When it comes to real estate transactions, individuals will often only think of buying or selling properties that have buildings on them. However, there are many buyers that will be more interested in vacant land. The process of buying one of these lots can carry with it very different considerations, and you will want to make sure that you are familiar with the steps for evaluating one of these lots.
1. Have A Clear Purpose For The Piece Of Property
It is important for you to have a clear understanding of the way that you will be using the property. This is necessary so that you can review the local zoning and building ordinances to ensure that you will be able to comply with them. To be able to provide you with the best possible understanding of the ways that these ordinances can potentially impact you, it can be worthwhile to create a list that outlines all of the activities that you plan on doing on the property.
2. Understand The Status Of The Utilities
Unfortunately, a vacate lot is unlikely to already have utility connections. In these instances, you may find that you will need to pay for the installation of these services. The costs of this will depend on the distances that must be covered to connect the home to the grid. Prior to making a formal and binding bid on a lot, you should consult with the various utility providers so that you will be able to understand the full range of costs that you may have to pay. While some sellers may attempt to provide this information, it can be wise to obtain an official quote from the utility provider. Otherwise, it may be possible for the estimate provided by the seller to be out-of-date or otherwise too inaccurate to provide you with a clear understanding of the costs that can be expected.
3. Have Your Contractor Inspect The Lot
Most individuals that are looking for a vacate lot will be interested in constructing a building on it. Sadly, individuals will often fail to consult with their construction contractor prior to securing a lot. This can present a number of problems as it can be possible for them to have issues that could greatly complicate or entirely prevent the construction of your desired building. Fortunately, most contractors are willing to tour these sites with their clients so that their client can avoid buying a lot that will be ill-suited to their construction goals.