tellersharon40 posted an update 1 month, 4 weeks ago
If you’re looking to purchase land, there are numerous important areas to consider.
What’s the expense of the land? Basically pay $1,000,000 for 10 acres to develop a mall does that cost fit inside my budget? Or perhaps is $500,000 the most I could pay and now have a profitable project?
Does the location work for the intended use? For example if someone else is wanting to develop convenient store may be the site within a high traffic area? Or maybe someone desires to build expensive homes could be the location well suited for high dollar homes or perhaps is it too all-around commercial uses?
What jurisdiction will be the land situated in? The town Limits? Would it be within the Extra Territorial Jurisdiction (ETJ) of the City? Could it be in the County? The jurisdiction the residence is in will dictate which regulations have to be followed. It could be advantageous to be in a specific jurisdiction (City A vs City B) as opposed to another. There may also be state and federal laws that will impact the property too.
In the event the property owner from the City, is there a zoning category sent to the home? The zoning category dictates the land use allowed on the property. In case a property does not have zoning or maybe a zoning change shall be requested then that can improve the cost and time. Something to keep in mind is that zoning change requests usually are not always approved.
Deed restrictions are private agreements and restrictions specific for the land involved. They are noted in the deed, and restrict the application of the real estate in some way. Deed restrictions may be attached with property be it zoned residential or commercial and so are along with local, state and federal rules. Deed restrictions could be more restrictive than other governing rules.
Have utilities been extended on the site? Utilities would include water, wastewater, electricity, gas main, telephone, and cable tv. Water is the most important. Water and wastewater are generally the costliest utilities to give into a property. There are additional methods for getting water service for example drilling a nicely or wastewater constructing a septic system. But these solutions also involve ongoing maintenance plus a limited lifespan.
Is any area of the property in the floodplain? If that’s the case then a build-able or develop-able area of the property will be reduced. Thus typically will decrease the property’s value.
Do you know the topographic conditions with the land? Could it be flat or is there slope on the land? The more steep the slope the greater it’ll cost you to produce the land due to the necessary cutting and filling with the soil. In general flat land is preferred although a hillside place for a home or office provides an extremely nice view.
Can there be roadway accessibility to the property? If you do will there be a current driveway and curb decline in place or will this must be permitted and constructed? How likely is it that a permit can be acquired at this location or possibly there already a driveway nearby which might diminish the possibilities? Will be the roadway in a condition of disrepair? In that case then what are the chances that the roadway is going to be repaired and just how might this affect my planned use?
An easement can be a legal right to work with another’s land for a specific purpose. Any kind of easements around the property that may restrict you aren’t unduly affect my capability to improve the property? Samples of easements include public utility easements which permit utility providers to set up and keep utilities. Easements may also be the way of providing entry to properties that will not otherwise have roadway frontage.
A lien is definitely an encumbrance on one person’s property to get a debt the home owner owes to a different person. Before purchasing property it is important to determine from the Title Search and Commitment process when there is a superb lien for the property. It’s best to hold the home owner take care of liens prior to the buyer closes for the property which is much easier to leverage a lien developing.
Have you been considering a land purchase? What are specifics of the property? What happens to consider, what to avoid, things to get with all the land when you purchase it?
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