Land Real Estate
Both developed and undeveloped property is available in all regions of the country for a myriad of uses. You might choose to purchase land on which to build a home, use for recreational purposes, or with the hope of ecological conservation. Property can also be a very intelligent avenue for investment.
What can land be used for?
Most people buy land because they plan on building a house on it. You can also buy additional land to expand your existing property if adjacent areas become available. Land can be used for recreational purposes. These include hunting, fishing, hiking, boating, and more. Land can be bought with commercial or investment interests in mind. Rural property can be utilized for agricultural purposes, including growing crops and raising livestock.
What are some things to consider before purchasing land?
- Purpose: What the land will be used for is the first thing prospective buyers must ask themselves. When you decide on what you are looking for in your property, it will help narrow down your options.
- Location: Location is paramount when purchasing a property. For example, if you are looking for land in the state of Washington, where, exactly, are you interested in buying?
- Utilities: If you plan to build a dwelling on the property, what utilities are available and which will you need to arrange?
- Trees: If you are interested in purchasing forested land and then managing it, you should find out what types of trees grow on the land and if they would be good for logging or other commercial interests.
- Renovations: What, if any, improvements will need to be made to the property? For example, will roads need to be built for ease of access?
What information should be sought from the seller?
- Whether or not there is a homeowners association and the fees that entail.
- Whether or not there are any liens or other restrictions on the deed.
- What, if any, construction is planned near the property. For example, a buyer wanting remote wilderness in Washington might not want a property near an area about to undergo urban development.
- What permits or fees are required for structures such as decks and fences.
- What other covenants, conditions, and restrictions might be present.
What should be done before the purchase is finalized?
- A survey needs to be done to pin down exactly where the boundaries of the property are.
- All agreements regarding a land sale should be obtained in writing to make them legally binding.
- Ensure all plans for the land comply with local zoning and building codes.
- Perform all environmental tests on each acre. These tests will reveal important information, such as whether there is soil contamination present or whether any part of the property is part of a floodplain.
- Go through a reputable title company to ensure you have a clear title before purchase.