The land is a great investment and a dream of any homeowner planning to build their home. If you are in the search process, it’s advisable never to rush to any deal after seeing a board-written land for sale in a good-looking location. It is not a quick decision that you should take lightly.
Failure to spend time carrying out research, going through a checklist, legal process, and more could turn out to labyrinth of legal fees and paperwork. If your choice is land for sale tarneit and have finally settled on it, follow all the land buying processes to avoid future issues. Here are the things you need to know before you do any deed on your land.
Review a recent survey
Ask for a recent land survey to check the map that outlines the property and legal boundaries. When purchasing land, it’s vital not to rely on a dated survey. A buyer’s name should appear in the survey to ascertain the validity of the land easements and boundaries.
If you find that no recent survey has been done, look for a professional to guide you through the process. Most of the time, land surveyors charge depending on the size of your land. For instance, land that is under 10 acres will cost you $100 and below.
Another most land buyers ignore soil tests. If the land you are buying is not located near a municipal sewer system, it means you require a specialist to come and conduct a test on the soil to determine whether it can handle leakage from a septic system.
If the land you plan to purchase does not meet the test requirement, you cannot build any structure. So, verify every detail to ensure you are getting the right deal without losing your money to unworthy land.
Get your list of restrictions
Land restrictions apply even after there’s an ownership exchange. Upon meeting a real estate agent, you need to enquire about a list of restrictions on the land you are about to purchase. Review restriction history and ask any necessary questions because coming back could cost you a lot when you skip this stage.
Receiving all the necessary information about restrictions can determine whether to proceed with the purchase or not. And if some of the restrictions are deal-breakers, such as building a fence, several vehicles, or more, you can walk away.
Frequency of natural disasters
Learn about the history of the area you are about to buy land. Don’t be misled by postas showing land for sale. Check whether the location is prone to flooding or common natural disasters. Owning land in an area that encounters natural disasters often is not only dangerous to you and your loved ones but may hinder insurance from covering the land. Your surveyor should communicate any issues or concerns related to environmental factors that may impact your property.
Proximity to roads
Choose wisely the land you plan to purchase by observing important factors such as roads and shopping centers nearby. Ensure you have reliable access to towns or cities to access services or necessities. Also, make sure you can easily access the main road without any difficulty and all season. If your land is in rural areas, ensure the roads are tarmacked to prevent you from getting stuck.
Proximity to utilities
Never get lured into buying land-based on beauty and the surrounding. Check whether the area has a water main or power lines. If you consider this after building and they are distant, it can be costly to you and inconvenience your normal operation. And if the land you are buying is in a remote place, factor these into your overall budget.
Utilities are important, especially if you are considering erecting commercial or residential properties.
Cost of developing your land
Another aspect you should consider when purchasing land is the development process. Of course, it involves finances if you plan to convert the newly vacant land into a residence. You need to plan this by considering all things that would make your home into a beautiful place to stay with your family.
Cost of surrounding land
Before you settle the final prices to buy your new land, research around and know the price range. This is the best approach to ensure you are given a fair quote on your land. Some sellers can amplify the prices if they sense you are not familiar with the location. That’s why it’s important to carry your team with you because they are equipped with all details of any location.
Arming yourself with a price range may prepare you with valuation should you consider selling your land later in life.
Buying land for sale should never appear like a mountainous process if you follow all the right processes. The things shared above are enough to guide you in the right direction.