What To Consider When Buying Land – You might be interested in purchasing land to build on because of the current market and what is available, or maybe this is just your dream for your real estate investing. Either way, it isn’t as simple as it may seem. There is a lot that goes into purchasing land, especially if you are going to do it right and consider all things. What should you consider? Let’s take a look.
What To Consider When Buying Land
You will hear about the importance of location in just about any real estate contract. The location might just be the most important thing when it comes to real estate. When you are buying vacant land the location and proximity to the closest community are important when you consider your daily living. Consider how close you are located to a street or if the land backs up against a green space. These factors can determine your overall value. You always want to keep your end goal in mind and improve upon your property to raise your equity.
A setback of your land is the set rules that determine how far your structure can be set away from the property’s border. You want to take this into account before you buy the land because it could derail your whole project if the setbacks don’t allow for what you want.
Different jurisdictions have different zoning laws which can greatly affect your overall use of the land. You want to know if the land is zoned for commercial or residential and make sure that aligns with your building project for the land well before you buy it. Check on how many structures can be built too in case you want to add multiple structures. Zoning laws determine what you can and can’t build on the land you are buying.
When buying land to build on, consider the zoning designation, building and land use restrictions, future plans, necessary permits and approvals, and accessibility to essential utilities and services. Understanding these factors can help you determine the land’s suitability for your intended use and its potential value.
You will want to have the land you wish to purchase checked for natural hazards. This plays a huge role in what you do with the land. You may want to have the soil tested so you can understand its quality and composition before you start your building. The soil can also play a huge role in the landscaping you wish to do.
You will need to know if there is any type of easement on the property before you [purchase it. Easements allow others the legal right to use the property for specific reasons. This is all documented and recorded for your information before you purchase the land.
You want to fund out if there is access to utilities for this land. Where will you get your water and electricity? Are you able to tap into the city or do you need to drill a well at an additional cost? You want to get all of these questions answered so you can factor in all costs before purchasing any land.
To live the American dream of fully customizing your own home on your land can be quite a special; thing. The first step is buying land to do so and there are vital things to consider to ensure that dream can come true. Make sure you consider all things and do your due diligence. You must work with a trusted real estate agent who understands what to look for and what to ask when buying vacant land. That is why we are here for you! For more information on buying land in Snohomish County, contact us.