When buying land, consider factors such as availability of utilities, zoning ordinances, environmental hazards, and property lines. Get an appraisal before making an offer.
People want to buy land for many reasons. The main reason for most people is the need to have their own space. Other reasons include cleaner air and a desire to build a custom home. Parcels located far from the city are often the least expensive, per acre, but may cost more for delivery of supplies and hired labor. In addition to costs, there are several other things to consider when buying land.
One of the most important factors to consider when buying land is the availability of utilities. The water is not always drinkable, nor does all water rights come with the land, which means you will not be allowed into a well. Check the costs of electricity and telephone services in your land, if they are not already in place. You may also need to install a septic system, if you can’t access the sewer. These necessities can become very expensive.
Check zoning ordinances before purchasing land. You can learn what these are by checking with city, county and state authorities. There may be restrictions on the land, such as not building buildings on parcels that are smaller than a specific size. If you want privacy and quiet, make sure there are no plans to build a supermarket or airport nearby.
When buying land, keep in mind the advantages and disadvantages of living in the country instead of living in the city. You may have to smell smog and exhaust fumes when you live in the city, but there will be pig and cow smells in the country. The noises of traffic and people in the city will be replaced by roosters and goats in the country. The grass isn’t always greener on the other side.
Consider the environmental hazards surrounding the area where you are buying the land. Some mountainous areas are prone to flash floods, landslides, and avalanches. Areas along fault lines are prone to earthquakes. Dry, hot areas may be at risk for wildfires. Check for other lesser-known hazards, such as toxins in the soil.
When purchasing land, be sure to survey the property. This will let you know where your property lines are and what rights you have to your land. Make sure that if you have to cross other properties to access your land, there is an easement in place. Check what your cost shares are for maintaining the roads.
Last but not least, make sure you get an appraisal of the land. If you are going through a lender, that will already be a requirement. If you are paying cash, you will need to request a land appraisal. Never make an offer until you have had an appraisal. You want to make sure you get what you pay for.
Smart Asset.
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