Buying undeveloped land has many benefits whether you want to use it recreationally or plan to build a commercial structure. Chances are good that you will be able to find a parcel that you like and can use with proper research. You must be diligent and proactive to make sure that you purchase usable land or your investment may not yield much at all.
What Are You Planning to Do With the Land?
First, determine what you plan to do with the land. You may find that many properties come with deed restrictions. For example, you may not be able to build certain types of buildings or use your land in the way that you thought you could. In some cases, you may not be able to build anything at all.
What Is the Zoning for Your Land?
Check the land's zoning before making a purchase. If your land is zoned for single-family homes, then that is all you can build. If your land is zoned with a certain minimum lot size per home, then your land must be at least that size before you can build your home. Land zoned for certain types of residential use may not allow for apartments or multi-family homes.
Does Your Land Have Easements?
Some lands have no easements and may not be easily accessible. For example, the property could be landlocked by other properties and your neighbors will not want to give you an easement to access that land. When this happens, you could go to court, but you will have ill-feelings between your neighbors if a ruling forces them to accept an easement. It may be easier to find a property that is not landlocked unless you feel that property is perfect for your intended use, or it is in an area where land is scarce.
Do You Need a Land Survey?
Whenever you buy undeveloped land, make sure you have a professional land survey done. This will let you know the lay of the land as well as any potential natural hazards. Have your land surveyed based on what you plan to use the land for in the future. You may find that the land has flooding problems or poor soil and that could affect you if you want to build or farm on the property.
Undeveloped land can be a good investment under certain circumstances. The good news is that it doesn't depreciate, so it will probably not lose value over time. However, if you do not do your research and ask the right questions, your investment may be unusable. Therefore, work with a professional when you are in the market for purchasing raw land.
For more information, contact a company like Michigan White Tail Properties.Share