From the video:
Much like before diving headfirst into unknown waters, you need to check the depth when you’re in the market to purchase land.
We try to answer all your questions related to buying land in Colorado on an ongoing basis. You should still take precautions by performing due diligence to protect yourself and your financial future.
We will cover five things you need to know before buying land in Colorado.
1. Location
Purchasing a piece of land is a significant financial transaction. You must take steps to ensure that you will see a healthy return on your investment, the long-term value is dependent upon the physical location.
If you’re new to real estate investing, your best bet is to try to invest in a path of growth. You can look at what cities and towns in Colorado have rising populations, and search in the rural areas surrounding them.
Naturally, the intent for using the land must come into play. If you’re investing for your own ambitions or for recreational use, path of growth might not be so important to you.
You should physically walk the property and ensure there aren’t issues with the site that don’t show up in listings or photos, such as less than undesirable smells, sights, or sounds in the surrounding environment.
No matter why you’re buying real estate, Compass Land USA can help you assess the potential value in the future, which is an essential factor you need to know before buying land in Colorado.
2. Zoning
Another thing you need to know before buying land in Colorado is if you will be able to use the land for the intended purpose without restriction. Zoning keeps property value high, with compatible uses of land organized in one area, such as the residential zone, to maintain the general character of a given area of Colorado.
Every County has different rules regarding the use of land. This is generally a good thing – you wouldn’t want a new factory being built right in the middle of a nice residential neighborhood.
Zoning also prevents new development from interfering with the full use and enjoyment of previously existing properties. Often, zoning variances are granted based on lawful nonconforming use, so don’t lose all hope.
It’s possible to overturn or modify existing zoning classifications. We’ve seen it done, and have done it ourselves. Just be ready to present your case for a larger building than allowed or a use that’s outside the current guidelines.
3. Access Rights
Accessibility to the property from a public roadway doesn’t always exist, and this is a crucial factor you need to know before buying land in Colorado. You’re going to want to check the property’s actual location i.e. GPS coordinates.
Landlocked property, or land with no public right of way, brings with it difficulties that may affect your ability to use the property for the intended purpose.
While it’s likely in your best interests to walk away from a landlocked piece of real estate, it’s possible to gain access rights. However, it has been the cause of feuds between neighboring property owners. Save time, money, and stress by working with a professional investor like those at Compass Land USA to help you avoid these headaches.
4. Permits
The ability to attain any necessary permits for the development of the property is a legal point you need to know before buying land in Colorado.
Suppose you’re hiring a general contractor to build a custom home on your new Colorado property. In addition to building permits, they may need to obtain permits for sewer, water, and even zoning may be needed along with others, including any special regulatory issues, such as being in a historic district.
Working with experts like those at Compass Land USA makes it easier to help guide you through that process.
5. Your Finances
Consider any additional costs that may add up. Loans for raw land require more time and paperwork than conventional home mortgages. Your financial ability to see the project through completion is something you need to know before buying land in Colorado.
Knowing all the numbers, you can garner the financing you need upfront, making the process as smooth and stress-free as possible for everyone involved. Investors like the professionals at Compass Land USA are familiar with the time and costs to develop Colorado land and are here to help you reach your goal.
At Compass Land USA we also offer you owner financing on almost all of our properties – with 3 different plans to choose from. You don’t need a credit check, and there are no prepayment penalties. You can learn more about how to owner finance land for sale here.
The professionals at Compass Land USA can help you with everything you need to know before buying land in Colorado.
Call or text Compass Land USA anytime at (313) 349-0434 or send us a message today!
Want Your Own Colorado Land Buying Guide? (complete with a list of things to check before you buy!)
You can get yourself it for free – just fill out the form below!