Among the most misunderstood and overlooked real estate investments on the planet is vacant land. The good news is that people are now recognizing the superior advantage coupled to buying raw and unexploited land. This explains why custom home building continues to grow in leaps and bounds. There are many factors to consider before buying land, however.
Land can become unbuildable if you turned a blind eye to essential utilities such as sewer systems and water. It is unwise to build without access to modern essentials like electricity, phone and gas lines. Not unless you don’t mind your land losing its value, marketability, and usability, ensure that the property is buildable. If custom home building is what you’ve in mind, it’s important to wipe out anything that stands in the way.
It goes without saying that figuring out the land’s dimensions is crucial. You should call the area’s zoning office to inquire about the designated setback – an imposed requirement that ensures consistency and order is observed in a given location – for that particular land. Will there be enough room for custom home building purposes after factoring-in all regulations and setbacks? Or will the land become useless after taking this into account?
There is a reason why you will never come across a skyscraper next to a landfill, or a shopping mall adjacent to a 200 acre dairy farm. It would not make sense to have such a setting and this is something you need keep in mind when buying land. Regardless of the owner, every jurisdiction likely has a plan – even if a vague one – dictating how land needs to be used. In general, find out any limitation you’ll be up against to help keep any disappointments at bay.
There are parts of the country where land has been vacant for years on end, and the culprit behind all the trouble being flooding problems. What is more, some parcels of land are located in areas prone to flooding. The last thing you want is owning dry land today only for the property to literally go under water the next. Property that faces the risk of flooding isn’t the best as it can also come with costly insurance price tags. Having a water body nearby could take property value a notch higher, but this could also be the genesis of problems. Considering the ramifications will help you make an informed decision.
Buying land for your custom built home is a great idea. Nevertheless, you need to consider the above suggestions prior to breaking ground in Salt Lake City!