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5 Things to Consider when Buying Vacant Land to Build on

Posted March 22, 2013 by Edralyn to Real Estate 0 0
This post was written by a EasyFinance.com Community member. The views expressed below may not reflect the views of EasyFinance.com.

Acquiring a good vacant land for business of for residential purposes is one of the greatest investments anyone could ever have in his life. Cost does matter, but it’s not the only thing that you should consider when purchasing a parcel of land. Before signing that check and pursuing with your plan, take a mental note of the following aspects to be considered in buying vacant lands.

1.   Identify what you really want to buy and do some research- The first step to buying vacant land successfully is to know your real purpose for undergoing such transaction. Would you be using the land for building a house, an office, a restaurant, hospital, recreational center or shopping mall? If you have answered this question sufficiently, the next thing to do is to obtain a good understanding about the land itself. Seek the help of your local assessor and legal office. They can help you with the property taxes and the zoning of the property. There are instances when vacant lands are taxed at a higher rate than residential lots. Also, take time to inspect the land and look into the documents needed for buying the property as well as the building permits.

2.   Inspect the surroundings and think about your future plans- It is necessary to know who your neighbors are if you are planning to buy a vacant lot for erecting your dream house or your own establishment. Obviously, this is for the security and safety of yourself, your family and your customers. Don’t forget to educate yourself about the future plans of the local or national government on the properties nearby that could potentially affect your own property.

3.   Inspect the area for utilities- Of course, this is one of the most important tasks to be done before purchasing a parcel of land. Check out the area’s water source—is it a system or a well? Is the water clean and safe to use? Next thing to look into is the sewer. Is there a sewer system or do you need to have a septic of your own?  Electricity must also be checked so that you will know if there’s a need to get the services of the providers or install it by your own means.

4.   Check its proximity to social services, nearby towns and cities- The land’s proximity to educational institutions, hospitals, banks, markets, groceries and other services might help you make the right decision when purchasing lots. Of course, most people would prefer having a property that is accessible to all of these for convenience.

5.   Get your finances ready- Know what you can really afford to avoid ending up spending more than what you have at hand. If you are planning to avail of a loan, make sure to get the one that is within the means of your income. You can get advice from financing firms or loan offices and inform them about the type of property you want to buy so they can provide you with the options that suit you well.
There’s no need to hurry if you desire to have a high-value piece of land somewhere in the country. Just take time to think things over very carefully and you can use these tips in acquiring your dream property.

About Edralyn: David has been a real estate agent for over 15 years, recently he has been helping clients find investment properties of large plots of  land for sale in Ontario. Visit his site to see over 200 properties listed for sale throughout Canada.

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