Florida Land Pre-purchase Preparations

The potential opportunities for making the most of land investments in Florida are as endless as the associated benefits

. It is understandable to see why this key location continues to attract millions of visitors and people intent on re-location to the sunshine state.

Benefits of investing in land in Florida include the prices, currently at the lowest they are ever expected to be. Investing in land is a safe opportunity, where the high demand and limited supply allow for continuous capital growth potential. Gains increase as once a house has been constructed on the land, the value of the property increases dramatically.

Management and maintenance costs associated with land is favourable for foreign investors, as no further costs are connected to the property until planning for construction begins. This need can be eliminated completely if the plot is to be re-sold prior to building. The high demand for property and land in Florida is evident from the incredible population growth rate, assisted by the preferable lifestyle benefits of Florida and its strong employment opportunities.

Research is essential for making an informed land purchase. Preparation prior to purchasing should include the buyers understanding of intentions for the land. Some investors wish to sit on the land for a specific time period, whether it is long or short term, waiting for the value to appreciate and re-sell the plot as the supply wanes and the demand sky rockets. Others plan to construct, enabling greater returns in a shorter time frame.

Construction enables the buyer a full selection of design opportunities using either set plans from local builders, or releasing free reign of personal architectural flair and design. The type of constructions will vary depending on the intended use of the property, from a personal home as a lifestyle investment, to a buy-to-let property featuring the design and style most attractive to the local areas typical preferences in the rental market.

Many of the basic research requirements when considering a land purchase in Florida include the position of the land being ideal for the intended purchase. The connection of mains water and electricity is important, as it could affect the possibility of having a building permit issued. If the connections do not reach the plot to be purchased, it is recommended that a stipulation in the purchasing contract is created to ensure alternative measures enable future construction.

Restrictions on building requirements should be considered. Time frames for the commencement and completion of construction may be legally outlined, which could affect buyers wishing to hold onto their land purchase for a considerable amount of time prior to building.

Associated costs to land purchases are important, as buyers should always enable an allowance for any unexpected costs. Construction costs vary throughout the country and especially in relation to the quality and size of the property to be built. As a general guidance, construction costs average around US$100 per square foot, or just over US$1000 per square metre.

After placing all of the consideration for purchasing land in Florida into perspective, finding a reputable company to assist with the search is essential. Sourcing a company featuring a distinctive service, designed to assist foreign property investors find the land best suited to their requirements is essential.

by: Melissa Chappell

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