subject: Factors To Consider When Purchasing The Best Vacant Land [print this page] People purchase land for many reasonsPeople purchase land for many reasons. Some people buy land because they want want to build a home. However, that is not the only reason to buy a piece of vacant land. A lot of people now see it as an alternative investment to property. Purchasing land is a safe investment, and is preferred to splurging finances on shares or putting it all in the property market. Investment in land actually relieves you of duties like performing home inspection, checking the quality of materials that is used in construction etc. Whatever is your purpose, in order to to buy vacant land you should keep in mind all the following aspects:
Location:
The first obvious factor to consider before buying vacant land is location. For residential purposes, the land should ideally be located at some well established residential area where all the amenities are easily available. It should not be situated at some busy road (vice versa if you are planning to use the land for commercial purpose). Ensure there are roads in place (or at least under construction) for easy access. If you are purchasing land for a second home, try getting your hands on some land at a holiday hot spot, such as hill stations or countrysides. Today there are various great pieces of land for sale that can fulfill and in many cases exceed your expectations.
Natural Hazards & Quality of soil:
If you are buying a vacant land for sale then lookout for natural hazards that include fault zones for flooding, earth quakes, fires and the likes. It is advisable to research on the history of earthquakes or floods in that particular area or you can demand a natural hazard disclosure. People these days are getting wary of earthquake fault zones or places that are vulnerable to some potential natural calamities like floods or hurricanes. Another thing you need to look for is for the soil type (Cohesive,Granular etc), because it plays an important role in the cost of construction and stability of the building in future.
Price & Appraisal:
Like property appraisals, land appraisal is basically an expert estimation of the price of land. A professional appraiser will do a proper evaluation of the land from all aspects including land quality, location, soil type, access, easements, etc. to calculate the value of land. They will also compare the price with the sales that took place recently in the nearest location. But always keep in mind that the price determined by an appraiser is just an expert opinion and can be flawed.
Also, when trying to find out the best land for sale do not ignore the legal permits like title insurance, warranty deed or zonal requirements. Although it is advisable to take help from a real estate broker if you are not experienced enough.
