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Should you be looking to buy land, there are several important items to consider.
What is the expense of the land? Easily pay $1,000,000 for 10 acres to develop a shopping mall does that cost fit within my budget? Or perhaps is $500,000 one of the most I will pay and get a profitable project?
Does the location work with the intended use? For example if someone else is trying to build convenient store is the site in a high traffic area? Or if someone really wants to build expensive homes is the location well suited for million dollar homes or perhaps is it too near to commercial uses?
What jurisdiction could be the land in? The town Limits? Is it in the Extra Territorial Jurisdiction (ETJ) from the City? Is it inside the County? The jurisdiction how the rentals are located in will dictate which foibles have to be followed. It will be advantageous to be in a selected jurisdiction (City A vs City B) as opposed to another. There may also be federal and state laws that can impact the property also.
In the event the rentals are inside the City, what is the zoning category allotted to the property? The zoning category dictates the land use allowed around the property. If a property doesn’t need zoning or maybe a zoning change shall be requested then that will improve the time and cost. Something to be aware of is that zoning change requests are not always approved.
Deed restrictions are private agreements and restrictions specific on the land involved. They are noted from the deed, and restrict the application of the real estate in some way. Deed restrictions could be that come with property whether it be zoned residential or commercial and therefore are in addition to local, state and federal rules. Deed restrictions could be more restrictive than other governing rules.
Have utilities been extended for the site? Utilities include water, wastewater, electricity, gas main, telephone, and cable tv. Water is a vital. Water and wastewater are normally the most expensive utilities to extend into a property. There are other techniques for finding water service such as drilling a highly or wastewater setting up a septic system. However these solutions also involve ongoing maintenance plus a limited lifespan.
Is any portion of the property inside a floodplain? In that case then your build-able or develop-able section of the property will be reduced. Thus typically will reduce the property’s value.
What are the topographic conditions of the land? Can it be flat or perhaps is there slope on the land? The greater steep the slope greater it’ll cost you to develop the land because of the necessary cutting and filling in the soil. In general flat land is preferred although a hillside position for a house or office provides an incredibly nice view.
Is there roadway accessibility to property? If that’s the case can there be a current driveway and curb cut in place or will this should be permitted and constructed? How likely is it that a permit can be acquired only at that location or is there already a driveway nearby which might diminish the likelyhood? Is the roadway in a state of disrepair? If that’s the case then which are the chances how the roadway will likely be repaired and how might this affect my planned use?
An easement can be a right to work with another’s land to get a specific purpose. What are the easements for the property that might restrict you aren’t unduly affect my capacity to increase the property? Types of easements include public utility easements which allow utility providers to setup and gaze after utilities. Easements can also be the means of providing usage of properties that do not otherwise have roadway frontage.
A lien can be an encumbrance on a single person’s property to find a debt the home owner owes to a different person. Before purchasing property you will need to determine over the Title Search and Commitment process when there is a superb lien about the property. It’s always best to have the property owner take care of liens prior to the buyer closes around the property since it is much easier to leverage a lien released.
Have you been considering a land purchase? What are information about the property? Do you know what to look for, what you should stay away from, what things to give you with the land split up into it?
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