A real estate agent plays an important role in the home shopping and buying process. But did you know a realtor can help you purchase land as well? If you’re planning to build a beautiful new home in the DeLand, Florida area, buying land is usually the first step. However, the process isn’t always easy. Buying land in Florida can come with a unique set of challenges, and there are many factors to consider when determining whether a piece of land is a good investment.
This is where an experienced, local real estate agent can help. Realtors who have experience in land purchases can help you navigate the entire process with ease. Here is why it’s important to work with a real estate agent:
A Realtor Is Familiar With The Local Land Market
A good agent knows the local market and has a good eye for evaluating suitable lots. They can help you find the exact type of lot you’re looking for. Realtors also have a network of local contractors and professionals that can help you evaluate the property as well.
Realtors can also let you know as soon as new land hits the market. They’re also very familiar with local municipality regulations and can help you navigate building and zoning rules.
A Realtor Can Help Determine If Land Is Suitable For Building
What may appear to be a great property may not be suitable for construction. A real estate agent can help you research the property and provide recommendations for contractors who can help determine if you can build on the land. Here are some important factors a realtor will help you consider:
- Is the land susceptible to hazards? In Florida, sinkholes, flooding, erosions, and even geochemical hazards are common problems.
- Does the property sit on wetlands of environmentally protected areas? If so, you won’t be able to build on the lot.
- Is there a conservation easement on the land? A conservation easement is a legal agreement that limits how the land can be used.
- Can you purchase both the air rights and mineral rights? Air rights will give you the ability to build on the land, but without mineral rights, you won’t technically own anything beneath the soil.
- Is the soil suitable for building? When buying land, you’ll usually need to hire someone to conduct a soil test, which can tell you exactly how much weight the ground can handle. A soil test will be necessary before you can apply for a building permit.
- Is there access to local utilities? Does the lot have sewer hookup accessibility or will you need to determine septic system viability?
These are just some of the many questions a real estate agent can help you answer when buying land.
A Realtor Can Help You Negotiate
Your agent can provide guidance on drafting a competitive offer while also managing risk. Similar to purchasing a home, there are common contingencies associated with buying land as well and many of them are the same. Oftentimes, you may want to make an offer on a piece of land before all the necessary inspections and investigations have been conducted. Contingencies allow you to make the land sale “contingent” on numerous factors. Some common contingencies include:
- Inspection – This makes the land sale contingent on inspection, which often must take place within an agreed-upon timeframe. This gives you the ability to do a thorough analysis on the property before closing.
- Financing – This makes the home sale contingent on your ability to secure financing.
- Appraisal – The home must appraise for a value greater than or equal to the sale price.
- Septic System Analysis – The land must pass a perc test and or be suitable for a septic system.
- Well Water – The land is able to support the installation of a well and obtain a sufficient supply of quality water.
- Zoning – The home sale is contingent on the buyer’s review and approval of the zoning regulations
- Building Permit – The home sale is contingent on your ability to obtain a building permit.
Your agent can work with you to determine which contingencies make sense to include in the offer.
Not all real estate agents and brokers have experience buying land, so you’ll want to make sure to work with one who does. If you’re looking to buy land in the DeLand, Florida area, give Palmetto Realty a call at (386) 200-1860. One of our agents would be happy to speak with you today.