Buying land gives you a clean slate to work with, whether you’re interested in building your dream home or simply purchasing it as an investment. Land tends to appreciate in value over time, and provides you with the opportunity to boost its value significantly if you build a house or commercial property upon your lot. However, like any real estate investment it’s important to research your options carefully before you sign any contract. The following are a few tips that can help you make the most of your land investment.
Define what You’re Looking For
Before you start browsing through listings to find your plot of land, you’ll want to define what your goals are. Think about how much you have to spend, and whether you prefer land in a rural location or closer to a city. Developed land will cost more money up front, but it spares you the expense of developing it yourself. If you’re planning on building your dream family home, you’ll need to think about the proximity of local schools. Will you need easy freeway access for commuting purposes, or are you looking for a remote retreat near a beach? Land in desirable locations is more likely to appreciate in value. These are all factors to consider so that you can refine your search more effectively.
Determine Whether You Can Build
With some basic goals in mind, you can then start looking at individual plots of land. Developed land for sale can be more convenient, particularly in more remote areas of Australia or the Midwestern United States. This means that roads have been constructed and utilities are already available for the site. Undeveloped land will require a greater investment, because you will need to build and maintain your own roads and bring utilities in to the site. Some land is unsuitable for construction, due to poor soil quality. Find out more about the topography and existing development as you compare plots.
Visit during Different Times of Day
Although a country space may look idyllic on a sunny spring day, it’s a good idea to visit it when the rain is pouring down as well. This will help you notice issues like rising creek waters that could impact your property. Visiting at night and during rush hour will let you know if traffic noises or harsh lighting could be an issue. This could impact the land’s value as an investment.
Zoning, Permits, and Other Legal Issues
Further issues that could impact the worth of a piece of land include zoning and building permits. Find out if there are any local construction plans for the land surrounding a plot. Community development in the future could have an impact on the property’s value. Some sites will also require multiple permits for construction, covering everything from placing a septic system to building roads to your property. Finally, speak to a real estate professional to find out whether a lien or other restrictive judgment is held against the property.
By researching your options carefully and looking at a site’s full potential, you can increase your chances of making a sound investment.