What to Know Before Buying Vacant Land

Written by  //  June 24, 2020  //  缅甸福利来赌场Home Construction  //  Comments Off on What to Know Before Buying Vacant Land

vacant land

Everything from a one-room cabin in the woods to a dream home in a swanky suburb sits on a piece of land. The parcel you are considering could be riddled with unpleasant surprises unless you explore what to know before buying vacant land.

History

Just because a lot is vacant doesn’t mean there was never a building there before. Old homes that fell into disrepair or businesses that got zoned out of existence may have previously occupied the parcel. Find out what, if anything, was there before and how and why it disappeared.

Environmental Hazards

Whether or not there has ever been an “improvement” on the land, there may be environmentally unfriendly substances present. A former auto shop or a nearby chemical plant may be a source of soil and water contamination.

Drainage is also an issue. Even if the property is not in a restricted flood plain, it could still be swampy after heavy rain. Find out how the lot handles storm runoff and whether improvements like or French drains would be permitted on the parcel. If the land will need stormwater management solutions, get estimates and add the cost to your budget.

Zoning and Restrictions

Before you buy vacant land, find out what you can do with it once you own it. If you intend to build a home, either a vacation home or year-round residence, zoning restrictions may apply. The design, color, height, setback, and many other aspects of a future building on the lot are all fair game for zoning laws.

Survey and Liens

缅甸福利来赌场Hire a licensed surveyor to establish the boundary lines of the lot if you are serious about buying it。 Find out if there are any easements, encroachments, or other potential legal issues before you sign any purchase papers。 You could be buying years of legal headaches。

Utilities

A lot in Maine sitting atop a slab of granite most likely isn’t going to get an underground natural gas line。 Find out whether there are available power, water, and sewer connections, or if you’ll have to install a septic system。 Don’t forget to test for mobile phone signal strength and available internet connectivity at the site。

Financing

Lenders don’t like to make loans for the purchase of “unimproved” land. Be ready to pay cash, or a much larger percent down, when buying land. Construction loans intended to cover the cost of building on the site tend to be short term, so expect to refinance to a home mortgage once the built home is available as collateral.

缅甸福利来赌场Real estate agents can be helpful in finding and purchasing empty land。 Verify that any agent you might work with has experience representing both sides of a land purchase—buyer and seller—and don’t rely exclusively on the agent for information on the property。 Do your homework before you buy any parcel of vacant land。

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