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Vital Tips on How to Evaluate a Building Lot
Finding a piece of land that meets all your expectations is relatively easy compared to the work that should be undertaken from there. This is assessing the value of the building lot by doing some independent preliminary research. If you are to stand a chance in making the right decision, you ought to know the kind of questions to ask. Here are just a couple of tips that can be useful in informing your decision.
Most of the questions are usually to ascertain whether the lot is buildable. Buying a building site is a considerable investment, and you have to be sure and right the first time. Real estate is where people can make expensive mistakes if they are not keen and if they do not endeavor to do their research before deciding to move on with the purchase.
An excellent place you should begin your research is by asking the seller or their agent all the questions you might have. You could start by asking whether the lot is buildable. You should inquire about the tests that have been conducted on the lot and if the flow rate is adequate. Inquire if there are any issues, including encroachment that may adversely affect the value of the property. This is also the right time to inquire about boundary markers and obtain a survey report if you can get your hands on one. Once you have the survey report, you can scout for areas that may negatively affect the value of the lot. These are like low lying areas or wet areas.
Most people underestimate the usefulness of surveys, especially if the land in question is not a development. In the latter case, there will be a map and survey report available. If the land is vacant, you should inquire whether there has been a recent survey that has been recorded at the registrar’s office. In most cases, a copy will be fronted to you for a nominal fee.
You should also evaluate at a personal level if the piece of land is worth your investment. You should assess the risk factors and see if it may prove to be successful. In some cases, you can do some repairs to make a lot of buildable, but this will mean spending more money. You could opt to divert surface water or hire some experts to manage a seasonally high groundwater level.
You ought to do your research before opting to put money into buying a lot. It is highly recommended that you obtain written assurances from town officials regarding the site. You should also have a lawyer review it. Any verbal communication from town officials should be treated as non-binding until you obtain all the required approvals.
A lot may be buildable, but you could assess that it may not be worth your time and money. This decision may end up saving you lots of money in the long run. You will never run out of options if you are patient and meticulous.