There is a lot to know about those three words. Most people would not even know what to ask if they were thinking of a land purchase. I wanted to start this blog with a topic most people would have questions on, and hopefully you will come back often to see what I am talking about. I start with land, because that is where Real Estate starts – with bare land.
In addition, I have talked more about land for sale in the last 2-3 weeks than I have discussed for the past 5 years. What that tells me is that people are starting to look at land again; maybe to build their dream home – maybe as a weekend get-a-way, or maybe even for an investment down the road. Al and I were up in Show Low this past weekend, and we called on a piece of land. It was a 7.5 acre parcel that was fenced and ready for horses, with a well on site and a septic already in place for a 4 bedroom home. The underground electric was buried and a panel was in place on a small shed that stood in the middle of the property – (It was a really nice piece of ground). OK, OK – we were just tire kicking, but that is my point – A lot of people are tire kicking again, and it occurred to me that there is a lot to know about the purchase of ground – so if that interests you, here are some things to consider:
Is the property serviced by city utilities?
Are the utilities on the property, or do they run along the property?
Will the land need a septic and if so, have soil/perc tests been performed?
Are there HOA restrictions or deed restrictions that might prevent you from doing what you plan?
Can a mobile or manufactured home be placed on the land and/or adjoining land?
Is there ingress and egress to the site?
Has it been surveyed?
Can I get financing on bare land?
If I plan to build in the future, should my builder assess the site?
The list goes on and on. These are just some of the things that came to mind.
My dad always said you cannot own too much bare land, and I am not sure that is good advice for everyone – ( He was a farmer and had crops on most of his land) Taxes, HOA fees and other possible holding costs should be considered if you plan to keep the property.
Please give me your feedback or add to the comments