Tips to Invest in Land
You might be thinking about buying your first piece of land. You’re going through a transitional phase where you want to own property to build a brand or settle down with a family. Think about what you’re doing before you some property. Here are some tips to help you invest in quality land.
Know What You Want to Do With the Land
Have a purpose for investing in a piece of land. Do you want to get some land to build a brick-and-mortar business? Maybe you want some land to give to your kids after you retire.
It might be another property you have to rent to other people. Be clear on what you want to do with the property before buying it. It’ll make things easier to narrow down your search to help you make the best use of your investment.
Investigate the Property
You don’t want to buy something only to find out the problems later. Take some time to walk through the property to get a personal view of everything. If you can’t do that right away, you can go through Google Earth, topography maps, and other online avenues before you see the physical place.
Here are some things to check while you investigate the property:
- The shape of the property
- Surrounding properties
- Potential drainage issues
While a satellite image can help you get a preview of the property, it’s better to be there to touch and see everything in person. Also, you’ll get a better gauge on how much you need to invest in the home before it becomes habitable.
If the price is too high, it’s not worth buying because of the renovation costs. Doing this ahead of time can save you from unnecessary expenses later. Also, you can see whether or not it’s safe to live there because you can look at the flood levels.
Understanding the Zoning Codes
Speak to the local government office about the zoning regulations in the city you want to have your property. Maybe there are specifications to the height and width of the building you want on your new land. Also, make sure you’re not purchasing property near a private road.
You never know if it’s tied to a government ordinance, which would limit how you utilize the land. It’ll also help you determine if the property would be better for short or long-term investment opportunities.
Talk to your realtor to see what property would work best for your purpose.