buyer and the dealer. This partnership will be useful for the buyer in terms of negotiating the agreement and closing the deal. Also, the agent will help you to make the analysis of the similar properties in the neighborhood.
Analyze the comparables in the neighborhood
Before purchasing vacant land for construction you need to analyze the value of the houses in the neighborhood. Understanding the value of the houses in the area will help you to offer a suitable price for the land and prevent you from overpaying. Making research on the properties will be useful for further negotiations.
Also, the buyer of the vacant land needs to examine the area around the land and the infrastructure, whether there are the necessary utilities and access to the running water.
Run the environmental test
The environmental test is an essential tool to define the level of contamination of the land from the previous use. For instance, if the piece of land was previously used for the auto body shop or for the gas station then it would have contaminated soil. In this case, you would not be able to build the house in that area.
It is better to purchase the land that already has the following data:
- geology report;
- soils report;
- environmental test.
If not, the professional surveyor would examine the environment, and provide the report on the flooding potential or poor soil conditions.
Check the government restrictions
Local authorities have restrictions that determine the zoning of the property or certain steps to build the construction. For example, some pieces of land may be banned from development.
So, to avoid problems in the process of rezoning the property you need to check the existing regulations related to the property and the surrounding area. There are special rules for every type of property the land is aimed for – residential, commercial or industrial.
Learn about the climate conditions in the area
If you are purchasing the land abroad, it is vital to find out more information about the climate conditions. You need to analyze the potential of the area for frost, drought, and other adverse weather conditions. This information may affect many aspects of the construction, like building materials and insulation.