Whether you work with Community Best Real Estate or another real estate company, there are many things that you have to consider when buying an empty lot for development. This is far different than buying a house, but you should not make the mistake of thinking that all lots are equal or that it does not matter which one you choose as long as it is large enough. There are some significant things that could change your development plans – whether you want to build a home for yourself or build multiple houses and sell them off – and they need to be looked at before you put in your offer.
1. Is the lot buildable?
Of course, the first place to start is just by determining whether or not the lot has been deemed buildable. If it has not, you cannot start any construction project. This has a lot to do with zoning – which also dictates if you can build residential buildings or commercial buildings – so you need to know about the local regulations.
2. Is it connected to the local grids?
There are utilities that you need to get at any property, such as electricity and water. Is the lot connected to the water grid, or are you going to have to put in a well? Is it connected to the electrical grid, or does it need a generator for power? You can also pay to have the electrical lines run out to the property, but that is one more expense to take into account.
3. Are there any water features?
These could include things like ponds, streams, creeks and shorelines. For one thing, you want to know if there is any water because it can drastically change the value of the land. You also want to know, though, because it can change where you decide to build and how the project goes. You have to be a certain distance from any water source if you want the construction to go well.
4. How close are the nearest towns?
Finally, you just have to think about the practical side of things. How close is the nearest town with all that it has to offer? If it is an hour away, do you really want to drive that far to go to the grocery store or go to the doctor’s office? It can be nice to be closer to everything that you need.