Amazing! Pristine! Delightful! Views! Majestic!
You see the ads. You see the pictures. But what are you really looking at?
Buying a lot or land is different from a home purchase. When you decide to purchase land, whether it be a small lot in a subdivision or acreage, there are a few things to consider. This is my quick checklist.
1. What are you going to do with the lot/land? Are you planning on building, hunting, camping?
2. What is the zoning? Does the zoning allow me to use the lot/land the way I want to use it?
3. Does it have utilities? Is there city services? Well? Septic? Electricity? Cable? Internet accessibility? 4G? Are the utilities above ground or buried?
4. What do the neighbor’s property look like? Will my neighbor’s property increase my value or decrease my value? (I was showing buyers recently who chose not to purchase a home because of the neighbor’s lot. They called it “The Clampetts” property – you know, the Beverly Hillbillies before they were “Beverly”? Oh, the fun memories. )
5. Are there any easements? Permits? Setbacks? Deed Restrictions?
6. Financing? If you choose to finance, be prepared to put more as a down payment as compared to a home purchase. A lender may require 20% – 50% down with a possible higher interest rate.
7. Is there any future plans for the property by the governmental agencies (i.e. highway proposal, high-speed railway, landfill, power plant, etc.)
8. Is there easy access to the property? Paved road? Legal?
9. Is it in an area of heightened natural disasters? Extra Fire Insurance? Landslide? Flooding? Protected Habitat? Smells? Sounds?
10. Is there a recent survey with clearly marked corners?