10 Things to Consider Before Purchasing Land For Sale

Purchasing and owning land is a big dream for many people.  It takes a lot of heart and a lot of money to invest in land that you want to own and build your future on.  We have gathered ideas from experts on what to look for when buying land so that you will have a more meaningful and less stressful experience in the process.

Factors to Consider When Buying Vacant Land

There are different factors that you will need to consider when buying land.  Hence, it is crucial that you know what the process entails and what to look out for, so you will be prepared.  These things will also help you determine whether buying land is or not a good investment for you.

What to Look For When Buying Land

Real estate professionals provide various factors that you will consider in the transaction and in the process of buying land for whatever purpose.  Here are some things to look for when buying vacant land:

1.  Have a firm foundation on why you are buying land

It is difficult to move smoothly in the process of purchasing and to deal with transactions in buying land if you are not very sure about your decision.  Why you buy land will determine all the next steps in the process. 

Is the land for a new home that you want to build? 

Is the land for a business? 

Knowing your long-term plan for the land you buy will determine the location and type of land that will be most suitable for your goals to be met.

2. Know the different types of land available to purchase

When you have an established purpose, it will be easier to choose the type of land you will purchase.  According to Investopedia, the types of land investments you can choose from include:

• Residential development land

• Commercial development land

• Row cropland

• Livestock-raising land

• Timberland

• Mineral production land

• Vegetable farmland

• Vineyards

• Orchards

• Recreational land

  
  

3. Do your research on the market

The real estate market is constantly changing.  There can be large variations in land values every now and then.  Do your research on the current trends in the real estate industry and how location and quality of land affect the price that you will pay for land that is attractive to you. 

This will help you get the best deal and know specifically what to ask your trusted realtor when you are being offered land to purchase.

4. Shop around

Do not stick to one piece of land that gets your attention.  The best choice is to do your search because there are plenty of opportunities at any one time.  Look for trusted and well-established specialist land agents or realtors to help you spot potential sources of land.

5. Prioritize lands located in areas with potential growth

Be aware of land that is located in areas where you can build on your investment or where your goals of purchasing land will be met.  

For example, if you are planning to buy land for farming, you will need to consider if there are established plans for improved infrastructure like roads and other transport links, so you can conveniently deliver your products to your customers.  

The location of the land you purchase should meet your criteria and help you achieve your long-term goals.

6. Know the requirements for future construction

Ask if the land has existing planning permission granted, so you will not need to clear this issue when you have new construction on site.  Be aware of restrictions so that you will not be penalized when you begin any construction on the piece of land. 

You can talk to a solicitor with expertise in the area, so you can deal with planning issues immediately.

7. Determine zoning restrictions and get the land property surveyed

There can be potential hidden snags with any land that is bought.  Factors you will need to know and establish properly include:

• Zoning regulations for both the property and the surrounding area

• Potential developments on nearby land

• Set boundaries

• Rights of way

• Flood risks

• Overhead power lines

Seek professional advice for your safety when it comes to knowing zoning restrictions and potential hazards in the area.

8. Water source

The number one need and utility that you will have to establish on what to look for when buying land is the water source.  You should know how your property can connect to a water source if there isn’t an existing one.  Or how it is already connected to water sources.  Determine if there are restrictions on water use and if you will need to collect rainwater. 

9. Other Utilities

If you are planning to build a home or a business or an industry on the land that you want to purchase, you will need to know if you have access to needed utilities like electric grid access and internet and cell service.

• Electric grid access: Are there grid-powered electrical lines that are within the proximity of the land or that are reasonably close?  Will there be a need to install solar or wind-powered off-grid systems to provide you with the electricity you need?  Will you need to pay the power company to install new poles, so you can have access to power from the grid? 

• Internet and cell service:  It will be difficult to catch up with technology, especially if you need it when the land does not have access to the internet.  Take note of the internet providers in the area and cell signal strength.  Available communication lines will be indispensable during emergencies.

  
  

  10. Local Bylaws

When purchasing land, you will need to know the basic laws that govern the land, which include, but are not limited to:

• Building codes and bylaws

• Year-round roof and wall insulation requirements

• Distance from building to bodies of water

• Water system requirements

• Livestock rules

• Waste removal

This will prevent you from dealing with issues and enforcement officers or building inspectors in the future.

Are you ready to buy new land?  Keep what to look at when buying land in mind when you are planning to make that lifetime investment to purchase the land of your dreams and pursue your goals in real estate investment.  So, get out there and start looking!