For many, finally owning their first block of land is a dream come true and hence, often rushes into the process before proper research and consideration. Navigating these waters is difficult and intimidating for a first timer and to make it less tedious, here we have listed out some things you need to know before buying land.
One of the most important elements you need to take into consideration before buying land is its location. Choose the location according to what your purpose for the land is. If an investment is what you have in mind make sure to buy land with good resale value. If you’re thinking of setting up a store, buy land in an area where you can get a good amount of customers. If your plan is to build a home, buy land that is in a quieter area and yet, a hop, skip and jump away from the city. If you have a family and young kids, take into account things like access to schools, hospitals etc.
2: LAND IS A LONG TERM INVESTMENT:
With land, you cannot immediately reap what you sow. Land is a long-term investment and you need to know that it can often take over 10-20 years to make a profit off holding on to it. Development itself can take around 4-5 years, what with zoning restrictions and all the other complications involved.
3: ZONING RESTRICTIONS:
Before you zero in on a plot of land, make sure to research the zoning regulations for your property and its surrounding area. There are strict rules defined by councils as to what a block of land can be used for. It is also wise to make sure no highways or other infrastructure have plans to be built on your land or in proximity to it. It is best to try and look for land that hasn’t been zoned yet and yet has high levels of economic activity.
4: BE AWARE OF EASEMENTS:
When you have to cut through someone’s land to get to your own, or vice versa, it is known as an easement. Easements can prevent you from building on someone else’s property and cause a lot more problems. Thus, it is important that you conduct a survey and title search around your land to make sure you’re aware of any such easements that may come your way.
5: WATER SOURCE:
Water is a basic necessity and thus, one of the most important things you must think of before buying land is how it connects to water sources. While you can, of course, use water tanks, the proximity of your land to water bodies can have a huge impact on whether you decide to build a home on your stretch of land.
6: KNOW THE CLIMATE:
Knowing the yearly climate in the area is important before you choose to buy a plot of land there. This is necessary in order to make decisions on insulation, what kind of plants can be grown, what measures should be taken in case of extreme weather conditions, droughts etc.
7: FLOODING AND EARTHQUAKES:
Floods and Earthquakes are destructive forces that can ruin everything in sight, including your plot of land if it is in proximity. Thus, before you buy land, check the stats and do your research. Past research might have sometimes done your work for you and clearly mapped out the area, highlighting zones prone to flooding and earthquakes. If you do go ahead and purchase land in zones marked as prone to the same, ensure that you get flood and earthquake insurance.