If you’re in the market for land, then you’re probably already aware that buying land is much different than buying a home. Not only is the transaction process different, but knowing how to evaluate land can be tricky on the surface.
However, ensuring land is suitable for residential or commercial construction is incredibly important. You don’t want to wait until after closing to find that you’re unable to use the land in the way you intended. Therefore, it’s critical to do your research ahead of time. If you’re planning to purchase land for the purposes of building, here are some qualities that you’ll want to look for when evaluating property:
1. Location
Regardless of what you’re planning to build (a business or a home), location is likely one of the most important factors to consider. You don’t want to settle for an inconvenient location just because the land is perfect. Make location the first priority when narrowing down your options. If you’re planning to build a home, consider access to public utilities, nearby amenities, neighbors, and your commute to and from work.
2. Accessibility
Land may look appealing, but if it’s not easily accessible via a public roadway, it might not be a good fit for construction. A significant amount of vacant land is actually “landlocked” meaning it’s unable to be accessed via road. If you purchase a landlocked lot, then your only option might be to negotiate an easement with a neighboring property (permission to access the property via the neighbor’s property), which can be tricky. Unless you’re planning to access your land via helicopter, you may want to ensure the land is easily accessible.
3. Zoning And Restrictions
Zoning is a set of rules established by a local municipality that dictate how the land can be used. Local zoning laws may prohibit certain buildings, features, or types of construction. Before purchasing a lot, it’s critical to know what you’re actually allowed to do with the land based on the municipality code. Navigating zoning restrictions is challenging, which is why you’ll want an experienced real estate agent who specializes in land transactions in your corner.
The property may also have an easement, which is a contractual agreement that permits another party to use the land for a specified purpose. When investigating restrictions, you’ll want to make sure to consider easements as well.
4. The Bundle Of Rights
One thing that makes land transactions complicated is the numerous rights that may or may not be included in the land purchase. For example, you may purchase a piece of land, but the mineral rights, water rights, or even timber rights may not be included in the sale. These rights may limit what you can do with your property, or they may grant others rights to certain aspects of your property. In either scenario, you’ll want to know what you can and can’t control. Therefore, you should consider the entire bundle of rights when buying land.
5. Construction Feasibility
It’s difficult to know if the land is suitable for construction by simply looking at it. Landowners and developers often use feasibility studies or surveys to determine if the land is able to support residential or commercial construction. In many cases, property owners will conduct surveys before putting the land on the market. The results of these surveys should be considered in your purchasing decision. If a survey has not been done in quite some time, you may want to include a feasibility study as a contingency in your offer.
How A Real Estate Land Specialist Can Help
Navigating the complexities of the land market can be tough, but you don’t have to go about it alone. Choosing a real estate agent who specializes in land transactions can help ensure you’re choosing the best land for you. Here are a few of the many ways a land specialist can help:
- Agents know the local land market and can help you find the exact type of land you’re looking for.
- Agents can help you determine if a particular property is suitable for construction.
- Agents can help you understand zoning and restrictions.
- Agents can help you negotiate the right sale price and necessary contingencies.
If you’re planning to buy land in the Central Florida area, choose Palmetto Realty to help you find the perfect property. Our team of real estate professionals are experts on land transactions and can support you every step of the way.