If you’ve always dreamt of finding your own perfectly situated plot of land and building your dream home on your private property, free from the rules and limitations of a Homeowner’s Association, then buying a vacant lot might be something you’re considering. While it’s possible that you can buy a vacant lot and enjoy a smooth ride until your home is constructed, it’s equally as possible that your vacant lot will be riddled with hidden problems and frustrating obstacles. Before you invest in any vacant lot, read these guidelines for advice.
Spring For Title Insurance and a Land Survey
You don’t want to purchase your plot of land only to discover a variety of unpleasant surprises. Eliminate this possibility by first completing a land survey to chart out the official boundaries of the property. This will either confirm that the land is as expansive as you thought, or warn you that there are conflicts with the alleged boundary lines. Title insurance, on the other hand, protects you against any property loss or damage you might experience.
Check Zoning Laws
Zoning laws are critically important because they determine what can or cannot be done to specific pieces of land. The fact that you don’t live next to a wastewater plant or shopping mall is thanks to these zoning laws. Don’t even consider investing in a vacant lot until you have all of the zoning information. Your space needs to be cleared for residential building. It’s also important to check your county’s long-term road addition and land use plans so that you don’t build your house at the edge of a future freeway.
If you the parcel of land that you purchase is truly vacant, it may not have the necessary utility lines that you’ll need to obtain running water, gas, phones, and electricity. Some vacant land comes equipped with utilities, but you need to do your research to determine what you’re getting yourself into.