Buying a Plot of Land comes with many Considerations
When considering to build a home, there are many factors that you need to consider right from the start to the end. Some of the factors involve extensive research others requires observations and making the right judgements.
In this article we are going to look into key factors that one consider before buying a piece of land to build a house.
Having your property near social amenities like hospitals, schools, shops and access good infrastructure like roads will ensure that your fetch good returns on investment if you will do value addictions on the property and lease or sell.
Every state have regulations that categorizes pieces of land. If for instance you have land vendor who wants to sell to you land near game reserve, river banks, flooded areas, then possibly the government has mapped out for use by the public in building homes or residential properties. That is red flag that you need to reconsider if you land a land on such areas.
As a real estate investor checking on local regulations is very important especially before building any property on the land. Checking with local regular to ensure that there is no covenants that will cause slow development or completed stop any development on the piece of property.
Conducting due diligence on land will save you from buying a piece of land that doesn’t have land title deeds. Property title deed acts as a proof of ownership of the property and it gives you all the rights to use the way you want.
In addition, in urban centers, different areas have been zone for different purposes like for industrial, residential development areas and recreational areas. If someone sells to you property that is within the zone areas, then that is a red flag to avoid the deal.
There are some important utilities that you should never ignore when considering to buy a new property for instance the internet availability, water availability, sewage line connecting your property. Those are facilities that need to be within you property or you need to know the cost of connecting such services to your property.
Land shape and building to be constructed
Anyone who is planning to build a house possibly have predetermine design of the house they intend to buy. Do you want your house for multi-family or duplex house with playing field for the children?
Buying a plot with rectangular dimensions tend to offer the best experience for constructions of home. For instance 1/8th acre piece of plots tend to be the best choice both for development of residential properties and for speculation of future prices.