Hello, friends! I’m still playing catch-up from June. So, here is ab article from guest blogger Brandon Mickens. In this article, he discusses some things to consider before buying land. I hope you enjoy her article!
Buying land is a significant investment, and it requires the careful consideration of several factors before you proceed. As we have seen in recent years, the world is facing unprecedented changes, such as climate change, economic volatility, and social instability, which have a significant impact on land prices and availability.
The changeability of our times makes it even more important to make sure that what you buy is going to be the right choice for you and your future. Therefore, before you buy anything you should consider the following factors for land purchasing.
Where is it located?
The location of the land is critical in determining its value and potential use. Arkansas land for sale is not going to be the same as somewhere in New York. Factors to consider include accessibility, proximity to essential amenities such as hospitals, schools, and shopping centers, and the availability of utilities such as water, electricity, and sewerage.
Additionally, consider the zoning laws and land-use regulations in the area and what category it might fall into based on its specific location.
What is it for?
Before buying land, consider its intended use, whether for residential, commercial, industrial, or agricultural purposes. Different uses may require you to tick different boxes regarding local regulations and environmental assessments, and sometimes you may need permits for certain things, which may affect the land’s value and viability. You may also wish to examine the soil quality, topography, and climate in the area to determine its suitability for your intended use.
How much does it cost?
Land prices vary greatly depending on the location, size, and intended use. Before buying land, consider the market trends and pricing in the area, and conduct a cost-benefit analysis to determine if the land’s value is worth the investment. Start thinking about the financing options available, such as mortgages, loans, and grants, and the associated interest rates, repayment terms, and fees.
Is it sustainable?
Environmental factors such as soil erosion, flooding, wildfires, and pollution may affect the land’s value and potential use. Therefore, before buying land, conduct an environmental assessment to identify any potential hazards and assess their impact how much its truly worth, and whether it will actually suit your needs.
Climate change risks also need to be taken into account alongside adaptation strategies in the area to determine the land’s long-term sustainability.
What are the local regulations?
Land ownership comes with legal obligations which can change quite a lot depending on where you are buying land. Before you purchase anything, consider the legal implications, including property taxes, zoning laws, environmental regulations, and permits required for your intended use. Take a look at the land’s ownership history, potential encumbrances, and any legal disputes that may affect you in the future if you did own it.
This takes careful consideration and the reality is that the location, purpose, cost, and environmental factors, are all intertwined with the legal. Depending on what you are buying and local tax laws you may also wish to look into property tax loans and if possible you should hire a realtor to walk you through the buying process.
Author bio-Â
Brandon Mickens works with LandHub. He has been involved with buying and selling land for the past 15 years and now wants to share his knowledge and experience with others.
Brandon, thank you for sharing these tips. As a real property appraiser, I think these tips can really help if you’re looking to purchase land.Â
A big thank you to Brandon for helping provide some content for my blog this month! And a big thank you dear reader for continuing to visit the Cleveland Appraisal Blog! I appreciate you!
