Buying Land? Don't Forget These 3 Important Considerations!

By
Mortgage and Lending with Bay Equity Bay Equity NMLS #76988

Buying Land to Build a New Home On? Don't Forget These Three Important ConsiderationsWhen most people talk about real estate, they envision buying an already-built house on already-landscaped property. However, buying vacant land and building a new home is a great way to ensure that you get the home that you want in the location that you want. It's also a major undertaking, which is why you should take these three considerations into account before you buy any land for your new home.

(1). Location, Location, Location: It's More Important Than You Think:

People often hear the phrase "location, location, location" and it's a very prudent maxim with buying land. The parcel of land that you buy should be in a good geographic location and on stable ground – which means there shouldn't be any major water sources nearby (like a swamp) and hills should be minimal. You'll also want to consider zoning regulations that influence the acreage and other regulations that influence how you can and cannot use the land.

(2). Utility Connections Will Be Your Responsibility:

New land tends to not have utilities laid out under or over the ground. If this is the case, you will need to invest in electrical, water, and possibly heat utilities for the home.

This process involves communicating between the municipal government and utility companies so that the proper infrastructure is put in place. These costs and the implementation can be quite a headache depending on how isolated the land is from municipal or regional infrastructure.

(3). Access: Look Up Any Easements on the Land:

Many homeowners may not realize how legal access to land can affect their purchase. An easement refers to the legal right of other entities to use your land even though they do not own it. Before you buy land, you and your lawyer should investigate whether or not the land has easements, and whether or not these easements may interfere with your goals for the property.

These are just a few of the major considerations you need to make when you buy land. Purchasing a plot of land is quite a bit more complicated than buying a house, and if you're not prepared, it can easily turn into a nightmare. When properly planned, though, buying land can give you a great backdrop on which to build the house of your dreams.

Posted by

David Kosmecki

Area Sales Manager NMLS 265365 | 76988

Direct: (763) 519-1100 | Toll Free: (800) 536-0233

   

Check me out at: Fast Closing Now.

 

Photobucket

 

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Topic:
Real Estate Market Trends
Location:
Minnesota Hennepin County Maple Grove
Groups:
The Economics of Real Estate
Minnesota's Nice :)
Consumer Mortgage Tips
Responsible Mortgage Lenders
Minnesota Real Estate
Tags:
real estate investing
zillow
maple grove
vacant properties
dave kosmecki
purchasing land
fastclosingnow

Post a Comment
Spam prevention
Spam prevention
Show All Comments
Rainmaker
813,606
Chris Griffith
Downing-Frye Realty, Bonita Springs, FL - Bonita Springs, FL
Bonita Springs Listing Agent

We have all sorts of protected species of plants and animals down here ... much worse than finding an easement. ;-)

Oct 09, 2014 05:32 AM #1
Rainmaker
798,709
Troy Erickson AZ Realtor (602) 295-6807
Good Company Real Estate www.ChandlerRealEstate.weebly.com - Chandler, AZ
Your Chandler, Ahwatukee, and East Valley Realtor

David, buying land certainly has it's own things to consider which are different than purchasing a home. Thanks for sharing.

Oct 09, 2014 06:43 AM #2
Rainmaker
646,736
Tanya Van Blake-Coleman
Van Blake-Coleman Realty, St. Thomas/www.talk-to-Tanya.com - St Thomas, VI
Improving the Quality of Your Life

Very informative! Cannot stress enough how zoning laws effect the use of your land. Finding out the law prohibits you from building what you want, to be used how you AFTER you have already purchased the land would be highly disappointing to the buyer to say the least. Not to mention their anger at the agent who sold it to them without checking first.

Oct 09, 2014 07:11 AM #3
Rainmaker
247,859
David Kosmecki
Bay Equity - Osseo, MN

Thanks for your kind words, and 

for commenting on my Blog.

Feb 05, 2015 05:32 AM #4
Post a Comment
Spam prevention
Show All Comments

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?

Rainmaker
247,859

David Kosmecki

Ask me a question
*
*
*
*
Spam prevention