Though most people purchase undeveloped land with the intention of building their dream home, there are other motivations for buying vacant land. This land is also a wise investment for developers, subdividers, or land speculators. Investing in land does require some research, or you could end up paying way too much for land that is essentially worthless. Despite the current state of the real estate market, many undeveloped properties are currently undervalued, especially when you consider easy methods to make a fast profit, such as subdividing a larger property.
If you ve found a plot of vacant land you think you want to purchase, where do you start? Don t just purchase the land based on what you think it is. It is essential to actually visit the land and walk around to see what it s like. Don t just rely on a map, or worse yet, the seller s description. For example, you may find that there are no roads to access your land. Clearly, this will hurt its investment potential. There are many features of the land that simply may not be disclosed on a simple map or the seller s description of the land, but are readily apparent upon setting foot on the property.
Before buying any land, whether vacant or developed, you must have a land surveyor conduct a survey of it. Depending on the type of survey deemed appropriate for your situation, the survey can include boundaries, slope and layout, natural features, roads and utilities, and other features that will affect the value of the land.
In some ways, buying undeveloped land is an entirely different process than buying a property with a house already on it. Remember, when buying vacant land there is no proof that a house ever could be built on it. It s up to you to do your due diligence in determining whether the land will meet your needs. Before investing in vacant land, find out four key features of the land. First, how is the lay of the land? Avoid properties in flood zones or with sharp hills, rough terrain, or other undesirable features that may make developing the land difficult. Also, avoid oddly shaped lots in favor of rectangular or square ones, which will be easier to sell. Second, how accessible is it? Are there roads, and are they well maintained? Are they paved? Third, is there a source for utilities, including water, electricity, and wastewater? Without these essential features, you ll be hard pressed to find a buyer who wants to build there. Finally, how is the location of the property. Will it make a good residential location? Do current projections show the area to be growing? Is it an up and coming area where real estate is likely to appreciate in the coming years?
Before buying vacant land as an investment, know what you re going to do with it. You could build a home or another structure, and then sell the property as developed land. You could have the land re surveyed and subdivided into several smaller properties, which can then be sold to individual buyers. Finally, you can hold on to the land as an investment for a few years until its value has increased. If you have a specific plan in mind, check zoning regulations and other rules to be sure that your plan is possible on the site you have selected. For example, you may be unable to subdivide the land you have purchased, or zoning regulations may prohibit the type of building you have in mind for the property.
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We at http://www.pointtopointsurvey.com pride ourselves on accuracy, customer service and quality work delivered on time, guaranteed. Residential land surveys are a specialty.
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