Land For Sale? Here’s What To Look For
Property development can be a hard game to get into, especially with the current market. You see, there’s a lot of factors you’ll become dependent on before getting your hands on a property. Monitoring these will take a lot of time off your hands, so you need to get to know them early. Especially if you’re looking to develop straight from a plot of land itself!
Let’s focus on that latter point for the time being, as you’ve probably heard it’s a lucrative market. If you like the idea of property development, then now’s the time to get ready for it. After all, you can’t invest when you have no clue over what to expect! So here’s a couple of the main warning signs to look out for when land comes up for sale near you.
Know the Company That’s Selling
First thing, you need to trust the seller. You need to know they’re not trying to con or decieve you – there’s many scams out there involving real estate. And seeing as you’re a first time buyer, you’re very much a likely target. Do your research beforehand, if land has suddenly come up for sale, and work out who you’re buying from.
After all, you’re going to want a company with a good reputation on your side. Sure, there’s quite a few out there, but still try to define your margins. A service like Red Hawk Realty might be of use to you, and might have the best deals… But only if you know who their competition is.
Know the Zoning Available
You need to know what the best use of the land will be, once you decide to buy. Most of all, you need to know the area it’s in, and what properties are around it. After all, you don’t want to slam a new residential piece in the middle of a shopping district! That’s unlikely to attract any interested parties, and is a bad way to try and capitalize off the area. Real estate is a great way to build your portfolio, and your bank account, but only with the right decisions.
You can find out the typical zoning with a few phone calls to your city hall. Or you can look up a register online, or find out where the local zoning office is. It can get complicated here, as there could be many details surrounding what use is allowed, so turn to legal aid. An attorney familiar with the laws will be of most use to you.
Know How Flat the Land is
A quick point to finish off. Otherwise known as the topography, your new land shouldn’t have any hidden hills or dips. Make sure you survey the land before buying, even if you just use Google maps.
Be sure to know what you’re looking for when buying land, as it’s easy to make mistakes. You don’t want to waste money on land you can’t use!