Investing in vacant land is not just like buying a new house. It’s important to do your homework before investing in any vacant land. Vacant land can be your long term investment or free space for your future home. Buying vacant land is a difficult decision just like any real estate property investment. Here are 10 things you must know before making any vacant land investment in South Florida.
Location of the vacant land
Whether you are buying a small area of land or large, please remember its location matters a lot. If your goal behind buying any vacant land is opening your own business then you must consider buying land nearby the city. You should develop a general idea of what is the purpose behind buying vacant land and also what must be the location.
Know the overall cost of vacant land
It’s also about time and money. Making a wise decision will always require some time. You may also want to consider the title insurance which can cover your property damage due to some natural disaster. No matter how many times the survey may have been done on this vacant land? You should always seek the guidance of professional surveyor.
Check any Zoning restriction of your vacant land
Zoning laws may restrict the owner to stop misuse of vacant land. So, you have to make sure that you are allowed to make a house on this vacant land. Analyze all the areas which come under zoning restriction. For instance, you can check the zoning area restrictions before making any vacant land investment in South Florida.
Rules and agreements
You may have to follow some rules and agreements. If your vacant property is part of an existing community, then there are chances that you may need to follow the community rules and agreements of that area. For example, you may be asked to cut grass frequently or you may be allowed to keep a certain type of pets only.
Utilities for land
At the time, any vacant land is inhabited, you may need different utilities like electricity, gas and phone lines to live in. So, make sure your that vacant land you own have all the basic utilities. You have to prepare your mind to spend some money on getting these basic utilities like water source, phone lines, electricity supply and gas supply on the land.
Road and transport access
Access to roads and transport can become a complex issue. If the land has no access to the road then you will not have access to the water supply. This problem can cost you extra money. You may require to use your neighbour land to access the water supply if your vacant land considered as landlocked property.
Easement of land
Your vacant land may have everything which includes lush, dense forest, a babbling brook and clear view but it does not have access to the road. In that case, your vacant land will be useless. If you are fortunate enough, you may be able to establish some agreement with your neighbour to use their land to access the important utilities. This type of agreement is known as an easement. If things become complicated for you then you can hire a real estate lawyer to negotiate the easement with your neighbour.
Take a survey
If you are buying the vacant land then there is a possibility that your land has been surveyed. As mentioned previously, a professional will determine the exact boundaries of the land. If your vacant land survey is old, then you may have to check when it was surveyed for the last time. It may get expired. In that case, consider conducting a new survey of the land from the professional surveyor.
If you are looking for vacant land investment in South Florida then Click Cash Deals can help you. You can call us at 305-783-2776 for more information.