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Things to consider before buying land

People often make common mistakes while buying land, buying the right land at the right time is a challenging task. There are a few things you need to consider before buying land and in this article, we will discuss all the necessary things you need to consider before you think of buying land. Be patient and keep reading!
Before you go out to buy land, be sure about why you need land. Now, if you have decided whether you need the land for a home, business, hospital, or a mill, consider the following aspects:

Location of the land

Location of the land is obviously the most important decision you need to make before buying any land. The term macroscale is used to determine the side of town where you prefer to live. Macroscale should be your first priority, do you need your land near your work, school, fitness centers, medical services or a quieter place with a nice view?
You need to ask your real estate professional about it and decide whether you are going to buy land that is already developed or you are willing to spend extra money on your land to get the necessary utilities, water, and other facilities. It all depends upon your priority and needs.

Zoning laws

Zoning in real estate is used for the government laws, which dictate how a property in a certain area can be used. For example, if a property is reserved for commercial area, you will not be able to build a house on it. It is for a good reason though, would you like a house near a gas factory? Of course not.
Talk to your real estate professional and local zoning board, ask them about all the necessary factors you need to take into consideration. You need to know all the restrictions on your property and setbacks (minimum distance from where you can start building from the property line).

Neighborhood

The neighborhood is another important factor that will affect the future of your land. You might get a good piece of land at a good price but what if there is a gas factory right behind your property and you were planning to build a restaurant? Can you get any customers in such a polluted area where there will be emitting gas 24/7?
Check for all the possibilities, for example, if you are buying land to build a house, keep the following questions in mind;

  • Is there any school nearby for your kids?
  • Are the utilities available for you to survive?
  • Are there enough facilities for you to live?
  • Is there a railway track/mall/airport/Motocross track nearby that could affect your living?
  • Can you find a job nearby?

Tip: Ask your property dealer about the future of the area, what are the possible changes you can expect in the next five to ten years, is there any possibility of a railway track that could be built near your plot and could affect life in future?

Utilities

There are two types of land you can buy:

  • Developed, where there will be all the utilities already available and you just need to pay for it.
  • Undeveloped land, where you will have to bring the utilities to the land. You may get good land for a cheaper price and that could be because of the unavailability of utilities, you will have to pay a huge amount to get the utilities to your door. In some cases, you will even be responsible to build the road to your land. It depends upon your priorities.

Landlocked

In real estate, landlocked is a property that has no direct route to access, it is surrounded by the private property from all sides and the only way you can access a land is through someone else’s property. This is not an impossible issue but you need to be aware of such a case before buying the land.
To overcome this issue, you will have to establish a legal easement to the property if one of the surrounding property owners is willing to allow you to build a road through their property to your land. Otherwise, this properly will be like another planet to you, where you will never be able to set foot legally.
Water rights
If you have a water pond, stream or river on your property, you will need to know the water rights. Having a water resource does not mean you actually own it. You may even be restricted how you use your land. For example, if you live near a lake that is used for drinking water, you may be restricted to raise livestock, in case they might pollute the water.
Mineral rights
The same laws work for minerals right on and under your property. If you plan to buy land that has mineral resources, be sure you own the right to the minerals too. There may or may not be a company out there, who come to your land and drill for it and pay you.

The climate of the area

Before making a final decision, know the climate of the area. It will affect a lot of factors including health conditions (like asthma), plants you are planning to grow as well as your day to day life. Keep the following things in mind:

  • The yearly rainfall
  • Extreme high and low temperatures over past 20 years
  • Seasonal changes

 

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