Location, Location, Location…everyone knows location is the most important factor for purchasing real estate but if you’re looking to build a home, develop a large piece of land or even if you want recreational property; there are other important facts to know before you should close on your land Purchase. These 5 keys can also help you maximize your sales price if you want to sell your land.
1.) Has the land been surveyed? – Having a completed survey is important and can speed up the approval process. Surveys can be costly and cause delays depending on the acreage. If a survey isn’t available double check with the owner or look in the County Records.
2.) Zoning – Knowing the local zoning is important! You want to make sure that you can get the approvals to build exactly what you want. You also want to guarantee that you can use the property for your intended use before you make the offer and send the deposit.
3.) Is there a Septic Design? – Having a Septic design approved by the state is a big step toward getting a building permit. On most large lots you can find an area that will work however you also want to make sure that location works for where the house will be built.
4.) Check for Wetlands & Flood Zones – Wetlands setbacks will impact where you can build and even enter your lot. While flood zones can also impact where you should build. If you build in a flood zone banks are most likely going to require that you have flood insurance and that will increase your monthly mortgage payments.
5.) Speak with the town – It makes sense to speak with the building or planning department in any town where you are purchasing land. They can provide information on setbacks, road frontage, driveway placement to name just a few.
If you need time for extra information but you have a lot of interest in a property then I suggest making an offer that allows several weeks for due diligence. This process can lock in your offer and still give you time to get all the facts before your Earnest Money Deposit is at risk.
While there are many other factors to consider before you purchase land, these 5 keys are important to the physical factors that determine if you can get a building permit. If you are looking to buy or sell land please feel free to reach out to me at 603-440-0880.
Luke
