Purchasing a vacant piece of land can leave the eventual owner with an almost endless list of possibilities. However, as you might imagine, this type of property sale is quite different from that of a property sale that includes a home. For this reason, any person interested in the purchase of this type of property should be well informed.
One thing to remember about purchasing vacant land is that the zoning parameters may not be clear, or they may not be set in place just yet. Zoning guidelines dictate how a property can be used, such as for residential or commercial purposes.
It would be a costly mistake for someone to purchase a property with one thing in mind, to later find out that the property cannot be used as planned, such as purchasing a property to build a home that is zoned for commercial use. While zoning can sometimes be changed, it can be a difficult process. Real estate agents know how to get specific property information to ensure your purchase will meet your long-term goals.
With a property that has a home on it, you already know upfront that the property has utility access, such as water and electricity. However, when the lot is vacant, these connections might not be present, which is often the case if the lot and the land around it are undeveloped.
For this reason, you want to first find out if there is any access. If there is no access, it is worth it to get estimates on the cost it would require to secure this access. Depending on how you plan to use the land, this access might be necessary so it is helpful to ensure that the cost for these connections will fit into your affordability budget.
It is also very important to perform environmental tests on the property before you agree on the purchase. As you might have guessed, these tests will determine how the property can be used.
For example, if the environmental test proves that the soil is in poor condition, there could be challenges when it comes time to build. Poor soil might not mean that you cannot build, but it could mean that there are additional costs involved, such as with the utility access. If you have a real estate agent, they can help with arranging this test.
Remember that it is always helpful to have someone on your side who is knowledgeable, such as a real estate agent. As you look for property for sale, do not hesitate to get the assistance you need.
Contact a company like Prince of Wales Realty to learn more.Share