When many people start looking for a new home, they wonder what they should choose and how much of an investment it will be. Although many people aren't quite sure about what their new home will look like, the fact of the matter is that there are many aspects to be mindful of when it comes to real estate. From paying attention to how much things cost to looking carefully at your options, it really pays to understand and apply a little wisdom before you break ground on a project. Check out these posts to find out great tips about real estate.
When you've exhausted your options of the developed land that is currently on the market, you might have decided that it's time to start looking at undeveloped property for sale. Buying undeveloped land allows you to build exactly what you want, whether you're building a home or a commercial structure. However, buying an undeveloped piece of property does come with some specific considerations that you wouldn't have with other properties.
Consider The Zoning
Before you can build anything on undeveloped land, you need to know how that property is zoned by the local administration. If you're looking to buy land for a commercial structure, you don't want to buy a property that's residentially zoned. While it's possible to petition for rezoning, it's not always easy nor likely that you'll get the result that you want.
Ask About Resource Rights
While you'll likely get disclosures about resource rights when you look at developed property because that property has already been evaluated for the presence of minerals, water, oil, timber, or natural gas, some undeveloped properties haven't been tested or evaluated yet.
That doesn't mean, however, that there aren't already deeded rights to any possible resources that may be on that land. Just make sure that you inquire about the resource rights to any property for sale before you commit to buying it. If you don't want to sacrifice those rights, make sure you find a property that preserves your access and rights to the resources on the land.
Think About Infrastructure Costs
Another consideration with undeveloped property for sale is the added cost associated with putting the necessary infrastructure in place. You'll have to have power, cable, water, and sewer infrastructures installed on the property. Additionally, you'll have to incorporate the costs associated with any land clearing that might need to be done to allow for your new construction.
Verify The Property Restrictions
In addition to the zoning restrictions imposed on properties, there may also be other restrictions associated with any undeveloped land that you want to buy. For example, you may have property coverage limitations that require you to leave a certain percentage of the land uncovered by structures. These limitations help to ensure water runoff and absorption to prevent flooding.
You may also have restrictions about how close you can build to the property line. If there are setback restrictions, you need to be sure that your construction plans are within those guidelines, including the placement of any property barriers or fences that you intend to construct.
Consider these different aspects when you're looking at commercial property for sale.Share
11 March 2020