Vacant lots are both intriguing and horrifying. Intriguing in such a way that when you come across one, your imagination starts racing with ideas and concepts of how the place will look once a house or an establishment has been built there. Horrifying, on the other hand, because at the same time you can’t help but think of the reason why the lot is vacant, after all.
If you’re eyeing a vacant lot and seriously considering on purchasing it, think things through before you make any move.
Here are some of the things you should check out when planning to buy a vacant lot.
- Location
The most important consideration in purchasing a vacant lot or any kind of property is the location. Depending on your objective or end goal, location is everything. If you have a business in mind, do not purchase a land that’s not strategically placed to be seen by your target market. If you’re planning to build a house, see if the land is stable enough for any kind of building.
- Value
The lot may look quite good as it is, but does it hold any value? Contact a property or real estate valuator like Aviso to know how much the lot is valued at and if it is indeed wise to invest on or purchase the lot.
- Costs
Money, of course, is another vital concern in buying a lot. Take note that aside from the actual cost of the land, expenses in acquiring insurance may come later on in the buying process. Particularly, title insurance. This insurance is a protection to the owner and lender to avoid loss or damage due to flaws in the property title. Other possible cost that may come is the need for a land survey to map out the property boundaries.
- City/Land Ordinances
The vacant lot that you want to buy is surely bound by limitations in the form of city ordinances. Before you purchase it, make sure that you are aware of such ordinances as these can collide with your plans with the land.
- Road Access
If the location of the vacant lot is in a rural area, check out if the roads leading to it is easily accessible and if there are posts to light the way there at night. If the route to the lot entails going through a private road, you may want to have to talk to someone regarding this as this could be quite a hindrance in the process of buying.
- Proneness to Natural Disasters
You don’t want to buy a lot, have a home built on it only to find out a few months later that the location can get very flooded on heavy rains. Make sure you ask around because the realtor may not disclose this bit of information to you just to close a sale. The key is to get one step ahead and know more than you’re being told.
In the buying process, it is very crucial to do your research first before you decide on something and make a purchase. Especially if the purchase is something as major as a vacant land.
Reach Aviso over our hotlines when in need of our services. Trust us to provide a detailed and guaranteed valuation of your properties.
