From the video:
Buying land is more than just choosing a piece of dirt to call your own. Not all land is created equal, so we’ve put together some tips on what to look for when buying land. Read on to learn more!
Walk the Line
Before you purchase any property, you should physically take the time to walk the entire piece of land. You should walk the perimeter of the property and note any issues you find that could impede your plans for the property.
Are there slopes, hills? What is the soil like? Not all soil is primed for building. Are there signs of sinkholes? Are there signs of saturation and flooding? Signs of water damage or permeation are a big thing to watch out for when buying land in Florida.
You will want to make sure the land can handle a structure before you make your purchase. This will also give you a chance to get a feel of the parcels surrounding you, including neighbors.
If you’re preparing for a new family home or for your retirement destination, getting a feel for the neighbors might be worth your time.
Research Zoning and The Future Plans of the Land Nearby
You need to do your homework before making any real estate investment, and land is no exception. You don’t want to find out after your purchase, that you aren’t able to build the 3 story house you dreamed of. Or that the land you bought is in a flood zone (you can learn how to check if your property is in a flood zone here).
Contact the County’s Assessor office, and in addition, ask about the land specifics of the area.
You will also want to research future zoning for the area. Certain projects can have a huge effect on your property’s value.
Is the city planning a major road in the area? Or railroad tracks? Or a utility plant? You will want to learn as much as possible about what the future plans in the area are. Contact the County’s Assessor or Planning Departments to learn about future use and how these future plans will affect property taxes.
This is a really high-value item in growing areas, which at the time of this video, includes most of Florida. A lot of Florida is in a hot real estate market right now, there’s a lot of fast growth and development happening there.
Survey & Title Search
You may want to have a property survey done as well as a full title search. Look for easements from utilities and landlocked properties. Is there a creek on the property? Does it flood? Anything that will keep you from building (if that’s your goal) should be looked into.
Some areas have building restrictions because there are protected species or wetlands in the area. Other areas restrict building due to sandy soil. Each area presents its own unique challenges that should be addressed before purchasing.
You will also want to make sure that the property has a clear title. This means there are no liens against the property and that the seller has the authority to sell the land free and clear. (At Compass Land USA, all of our properties are sold with a free and clear title, so you don’t need to worry about that with us. 🙂 )
If you plan on developing the land in any way, you will want to make sure utilities are available and easily accessible (you can learn how to do that here). Most developed areas in cities and towns are on municipal water. However, if your area is using septic you might want to have a perc test done, and calculate the costs to drill a well.
Are there gas lines in the area, or will you solely be using electricity? Will there be any additional cost to have utilities (including internet, cable electric, or water) ran to the property?
These costs can sometimes cost thousands of dollars, especially for electricity. You want to find out these things beforehand, and not down the road.
Just like when you purchase a home, land should be purchased only after careful consideration and research.
You should work with a land specialist such as Compass Land USA to ensure you are purchasing a property with no hidden surprises and that will meet all of your wishes & requirements for the land!
Are you in the market to purchase land in Florida?
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