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A Quick Guide to Buying Land

Written by Posted On Thursday, 17 January 2019 05:18
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Land can be a fantastic investment, though it is not a short-term investment, it will pay-off it you buy a good plot. Many other people buy land but in remote areas, these buyers are looking to setup a homestead for their families. Purchasing land is a lot more straightforward than it is to buy property, there are a lot less things to worry about.

Here are my top tips for buying a plot of land:

  • Be clear on why you are buying land

Before buying, you need to know the reasons behind buying it. Is it an investment, to build properties, farming? Knowing this in the early stages, you will be very clear on what type of land you need. Land is zoned off into different sections such as agricultural, commercial or residential. It is possible to re-zone a land plot, but this takes time, so knowing this beforehand will determine what sort of land you buy.buying and to build on

  • Get familiar with different types of land

Aside from zones, there is also other different types of land. Greenfield land means a plot that is completely undeveloped or built on. Brownfield land has been built on previously, this can be a plus, since you know the underground soil can carry the weight of buildings. The two of these types of land can vary massively in terms of law and what can and cannot be built, so make sure you know what the differences are.

  • Research the markets

Although land isn’t particularly a crowded industry, the land prices can vary massively. A plot of land near an urban area could cost $15,000, whereas if you buy land in Ontario, it could fetch just $3000. Location matters a lot in terms of land prices. So, it is best to shop around, or even get a land broker, they do exist!

  • Focus on land with potential growth

As the old saying goes, “location, location, location”. Are you looking to build properties to rent out? Then you will need access to local transportation networks, such as trains, busses or trams. Wanting to build a rural homestead for the family? A rural plot would suit you much better than an urban plot. Either way, spend time getting to know the location around the plot before making a purchase decision.

  • Check for planning permission

As I said earlier, some plots may be zoned off already for residential use. Some plots are sold with planning permission already granted, some are not. You will need to locate the local authorities and have them print off clear details of what can and cannot be built. There have been horror stories of companies buying land for large developments only to find out they cannot build, don’t let this be you!

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  • Get the land surveyed

It may not look like the land needs a certified surveyor, but there can be hidden dangers. The hidden snags that the human eye cannot see until tis too late such as; flood risks, rights of passage, overhead power lines and more! So its best to get it surveyed before making any kind of decision.

  • Double check land where it begins and ends

Verify where the land begins and ends, this is because sometimes, and it has happened… the owners retain a part of the land to the access and hold it for ransom so no building work can be carried out unless “ransom” is paid.

  • Treat it as a long-term investment

Nothing is fast when it comes to land investment, always treat it as if it were a long investment. With the permission that need acquiring for certain things, these do take time such as building and planning applications.

  • Work with real estate land investors

It’s not easy when you first start out and aren’t aware of much of the process. This is where land brokers or realtors come into it. You can deal with them face-to-face or over the phone. They will contain much of the knowledge for you, so you don’t have to spend your time dealing with difficult matters you barely understand.

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