If you want to build a home, start a business, or invest in an appreciating asset, buying vacant land in Central Florida can pay off in a big way. However, buying land isn’t quite the same as buying a house. The steps for evaluating land quality are much different, and you can encounter costly pitfalls. Therefore, you should always have an experienced land broker in your corner to help you along the way.
At Palmetto Realty, we help clients purchase huge pieces of land in Central Florida all the time, and we’re always educating our clients on the best practices. If you have your eye on a beautiful Central Florida property, here are some things to know before you make a purchase:
1. Be Set On Why You Want The Land
Before you can find the right piece of land, you know how you plan to use your land. Do have dreams of building a new house? Perhaps aspirations to start a new business? Maybe you’ve always wanted to own land for hunting. No matter what you plan to do, we always recommend being set on your future plans before you begin shopping. Being clear on your mission will help ensure you and your real estate agent can find the right property.
2. Determine Your Ideal Location
Once you know how you’re going to use the land, then it’s time to start thinking about location. Location is everything. If you’re building a home, you may want the land to be located in a certain school district or near specific amenities, or you may want to live in a rural area with more privacy. If you’re planning to start a business, then you’ll want the land to be accessible to your customers. Easy access to utilities and roads is also highly important.
When choosing a location, you should also consider future growth. What will the area look like 10 years from now? If there is a lot of development occurring within a 10-mile radius, the area probably has long-term growth potential.
3. Evaluate Your Ability To Build On The Vacant Land
Not all vacant land is suitable for construction. The topography and the soil quality can both impact the ability to build on the property. When making an offer, you can always include a construction feasibility contingency, which allows you to hire an engineer to conduct an analysis and determine if the land is suitable for development.
Zoning restrictions can also impact how you use the land. Zoning rules are established by local municipalities, and they can limit what and where you can build on the property. For example, zoning rules might require buildings to be constructed within a specific distance from the street.
The last thing you want is to buy vacant land that can’t support your plans. A good land broker can help point you toward resources to conduct a feasibility study and can also help you determine if the property is zoned for development.
4. Check The Bundle Of Rights
Buying vacant land doesn’t automatically mean you own the rights to materials below the ground. A property can be separated from its mineral, water, and timber rights, and they can be sold separately. When buying land, make sure you know exactly what you’re buying and whether all of the rights to the materials on the land are included.
5. Spending Time On The Property Is Important
Before you buy, you should always make a point to visit the property multiple times. Walk around and explore it. If there are neighboring properties, talk to the owners and ask questions. A property’s best and worst traits are usually not apparent on a listing, so you’ll definitely want to see it with your own eyes.
6. You Should Always Have A Professional In Your Corner
Navigating the land market can be complicated, so you shouldn’t attempt to purchase a vacant lot without a real estate professional in your corner. A land broker can help you find the right lot for your needs, negotiate a deal, and help ensure you have the right contingencies in place to protect yourself throughout the transaction.
If you’re looking to buy vacant land in beautiful Central Florida, Palmetto Realty can help you. We’re not your typical real estate agency. We are particularly skilled and experienced when it comes to land transactions.
Plus, we know the land around Volusia County better than most other firms. When partnering with Palmetto Realty, you can expect a knowledgeable partner that provides you with personal attention, responsiveness, and reliability. Get in touch with us today.