Selling real estate can be just as much work as buying. There are so many things to worry about as you prepare your home to list on the market. Then you have to worry about the real estate agent you will hire to help you get the house sold. After that, you have to worry about who will be coming in to tour your home throughout the week. Will you hold an open house? Do you take the first reasonable offer you are presented with? Our blog was designed to assist you through the selling process a little bit easier.
Buying a vacant land to build a home may not be cheap, but it does have its advantages. For example, it allows you to have your home where you want it even if the area isn't built up, and you can customize it exactly as you like. Before you go down that route, however, consider these four issues to safeguard your investment:
Property Easement
When you buy a piece of land, both the government and the seller may have a say on how you use the land. For example, if you buy a piece of land with an easement, you will have to respect the easement and adhere to its terms. In some cases, this may be disadvantageous to you; consider a case where an existing easement has designated a section of your land as an animal path. This means you won't be able to build a property in that specific area.
Zoning Regulations
Local municipalities use zoning regulations and restrictions to determine how people under its jurisdiction can use their lands. For example, the zoning restrictions may determine the height of buildings, number of rooms, and floor space in a given neighborhood. Research these restrictions so that you don't buy land only to realize that you can't build your dream house on it.
Water Availability
Nobody can live without water; even if you want to live completely off the grid, you will need water to survive. Therefore, determine whether the local municipal water lines service the location, or you have to get alternative sources of water. If you have to go with the latter option, you should confirm that the alternative sources (such as ground water or streams) are safe and can serve you adequately. Otherwise, you may build your house only to realize that the local water is unusable and you need to spend a fortune to get safe water to your location.
Double Check Environmental Conditions
Some environmental conditions make it difficult and expensive to live in an area. For example, reclaiming a wetland is an expensive process that may require more money that you have. Or maybe the land you are interested in experiences serious flooding during the rainy season when the nearby local river breaks its bank. Another example is a land that experienced a serious chemical spill whose effects are still being felt to date.
As you can see, buying a vacant piece of land is fraught with risks, especially if you don't have good knowledge of the real estate industry. A real estate agent can hold your hand throughout the process to reduce these risks.
Share28 February 2017
