If you are in the market for vacant land for commercial or residential use, keeping the following questions in mind will help you to make an informed decision:
Is the perimeter clearly indicated?
Corners of the property on vacant land are usually marked with tall sticks or flags. If the land is in a neighborhood, perimeter is usually identified with the surrounding structures. If corners of the lot aren’t easily identified, it’s important to get a specific indication on where the boundaries lie before submitting an offer.
Is there an HOA and is the zoning appropriate?
Ensure that the parcel in question has proper zoning for your specific use. Review CC&R’s to ensure HOA doesn’t have specific square footage or other requirements for vacant land that might affect your future build.
Do I need a preliminary title report?
Absolutely. Preliminary title reports are vital when purchasing. This will tell you if the vacant land has any title defects, liens or encumbrances before considering this land for purchase.
Which utilities exist on the property?
Find out what utilities are available and which ones need to be installed on the property. Special permitting may apply to some utilities. Take the cost into account when considering your prospective purchase.
Do I need soil reports?
A soil sample will analyze nutrient content, composition, acidity, pH level and other characteristics of the soil in question. It is important to have this assessment to ensure that the soil does not contain anything that will hinder or prevent your build.
Lisamarie Wand specializes in residential real estate, commercial real estate and property management. You can contact her here with any questions.