3 Things to Consider before Buying a Piece of Residential Land
There is nothing quite as exciting as buying your first home. If you have trouble finding a pre-existing home to purchase, having one built from scratch is advisable. Over 170,000 new homes are constructed in the United States each year. Before you can start designing your new home, you will have to find a piece of land to purchase.
In most cases, you will have many plots of lands to choose from in your area. Getting the help of an experienced real estate professional is vital when trying to find and purchase a quality piece of land.
1. Find Out About Zoning and Utilities
When trying to narrow down the pieces of residential land at your disposal, you need to dig deeper to find out more about the zoning and utilities offered with each plot. Just because a piece of land is zoned residential doesn’t mean everything around it is zoned the same. Buying a piece of residential land that is surrounded by land zoned as commercial can be problematic.
The last thing you want is to have your new home surrounded by large commercial buildings. You also need to avoid buying a piece of land that is surrounded by plots zoned for agriculture. When researching a piece of land, you also need to find out whether or not utilities are already in place. Having to run new water, gas or electricity lines can be very expensive. This is why finding a piece of land with utilities already in place is advisable.
2. Invest in a Buildable Lot
Whether you are buying a piece of land to build a home on or as an investment, getting a lot that is easy to construct a residential structure on is wise. Buying a piece of land that is basically one big hill can present lots of problems when you try and build a home. Not only will you need to assess the lay of the piece of land in question, you also need to find out more how easy it will be to get approved for building a home on it.
Some people make the mistake of buying a piece of land based on price alone. While price is an important factor to consider, you need to avoid making rash decisions. In some cases, a low-priced piece of land can turn into a money pit. Seeking out the guidance of building professionals is a great way to assess how easy it will be to construct a home on a particular piece of land.
3. Where is the Land Located?
Before you go out in search of land, you need to figure out what your needs are. Do you want to live in a subdivision or would you rather be in the country? Having this information can help you narrow down the selection of land plots in your area. Meeting with a real estate agent is a great way to get a feel for what your options are and the going price on residential land in the area.
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