When buying land in [martket_city], it is imperative you keep a few things in mind. Not all lots are the same, and some can have features that can become very expensive to deal with. In our latest post, we explore what to watch out for when buying land in Philadelphia.
Buying land is a bit different than other real estate purchases. There is less data to go off of and fewer experts to work with. Delaware Valley Real Estate Investors, LLC is a land expert in Philadelphia and we can help you whether you are looking to buy or sell land in the area. Here are just a few things to do before you buy.
Working With People Who Aren’t Land Specialists
While most agents can help you buy many different types of properties, you will want to make sure that if you choose to hire an agent, that they are a land professional. Land specialists will have a better understanding of environments impacts, how to handle them, development nearby and the inside track on the best developers to work with.
Make Sure Your Financing Is Lined Up
You will need to have your financing in place before you buy. While it is critical to get pre-approved before any financed purchase, you will likely want to have the funds immediately available so you can close quickly. Many land transactions are done in cash. It is very likely that someone will make a competitive bid on a lot you want, with the ability to pay in cash and close in only a few days. You wouldn’t want to miss out on a lot you want because your financing was tied up in red tape at the bank.
It is not uncommon for people to buy a lot with the assumption they will be able to build, only to find out that it isn’t possible. Depending on where you live, there are protected animals and plants, that if found on your lot, can immediately prohibit all development. In some cases, you can be prohibited from building if the animal is found nearby. Other things to consider are bad soil and relation to flood zones. If the dirt is sandy, or not capable of holding a structure up, you might have a problem! Make sure to do your homework before you buy!
Easements allow other to have access to parts of your land for their convenience. This might be for utilities, or if a neighbor needs the ability to cross your land to access theirs. Before you buy, learn about what, if any, easements are in place on the land you wish to buy.
Restrictions On Future Development
If you are buying land for development, think about not only what you want to build now, but what you might want to add down the road. Will you be able to add an addition? A pool? A shed? You don’t want to buy and develop a property only to find you are limited on what you can do with it.
Be A Nosy Neighbor
If ever there was a time to be a nosy neighbor, this is it. Find out who and what is located around you. Check out the neighborhood, talking to anyone you can. Ask them if they know why the land is for sale in the first place. What they think of the area. If they have heard anything about zoning changes or new development.
Before buying land in Philadelphia or the surrounding areas make sure to do your homework. Work with local trusted professionals such as Delaware Valley Real Estate Investors, LLC to ensure you are dealing with knowledgeable land professionals.