Buying a piece of property has its fair share of benefits, but for some, buying land or an empty lot is the way to go. When you buy a house, it’s probably because you want to live in it. With land, however, you can choose to build your own home from the ground up, use the property as a long term investment, or even start up some kind of business.
Buying property also brings about several issues that aren’t normally faced when buying a house. Sometimes there are restrictions on an empty lot, and you may not be able to build a house on it at all.
Whatever you intend to do with it, there’s a lot to learn before investing in property. Here are some things you need to know:
1. Location, location, location. Everyone knows that this old adage is timeless real estate advice. It doesn’t matter why you’re buying a piece of property; nothing is more important than where it’s located. If the property is meant to be an investment, don’t buy land that has no resale value. If you want to start a business, don’t buy property that’s too far from potential customers. And obviously, if you want to buy a house, don’t buy land that you can’t build on.
2. Know the costs. Real estate is an investment of your time and finances. Naturally, the more effort you spend in the preparation, the more ready you’ll be to spend your money effectively. For instance, you should consider title insurance, which is meant to protect owners and lenders from property loss or damages as incurred by liens, encumbrances, or defects in the property.
3. Restrictions. Restrictions are most common in zoning laws, which are laws that govern what can and cannot be done with the land. They’re what prevent a McDonald’s from opening up in your backyard. Figuring out the basics of zoning laws is easier than it sounds, and you can find a zoning office in any US county. You can also look them up online.
The more research you put into buying a piece of property, the more likely you will be to get what you want out of it whether it’s a return on an investment, a plot of land for the dream home you’ve always wanted to build, or a perfect place for your grand business idea.
If you were to buy property, what would you want to do with it?
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