Sunday, December 28, 2008
Benefits to Buying Land
The further away from the city, the cheaper the acreage.As for agricultural land away from the city,its a different story.Many people buy land because they want to build a custom home to their own specifications.They also want clean air quality and more space.Some even prefer their own land for farming,gardening and rearing livestocks.If you concerned about the environment ,wide open areas without trees shading the house are perfect settings in which to install solar panels.
Drawbacks to Buying Land
Finding skilled craftsman willing to travel might be difficult.Some might not show up as promised and may want higher wages to compensate for the distance.Transporting building materials and paying for delivery will likely cost more over building a home in the city.
Although modern conveniences are available, they aren't always reliable in the middle of nowhere, which is why many home owners in the country use generators as a back up when utilities fail. Going into town for groceries and other shopping needs generally requires planning and long trips. If it snows, and the roads aren't promptly plowed, you could be snowed in for days.
Renting Before Buying Land
If you are unfamiliar with an area, it might be a good idea to rent a home first before buying the land and beginning construction. As a new resident, you can get to know the community first hand and hear stories from local owners.
Resale value is often softer in the country than the city.If demand is low and supply is high, home prices will be more negotiable. As a tenant, you can try to time the real estate market and be ready to buy that parcel of land when it first becomes available.
Factors to Consider Before Buying Land
* Zoning Requirements
Check with local authorities either city, county or state to determine zoning ordinances and whether you can build the type of home you want before committing to buying the land.Ask about future zoning, whether there are plans to build cities,shopping centers or airports which will increase the land value or conversely.
* Smells and Sounds
In cities, There is gas smell and noisy sound from vehicles and busy cities.On the other hand,there is odors and sounds from animals if there are farms nearby such as pig farms and other farms for live stocks.
* Natural Hazards
Obtain a natural hazard disclosure and look for soil problems. A disclosure will tell you if the land is a protected habitat, which would prohibit building. Is the area a known fire hazard? Is the fire department supported solely by volunteers? Many owners in the country maintain private ponds for fire emergencies.
If the land is located near hills, how likely is the land to move? Some slab foundations can crack if the land is unstable. Find out if your parcel lies within the path of a potential landslide. For construction near bodies of water, you might want to consider building a raised foundation and make sure to buy flood insurance. If the land was once a swamp, ask neighbors about the condition of their foundations.
If access to your land is provided by driving across an adjoining parcel, you should obtain an easement and make sure it is recorded. Find out who maintains the roads and what your prorata share might cost for upkeep. What rights do neighbors have to cross your land? Are the boundaries clearly marked? Obtain title insurance, which will disclose easements and restrictive covenants or conditions. You might want to order a survey of the land.
Water is important. Not all water is potable. Sometimes water rights don't "run with the land," which would mean you could not dig a well. Find out the depth of your water table and determine the difficulty of digging. Is the ground mostly rock? It can be costly to bring electricity, telephone or cable services to the property if they are not already established nearby. Will you need to install a propane tank? Consider a generator for back-up during power outages. If you cannot hook up to a sewer, what will it cost to install a septic system?
It's common to pay cash for land. If you're not planning to finance the land purchase through a conventional lender, which will require a lender appraisal, then obtain your own appraisal to determine an appropriate price before making an offer. Comparable sales are sometimes difficult to find when buying land.