Whether it’s going to be the location of your new dream home, business, or just an investment for the future, a vacant lot is a large expense. You want to ensure that you fully think out the future of any vacant lot before you purchase it.
Here are some of the top factors that you should consider when buying a vacant lot.
The Location
The location of the property that you’re thinking about purchasing is a big decision. Depending on what you’re going to be using the property for, there are some dos and don’ts of property location. If you’re solely looking for an investment property, then you don’t want to purchase a piece of property that doesn’t have a resale value.
If you’re looking to build your dream home, you want to be sure the local laws allow building on it before you buy it. If you’re scouting out your next business location, remember that you want a place that is conveniently located for your customers and your staff.
Understand the Hidden Costs
Buying a vacant lot requires more money than just the property itself. You want to factor in the total costs of title insurance, land surveying, and other fees. If you’re going to be building on the property, you’ll want to consider the cost to bring electricity, water, and sewer to the actual location of the building. Costs can add up quickly, so you’ll want to ensure that you plan for as many expenses as possible.
Know The Zoning Laws
If you’re new to purchasing property, then you should be knowledgeable about zoning laws. These laws are those which clearly outline what you can and can’t do at a property. For example, a piece of property may not be properly zoned to build a commercial business.
This could be a big problem if you purchase the property with the intent of building your next business. It pays to know the zoning restrictions in a specific area.
Ensure There’s Road Access
It may seem like a simple concept of having a driveway to a property. This is easy to get access when you are looking at lots in the city. However, if you’re looking for empty lots for sale in Wisconsin in rural areas, road access can be difficult. In some cases, you may find that a potential property for sale may be landlocked.
This simply means there’s no public road that an entranceway can connect to the property. In this case, you’ll have to seek an easement from a neighboring property to access the property you’re thinking about buying. Always ensure that you can have driven access to the property.
As you can see, there are many factors to consider when buying a vacant lot. While it can be a more difficult process than buying a lot with a home or office building on it, the rewards can be immense with the desired location you want.
Before you decide to purchase any vacant lot, be sure that you consider all the factors above.
