3 Factors to Consider Before Buying Land
3 Factors to Consider Before Buying Land
Analysts predict that different types of land for farming might reach their peak value in 2023. That has many savvy investors paying extra attention to vacant land.
Of course, those looking to simply build a home also have their eyes on land options this year. No matter the reason for buying land, it’s important to do your homework beforehand so that you don’t end up with financial headaches.
The following guide will explore 3 factors you must consider before buying land.
1. Using an Agent
Even if you plan to find affordable custom home builders once you buy land, you can still benefit from using a real estate agent. The key is finding an agent that specializes in buying and selling land.
They can help you negotiate the price, research the land, and close the deal. It’s important to work with an expert to avoid listings that falsely advertise land and inflate its value.
Without help, you might end up with a piece of land that generates less profit or value than anticipated. If you plan to sell land without using an agent, you might end up with a lawsuit if you don’t list it correctly.
Agents might also have valuable information about future changes. Examples include road changes, nearby developments, and rezoning that might affect your property later on.
2. Water Usage and Weather
Before you buy land, you need to figure out how the property connects to a water source. You also need to check for any water usage restrictions or rules about collecting and using rainwater.
Many people who buy land and build homes choose to use water tanks. Keep in mind that how close your home is to rivers, creeks, and dams can play a big role in the value of your land.
Research the annual rainfall, temperatures, seasonal shifts, and long-term trends where the land sits. The weather might change how you decide to insulate your home or what kinds of crops you can grow.
The weather might affect how much energy you use for things like heating and cooling. It might also affect how much energy you can produce if you plan to use solar power. Researching climate can even help you plan if you have asthma or other health conditions.
3. Utility Access
Find out which utility companies can connect things such as gas, electricity, and water to the land. Once you find a company and receive a quote, see if they have any competitors in the area and try to get multiple prices.
Remember that rates can vary substantially depending on the location of your land. Take plenty of time to gather information about the companies that can hook up utilities and their reliability.
You should also ask locals around the land how satisfied they are with their utilities to get a better idea of customer service. If it cost too much to hook up utilities or the companies in the area have bad reputations, you might want to look for land somewhere else.
The Basics of Buying Land
Consider the 3 factors mentioned in this guide before buying land to find the right property for your needs. Always rely on the expertise of a land real estate agent, look into water rights, research the weather, and don’t forget about utilities.
Take a look at the rest of our blog for more articles with fascinating information and helpful advice.
