Top Five Things to Consider When Buying Land

To say that the current housing market is a buyer’s market would be an understatement. And while the primary focus of the buyer’s market is on existing homes, there is an entire segment of the market that is being eclipsed by great deals on home foreclosures – vacant land. If you have been searching unsuccessfully for an existing home or have always dreamed of building a custom home on a subdivision lot, there are a few things you’ll need to keep in mind when buying land. Here are the top five buying land tips:

Zoning: If you are purchasing a subdivision lot with bylaws, chances are good that your zoning questions will be outlined in the subdivision documents. If not, the zoning may require a little bit more research. It’s important to be as farsighted as possible when considering zoning. Are you interested in opening a home-based business in the future? Might you someday like to add an in-law apartment to your property? You need to make sure that the property is zoned to meet your needs now and in the future. This is something that your custom home builder in Maine can potentially help you with, as they are more familiar with zoning than the average homebuyer.

Future Development: Along the same lines as zoning is future development. You want to consider plans for the area outside the four corners of your property when buying land. Are there any subdivision lots planned for what is now green space? Is there a plan before the planning board to build a strip mall across the street? Keep in mind that any major changes in nearby land, even if they won’t bother you, can devalue your property. Mention any concerns to your general contractor in Maine to see if they have heard anything. Often, they are well informed and have contacts on the planning board of several towns.

Neighborhood Noise: When buying land, you should visit the potential lot at different times of day so that you can get a feel for what it will be like. If you only visit after work, you might miss the fact that during the day a neighbor runs a home daycare or has a dog barking outside for hours at a time. It is possible that during the morning commute, traffic is noisy and congested. These are all things to take into consideration before you make an offer. If you can’t be there at a variety of times, ask your general contractor in Maine for their insight and expertise.

Utilities: Vacant land is vacant land is vacant land – or is it? Some lots, particularly subdivision lots, include utilities at the street or at the lot. Undeveloped wooded lots most likely do not. You need to take into consideration what the time and cost will be to bring utilities into the lot, based on the lot’s building envelope. A lot that is $20,000 cheaper than comparable properties actually isn’t if it requires that you bring the utilities 1,000 feet from the street to the building envelope. Once you find a parcel that interests you, it is worth a phone call to your general contractor in Maine if you are unsure about the utilities.

Easements: If you are purchasing a subdivision lot, most likely any and all easements will be clearly spelled out. When buying land that has been broken off from another piece over time, you want to be more cautious. This is especially important if your land has no road frontage or is adjacent to a parcel that has none. Obviously, an easement would be required to access the parcel without road frontage. There are many different types of easements, some more intrusive than others, that may be spelled out in a deed. If there is a question and an easement does not appear in a deed but your land is clearly being used to access another property, you’ll want to look into that when buying land prior to closing.

When buying land, the biggest mistake you can make is thinking that a lot is just dirt. Vacant land has many intangibles that go along with it that should not be overlooked. But if you keep these buying land tips in mind and work with a general contractor in Maine, you should be able to find a parcel of land worthy of the dream house you will build on it.