It is very important for someone to ensure that he/she go for the best deal at all times when buying a land. If some important factors are ignored, to find an ideal land becomes a big challenge and the buyer may end up regretting. By reading this article you will learn about the important things you should consider before buying a land.
The important factors to consider when buying a land
- Zoning Regulation: before setting out to buy a piece of land, ensure to find out the zoning regulations for the surrounding area, and the property itself. The relevant authorities i.e., county governments have rules which states what a piece of land can be used for, whether it be agricultural, commercial, industrial, or residential. If your neighboring land can’t turn into a factory in 5 years, it might not be a great idea to build your secluded getaway there. This is important since it helps you to determine whether your intended development is compatible with the registered use of the land you are about to buy thus avoiding extra costs of processing change of use as well as mitigating the risk of restrictions from developing.
- Utilities accessibility: determine whether basic utilities such as water, electricity, gas and any other utility you may require are readily available or can be easily accessible. find out what companies can provide you with the utilities. The rates that you get will depend on the location of the land, so make sure that the information is accurate, and that you can access it all times. I recommend that reach out to the service providers via phone and ask for quotes as well as consider seeking help from locals in the area about their satisfaction with the local utilities.
- Market value of the land: this will help in understanding the economic situation of the area of investment. As an investor, it is important to understand how the growth pattern, the appreciation rates, and the use of the land for a period of time. Land is the most valuable form of asset investment in the real estate market. In most cases urban land has a much higher price in both the short and the long run. The market value of land is the main pillar which profit in real estate investing depends on. Also, by determining the land value (involve land valuer) you are able avoid over charging when purchasing a land. Read more about valuation
- Security: Take your time to find out whether there is adequate security i.e. police station or posts within the neighborhood. Do not buy land if the locality experiences criminal and social injustice activities such like robbery, theft and or kidnapping.
- Security of tenure: Make application for a postal land search at the land registry office of the locality. This is important to identify the registered owner of the land; Whether there are any incumbrances against the land e.g. caveats or cautions put on the title deeds due to disputes on the land or pending court cases regarding the land; Whether there is a charge on the land, in cases where the title deed has been used as collateral for securing a credit facility/ loan with a financial institution like a bank, etc. The search will also indicate the size of the land.
- Climate: the temperature highs and lows, rainfall amount and intensity, and seasonal changes are important factors one has to give priority when determining what land to buy. Climate can affect various aspects of life, such like; health conditions like asthma that are affected by temperature, energy usage, right type of kit home for your block of land, Potential for extreme weather conditions e.g., frost and drought, growth of vegetables and plants as well as type of crops one can grow and finally, home insulation. read more about climate.
- Social & Physical Infrastructure: Depending on your intention of use, infrastructure plays a key role in day to day activities of a developer. e.g. schools, hospitals, markets, dispensary, religious centers.
- Land characteristics: This entails soil type, topography,
- Type of intended development
earth road – not convenient during raid season.
Tarmac road – very convenient and recommended.
