Buying undeveloped land is often a good investment. Purchasing a vacant lot allows you to create the home of your dreams or put a new house on speculation and sell it someone else at a profit. Before you buy, there are several factors you may wish to take into account.
Any vacant lot should be carefully examined to determine if the lot has the necessary infrastructure in place first. Infrastructure include access to clean water, plumbing lines, electrical power, sewage services and other basic services. The lot may have such basic structures in place already. If not, contact local area power authorities to find out about potential costs. For example, if you live in Alberta, Canada, get in touch with Alberta Water Services for an estimate of how much you can expect to pay for water each month. If you have a business, you’ll be more interested in Calgary commercial plumbing.
Proximity to Houses and Other Structures
Look closely at the vacant lot. Examine the lot plans on a map. Note how closely any properties are nearby. If possible, get out to the lot yourself. See where the nearest houses are to it. Run a thorough check of any other structures near the properly such as railroad tracks and power lines. You don’t want to get stuck with a property that is next to a potential health or noise hazard.
The property should also be examined closely for any features that aren’t readily apparent by looking at it on a map. Take close note of the slope of the lot. A lot with a steep slope can be far harder to develop. Only a fraction of the land may be appropriate for house placement. The rest may be in danger of flooding as a result of the slop. The lot’s vegetation should also be examined. Sometimes a lot may have dangerous and invasive vegetation that may require a professional to remove.
Zoning laws are laws dictating how the property can be used. Some places have stiffer zoning laws than other places. A town may permit houses to be developed only on a lot of a certain size. Find out if the property is located in a zone where commercial development is permitted. Some towns limit commercial development to certain areas. Make sure the lot has the right zoning for the development you envision.
Careful investigation of any property is highly important. Take the time you need to make sure you’re making the right decision before you buy.