If you’re thinking of purchasing land for sale, there are a few things you should take into account before making your decision.
When you find land for sale that you’re interested in, it’s important to do your due diligence before making an offer.
This means getting a thorough understanding of the property, including its size, boundaries, zoning and any easements that may be in place. You should also research the local area to see if there are any plans for future development that could impact the value of the land.
Once you have a good understanding of the land, you can begin the process of conveyancing.
This is when a legal professional will help to finalise the sale and transfer of ownership.
By doing your due diligence and engaging a conveyancer, you can help to ensure that the purchase of land goes smoothly.
So, what are the three key things you need to keep in mind when purchasing land for sale?
We break them down below…
1. Size of the lot – is it big enough for your needs?
Purchasing land is a big decision that requires careful consideration of many factors. One of the most important factors to consider is the size of the land. This is especially important when purchasing land for sale, as the size of the land will dictate what can be done with it.
For example, if you are purchasing land for a residential property, you will need to make sure that the land is large enough to accommodate the house and all of its associated features (e.g. driveway, garden, etc.). Similarly, if you are purchasing land for a commercial or industrial property, you will need to make sure that the land is large enough to accommodate the building and all of its associated parking and storage requirements.
Failure to consider the size of the land can lead to problems down the line, so it is always best to err on the side of caution and purchase a larger plot of land than you think you will need.
When looking at land for sale, it’s important to consider any easements that may be attached to the land. An easement is a legal right to use someone else’s land for a specific purpose, and they can take different forms.
For example, there may be an easement granting a neighbour the right to access your land in order to maintain their property. Or there may be an easement for a utility company to run power lines or water pipes across your land.
These easements can have a significant impact on the use of your land, so it’s important to be aware of them before you purchase.
You can usually find out about easements by checking the title deeds or contacting the local council. If you’re unsure, it’s always best to seek legal advice from a conveyancing professional.
2. Location of the lot – is it in a desirable area, or too remote for your liking?
When purchasing land for sale, it is important to consider the location of the lot. The land title will indicate whether the land is freehold or leasehold. If the land is leasehold, the length of the lease and the terms of the lease should be considered.
It is also important to consider the surrounding area when purchasing land for sale. For example, if you are purchasing land for a residential property, you will want to make sure that the land is in a desirable neighbourhood with good schools and amenities nearby.
If you are purchasing land for a commercial or industrial property, you will want to make sure that the land is located in an area where there is a demand for the type of business you are planning to run.
The location of the land can have a significant impact on its value, so it is important to choose carefully.
You should also consider any future developments that are occurring around the area where the land is.
For example, are their new roads or facilities being built in the area?
These can have a positive or negative impact on the land, depending on your needs.
3. Zoning of the lot – can you build on it what you want, or are there restrictions in place that you don’t like?
Purchasing land can be a great investment, but it’s important to do your homework before you buy. One of the things you’ll need to consider is zoning. Zoning laws determine how land can be used, and they can vary significantly from one area to another.
For example, some land may be zoned for residential use, while others may be zoned for commercial or industrial use. Before you purchase land for sale, it’s important to find out what the zoning laws are in the area.
This information is typically available through the local planning department or the conveyancing solicitor handling the sale.
Once you know what the zoning restrictions are, you can decide whether the land is suitable for your needs. Failure to comply with zoning regulations can result in hefty fines, so it’s always best to err on the side of caution.
Pre-Purchase Contract Reviews That Help You Determine If The Land For Sale Is Right For You
When you’re ready to buy land, it’s important to have a professional conveyancer review the contract prior to signing. They will check for things like easements, restrictions, and zoning regulations that could impact your use of the land.
They will also make sure that the contract is fair and reasonable, and that you understand all of the terms and conditions.
Buying land is a big decision, so it’s important to make sure that you’re getting what you want. A conveyancing professional can help you do just that.
Contact the team at Tick Box Conveyancing for assistance with buying land for sale today.