Would you like to purchase land and build something on it? This might actually be the most cost-effective way to create the custom home you’ve always wanted.
But before you go ahead and buy land, there will be some things you’ll need to think about. If you don’t do this, you might end up with a virtually worthless piece of vacant land you won’t be able to resell for much money.
So, what are some of the things you should know about prior to purchasing land? Here are eight of them.
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Is It in a Great Location?
When you buy a home, the age-old real estate saying “location, location, location” needs to be in the back of your mind at all times. It’s very important for people to purchase homes that are in the right locations for them.
You should keep this same saying in mind when you purchase land. You can always make adjustments to the home that sits on top of a piece of land. But you aren’t going to be able to move the land itself.
For this reason, you should know whether or not a parcel of land is in a great location before doing anything else. It’s the No. 1 consideration you’ll need to make.
Is It Priced Right?
In addition to considering the location of land before you buy it, you’ll also want to take a good, long look at the price. You’ll need to purchase land for the right price to make the most of it.
It can be tricky trying to figure out whether you’re getting a good price on land. It won’t always be as easy as comparing its price to the price of other plots of land in its area like you would do for homes.
But by doing some research, you should be able to decide if you’re getting a good deal on land. You don’t want to overpay for it and be strapped for cash later.
Are You Allowed to Build on It?
You might be under the impression that you’ll be allowed to build on any land you want. But this isn’t always going to be true.
There will be rules and regulations regarding land and what you can do with it. If land isn’t zoned for residential use, for example, it’ll prevent you from being able to build a house on it.
Look more into Utah property law and speak with a property lawyer about your interest in buying land. A property attorney will be able to investigate a plot of land and see what you can build on it.
Where Are Its Property Lines?
You can usually get a general idea of where a home’s property lines will lie. These lines will often be clearly defined by fences, sidewalks, etc.
But the property lines for a plot of land won’t always be as defined as this. So you shouldn’t be shy about looking into where the property lines for land are.
You might love the fact that a plot of land will offer several acres to you. But you might not be a fan of how those acres are divided up.
Does It Have Access to Utilities?
If you’re going to build a home or another structure on a piece of land, you’re obviously going to need utilities for it. This will include electricity, water, and sewer service.
Those who purchase land in the middle of nowhere might struggle to get access to these utilities. It may force them to get creative when it comes to running electricity to a home or figuring out a way to deal with the waste from it.
Are There Roads Running to It?
Outside of needing to have access to utilities, those who plan to build on vacant land will also need to have roads that run to it. This won’t always be the case with land that’s sitting empty right now.
You might have to take on the expense of creating roads that run to a piece of land you want to buy. It’ll be one more thing you’ll need to pay for when you purchase land.
Is the Soil in Good Shape?
Right before you purchase land, it might be worth running tests on the soil that sits on it. If this soil isn’t in good enough shape, that might be reason enough not to buy it.
Poor soil could make it almost impossible to build a home or another structure. In some instances, it might also lead to future problems as far as growing grass is concerned.
How Long Has It Been for Sale?
Before you choose to put in an offer on a piece of land, you should try to find out how long it’s been on the open market. If it’s been for sale for a long time, you might want to look into why that is.
You might also want to use the fact that it’s been on sale for so long to negotiate a better price on it. A seller might be more motivated to sell land at a lower price point when they haven’t gotten many nibbles on it in months or even years.
Remember These Things When You Purchase Land
Deciding to buy land is just like deciding to buy a home. In fact, you could argue that it’s an even bigger decision in the grand scheme of things.
If you don’t do your homework in advance, you may wind up with land that isn’t going to do you much good. You might not be able to build anything on it. It’ll make you regret deciding to purchase land in the first place.
Answer each question listed here to inch your way closer to buying land you’ll love. Read through our other blog articles for more real estate tips.
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