What are the things you ought to do when purchasing land for development? How do you get it right?
• Research The Potential Property
There are several estate search engines that can help you get started in your quest to find land. But before starting your search, location is important. These searches allow you to narrow down to size and layouts of the potential lots. You must perform this search with your requirements in mind. Typically, lot or piece sizes are given in square footage. Once you have a location, compare as many lots and pieces of land as possible. Your comparison must be guided by price and the suitability of the piece of land to your requirements. You can alternatively have a real estate agent undertake this search for you.
• Zoning Laws
When it comes to property, zoning laws are a must consideration. As such, contact the local zoning board and establish whether there are any by-laws you ought to consider. Find out from the local municipality the zoning of the piece of land you are interested in. Zoning laws basically determine what type of structures can be built in what areas. For instance, if you want to put up a residential home, is the area zoned residential? Or for commercial purposes, is it zoned commercial? Don’t run into trouble by buying land for commercial development in a residential zoned area!
• Payment Plans
Not all businesses have the requisite financing for one-off land purchases. There are sellers that offer payment plans. If you can’t take out a loan for the purchase, have your real estate agent find sellers with payment plan options. With a payment plan, you can pay in installments with an initial deposit. But of course this comes with interest. Furthermore, you can also find out if there are any easements on the land. However, you can also seek out banks that give loans on land without any development.
