Smith Nymand posted an update 1 month ago
If you are searching to purchase land, there are several important areas to consider.
Is there a cost of the land? Only pay $1,000,000 for 10 acres to develop a shopping center does that cost fit inside my budget? Or perhaps is $500,000 probably the most I’m able to pay and have a prosperous project?
Does the location work with the intended use? As an example if someone is intending to construct a benefit store could be the site within a high traffic area? Or maybe someone wants to build expensive homes will be the location ideal for high dollar homes or perhaps it too near commercial uses?
What jurisdiction will be the land situated in? Town Limits? Can it be in the Extra Territorial Jurisdiction (ETJ) from the City? Would it be in the County? The jurisdiction that this residence is positioned in will dictate which rules and regulations must be followed. It will be advantageous to stay in a certain jurisdiction (City A vs City B) as opposed to another. Could also be federal and state laws that can change up the property as well.
When the property is inside the City, exactly what is the zoning category used on the exact property? The zoning category dictates the land use allowed on the property. In case a property doesn’t have zoning or if perhaps a zoning change will be requested then which will improve the time and cost. Something to make note of is always that zoning change requests are not always approved.
Deed restrictions are private agreements and restrictions specific for the land under consideration. They’re noted from the deed, and restrict the usage of the real estate for some reason. Deed restrictions could be attached to property whether it’s zoned residential or commercial and therefore are along with local, state and federal rules. Deed restrictions might be smaller than other governing rules.
Have utilities been extended to the site? Utilities would come with water, wastewater, electricity, natural gas, telephone, and cable television. Water is the central. Water and wastewater are typically the priciest utilities to extend into a property. There are more ways to get water service like drilling a well or wastewater setting up a septic system. But these solutions also involve ongoing maintenance plus a limited lifespan.
Is any area of the property in a floodplain? If so then a build-able or develop-able portion of the property will be reduced. Therefore typically will decrease the value of the property.
What are the topographic conditions from the land? Can it be flat or perhaps there slope on the land? The harder steep the slope the more it’ll cost you to build up the land due to the necessary cutting and filling in the soil. Normally flat land is preferred although a hillside location for a house or office provides a very nice view.
Perhaps there is roadway accessibility to the property? In that case can there be a current driveway and curb cut in place or will this must be permitted and constructed? How likely one thing a permit can be acquired at this location or is there already a driveway nearby which could diminish the probabilities? May be the roadway in a state of disrepair? If you do then what are the chances that this roadway is going to be repaired and exactly how might this affect my planned use?
An easement is often a legal right to utilize another’s land for any specific purpose. Are there any easements about the property that may restrict or otherwise unduly affect my capability to enhance the property? Samples of easements include public utility easements which allow utility providers to set up and gaze after utilities. Easements can also be the way of providing usage of properties that will not otherwise have roadway frontage.
A lien can be an encumbrance on a single person’s property to have a debt the home owner owes to an alternative person. Before purchasing property you should determine through the Title Search and Commitment process if you find an outstanding lien on the property. It’s always best to contain the property owner care for liens prior to buyer closes for the property because it’s better to leverage a lien being released.
Are you currently considering a land purchase? Do you know the information about the property? Do you know what to consider, what things to avoid, what things to get with the land by collecting it?
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