Buying vacant land is not as simple as picking any cheap parcel of land you will see on ads and paying for it right away. There are several factors you need to take into consideration and you also have to follow some steps to ensure this purchase won’t be something you’ll regret.
When you’re looking for investment in vacant land, no matter your purpose for the land, it would be best to go through this checklist below.
What You Need to Do When Buying Vacant Land
It’s absolutely great that you have decided to invest in real estate. You probably already know by now that land properties are some of the best types of investment in the world. But you also have to be sure that you’re making a good purchase. You can start by going through this checklist:
Do a Site Visit
While not always necessary especially if you’re a seasoned real estate investor who will purchase from a trusted seller, it is highly recommended for you to visit the actual property. See for yourself what it looks like, where it is located, the roads that lead to the piece of land, and its surrounding communities. If you’re planning to build your home in this vacant land, you might as well check its proximity to essential establishments such as groceries, hospitals, and schools.
Check the Market Value of Surrounding Properties
To ensure that you’re spending the right amount of money when you are buying vacant land, find out the market value of its surrounding properties. Market values are usually public record. Here’s how to get an address for land that you can use as a guide to determine the actual property location.
Determine Your Purpose for Buying Vacant Land
Some people buy vacant land to build a home or business, while others simply want to resell for later use. You have to determine your purpose for the vacant land first before buying so you will know if the land is suitable for your requirements. For instance, some vacant properties do not allow residential properties while others only allow family homes. This is why you have to check the zoning classification of the land you’re planning to buy.
Conduct a Soil Test and Check Available Utilities
Especially if you will use the vacant land as a commercial or residential property, you have to conduct a soil test. Most counties require proof of soil test before granting building permits. Check available utilities. Despite being such an advanced nation, there are still parts of the United States that do not have access to water or electricity. You may have to spend a lot of money to install these if you decide to buy land. However, if you’re planning to resell the land at a later time and will not use it all at the moment, the lack of some utilities should be fine.
Have an Attorney Examine the Land Title
For your peace of mind, consult with a lawyer to examine the land title before buying vacant land.
Get a Dependable Realtor
Most importantly, you need to hire a dependable realtor. Whether you’re buying or selling land, it is best to get assistance from professionals who can help find good deals for you. They’ll also assist in handling all the tedious paperwork.
Buy Vacant Land in the USA through Land Soar
Land Soar is here to help you in the entire process of buying vacant land anywhere in the United States. Just give us a call at 386-200-5001 for inquiries. You may also contact us at [email protected].