In Addition to these Data-driven Expansions
Take photos and find the boundaries of your property. Research your land. Find out what the land last sold for and check with area zoning departments to verify how your property is zoned. If it is residential or commercial, find out if there are restrictions regarding the types of buildings allowed. If it is zoned agricultural, what crops can be grown and what livestock are allowed? Talk to regional development agencies to get information about development forecasts, planned roads, utility extensions and building costs. Be sure to look for any signs of hazardous waste. Also look at the land parcels around you. Research the area. Is it growing or losing population? Should you adored this informative article and you want to receive guidance with regards to How to find a 2 month condo in bangkok? kindly visit our web-site.
For example, you might want to know more about obtaining an option to purchase, which gives a land developer the right to buy raw land at a set date at a set price by making a non-refundable deposit. He or she can check to make sure the land you want is free of pending court action, that the seller has clear title to the property and that there are no access issues. Changing demographics, a shaky economy or other uncontrollable factors must be weighed. A real estate attorney can also be helpful. Timing can be everything when developing raw land.
Don’t get so attached to your land parcel that you make the wrong move. Can raw land be financed? Banks generally consider raw land purchases to be speculative investments, so they may not be willing to finance them. There will be other days — and other parcels — available. Your best option is likely seller financing, as they may accept a lower down payment and offer a lower interest rate. You can also look into local lenders or a home equity loan as options for financing a raw land purchase.
A thorough investigation of the raw land will be well worth it. Ask her how long she’s owned the property, why she’s selling it and about other key issues, such as taxes and financing options. Before you invest your hard-earned cash, make sure you like everything about the land and that there aren’t any reasons you wouldn’t want to buy it. Ask them questions about the property and what they like and dislike about the area. Visit with the neighbors. The more you research, the fewer surprises you’ll have later. Doing so will also allow you to get to know them so you can determine if they’re the kind of neighbors you want to be around. The seller knows the property best and is a great source of information.
Good drainage is important, as well as contour and grading. Climate, air quality, water supply and the presence of hazardous materials can help determine the worth of your raw land. A good view, however, can be a double-edged sword. The raw land may look beautiful, but be sure to search for problems hidden beneath the surface, literally. It can add value, but also be costly when you develop the land. Buried toxic waste in leaking underground storage tanks, old wells and septic systems, underground pipes and cemeteries are all potential problems. And while you might see the rocks above-ground that need to be removed, you might not see the huge boulders lurking below that could prevent you from digging a basement for your new home. And of course the environment affects value.
If purchased for fishing, you need to locate streams and lakes. A development plan with blueprints can help to justify the loan. It’s also important if you intend to apply for financing through your bank. If you want to use your raw land purchase for investment, at what point will you consider your investment a success? What is raw land? Planning isn’t just for your benefit. Raw land is property in its natural state. The lender will want to know this information before granting loan approval.
