5 THINGS EVERY LAND BUYER SHOULD CONSIDER
Investing in land in today’s economy is a sound investment. We have all seen inflation spiral out of control because the government and federal reserve can just keep printing money. No one can make more land. There is only a finite amount left and when it’s gone, it’s gone! As more land is bought up and the supply decreases, its value rises. Supply and demand at its finest. Here’s a Top 5 list on things to consider before buying land:
5 – IS THE PROPERTY BUILDABLE?
Is the land flat enough to build a structure on? Is it cleared or overgrown? Could you build a home there if you wanted to? There is no point in buying land on a massive slope or rolling hills if you’re looking to build on it. If you are just looking for a camping or hunting/fishing spot, is that allowed? Also, check with the county to see if the land is zoned for residential. Most counties have all the information you would ever need to make an informed decision before buying the land of your dreams.
4 – DOES THE LAND HAVE WATER/UTILITIES?
Buying land in the desert, or the middle of nowhere, offers some great deals. If it has no access to water or utilities, you need to make sure it is the right fit for what you are wanting to use it for. You can drill a well almost anywhere these days, or even have water shipped in. Always be sure to check the rules and regulations for your county and what the status of utilities are in the area, specifically water!
3 – IS LAND A GOOD INVESTMENT?
When buying land purely for investment purposes there are several things to take into account. The biggest is the current growth of the area, or how easily accessible it is from a metro area. For example: if you buy land now in Arizona (40 miles outside of Phoenix), with the current growth rate, you can be sure that your land will be worth considerably more in ten years. If you buy land that is less accessible, hundreds of miles from a metro area, that won’t always be the case.
2 – ARE THERE ANY RESTRICTIONS ON YOUR LAND?
If you are thinking about buying land for hunting, fishing, or agriculture, it’s essential to check with your county to see what is allowed. Buying a piece of land for hunting, only to find out there is a ban on hunting in that county, would be a huge waste of time and money.
1 – ACCESS, ACCESS, ACCESS!
The absolute biggest thing to consider when buying a piece of land is how accessible it is. How will you get to the property? Does it have a paved or gravel road that allows easy access? Can you only get there via 4×4 vehicle, or hiking? Is the land close to a freeway or major road? Is the property fenced or gated? You must check the accessibility of the property before buying to make sure it fits your intended purpose for the land.