5 Factors to Look Into When Buying Land
Buying land to build your own property can be the stuff of dreams. Making your dream a reality is something many people aspire to be able to do. However, if you are not careful, this dream can quickly become a nightmare, and if you are going into a purchase of this kind without prior research, you could end up with some sizable bumps in the road.
Why Are You Buying The Land?
Perhaps you believe that land is a better investment than stocks, bonds, or other assets. Perhaps you want a plot of land on which to build your dream home, new housing development or perhaps you want to become a smallholder. It would be best to have a long-term plan for the plot because it will determine what and where you buy and how much you are willing to pay for the land for sale.
Does The Land Have Any Restrictions?
What type of planning permission or restrictions does the land come with? It is pointless buying a plot with the intention to build a new house or houses if there isn’t likely to be any permission granted for this.
Always be clear on what land uses you are restricted to any time limits on planning permission too as in some cases, you may need to reply if the work isn’t carried out within a specific time period.
What Is Surrounding Your Land?
Another vital aspect to buying land you need to be 100% clear about, is who or what surrounds your land, and what access both you and any neighbouring property or land owners have. Do either of you need to cross each other’s land to gain access. Also, talk to them and get a feel for what type of people they are. There is no point in going ahead with the sale if you think you might not be compatible or they will object to your future land use or development.
Check for upcoming changes to the landscape that could be in the works, plans for renovation etc. This can change the area you live in if you find out a new housing development is being proposed on your doorstep, that could divert interest away from your planned development or result in planning permission being denied.
Are Utilities Hooked Up?
Depending on the type of land you are purchasing and the area it is in, it could be that there are no utilities hooked up to serve this area. Especially if it is an undeveloped area, check what connections are available and if you can have gas, electric, running water and internet services installed if there is no framework currently in place for this.
How Much Will It Cost?
This can be an overriding factor in your decision to purchase land. Not only do you need to justify the cost of the land you are buying, if the cost of the land reduces the more acres you buy, it can be tempting to purchase more acres than you thought you wanted to. But you also need to factor in other costs depending on what you are buying the land for. Especially if you need to pay for any permits, registration or comply with taxes on land and land occupancy applicable to new developments or changes in land use.