How to buy a piece of land
Buying a piece of land can be an excellent way to build the house, farm or business of your dreams, and it is usually cheaper than buying a house or structure already built. However, at the time of acquiring land there are some considerations and issues that you must take care of before, during and after buying the property of your dreams. If you take the proper precautions and consultations with the right lawyers and professionals, you can acquire a land successfully and thus achieve a secure future.
Determine the reason why you want to buy the land. Buying a piece of land is different from buying a house and its acquisition is followed by a series of questions and concerns that you will have to deal with as a buyer. Why will you buy the land? Do you want to build a house on it? Do you plan to build a farm, a ranch and agricultural parcels? Will you buy it in the hope that it will increase in value over time? The answer to all these questions comes with specific risks and considerations. In addition, it is necessary to have specific plans for the terrain before beginning the search process. There are a variety of reasons why people buy land, among which are the following:
- Agriculture and Livestock
- The constructions of a dwelling
- Diversification of the finance portfolio
Make sure there is access to the sewer and water. Two things that make land basically useless are the lack of a septic system or a source of water.
- Sewer systems are an important consideration. Self-sufficient land can sometimes not be connected to a municipal sewer system, so when deciding regarding the purchase of land, make sure it has a septic system. Also make sure that your property is not only zoned for a septic system, but also has the necessary space to install a septic system far enough to avoid water contamination.
- Does the land have access to water? Transporting water in trucks is an expensive process and collecting rainwater is inefficient in most places. Make sure you have access to and right to water, and if you plan to dig a well, consider it in your decision, as it can be quite expensive.
Consider the roads and the topography of the place. The soil system of your land and its accessibility also determine its value. Consider the topography and transportation seriously when looking for a piece of land.
- Does your property have access to a road? If not, you must be willing and able to build one, as inaccessible land is basically worthless. How is the weather in that place? If you are going to buy land in an area where the winters are cold and snowy, it is very important to consider the type of road (if any) that leads to the place.
- Take into account electricity. If your property is far from being self-sufficient, how do you plan to take the electricity to that place? You can pay the electricity company to do an on-site inspection, which can be expensive, or you can use alternative energy sources such as wind or sunlight.
- What is the topography of the land? Consider the place where the water passes and if your land can support the infrastructure. Observe the signs of flooding and know the types and degree of soil. Knowing the type of sleep will also affect your ability to drill and place a water source as in the case of a well, so be sure to consider the additional cost of drilling something like rock instead of a softer soil like the compound sand.
Know your rights and be aware of environmental restrictions. Often, legal jargon and existing restrictions are difficult to understand. Unfortunately, some restrictions based on zoning and the environment can greatly affect the value of your land and the way you can use it.
- Secure your rights There are several rights that are involved in buying a piece of land. For example, are you entitled to everything on the ground, such as oil, natural gas, gold or other valuable materials? Be sure to determine this point in advance to save yourself a prolonged legal battle and a possible loss of a potential fortune. Also, consider activities such as hunting. In some places, having a property gives you the right to refuse the house in that place. Make sure to clarify this in advance, and consider your own comfort and interests about hunting.
- How is the land zoned? How does this zoning affect your ability to build a home in that place? Carefully review the zoning of the land before signing a paper, paying special attention to whether the land was previously zoned for any activity that may depreciate its value over time. For example, industrial agriculture leaves chemical residues that reduce the value of the land.
- Check if there are any environmental restrictions, especially if you are going to buy a very rural land. areas and wetlands have a variety of strict rules about use and construction, which limits the owner’s plans. If you plan to dedicate yourself to agriculture in a more elaborate way than a simple garden, you will have to make sure that your land is zoned for agricultural development.
Prepare the questions you will ask the seller. Before you start looking for properties and contacting sellers, prepare a list of questions based on your specific needs and wants to make sure the land is worth seeing. A few general questions you can ask the seller are the following:
- Can it be built on the ground?
- Are there any restrictions on writing or usurpations on the property that you should know before making the purchase?
- Are there common facilities, such as water systems, septic systems or roads that owners or builders should handle? In that case, what will be my specific responsibilities?
- Will it be necessary to make payments to the owners association?
- Is any part of the land designated for swamps or alluvial plains?
- Does the site have access to electricity, natural gas, water and sewage?
- Is there water on the site? What is its flow and quality?
Start looking for available land. Now that you know what use you will give to the land and what kind of questions and interests you should have, you can start looking for available land that is within your means and that meets your needs. There are a variety of methods to start the search.
- Check local newspapers, consult farmers in rural communities in the area and investigate evictions, bank foreclosures and tax sales.
- Check with a real estate agent. This is a particularly good option when your search expands beyond your current residence. In addition, it is necessary to resort to real estate agents to talk about things such as easements and improve roads. An easement gives someone other than the owner the right to use part of the land, such as giving neighbors access by road or permission to ride a horse through the property. This limits the way the land can develop, so it is important that you take it into account before making the purchase.
- When you find a site of your liking, investigate the surrounding properties. You should know the type of properties that surround you and whether industrial agriculture or agricultural practices will affect the value or habitability of the place.