Buying a residential plot may look daunting, but if you analyze your needs and requirements and determine which types of land are most suitable for the home you plan to build, then it will not bother you at all. You should make a list of all features that you want on your land, such as a great view, privacy, or a waterfront building site.
If you are planning to take a loan, contact a mortgage broker or bank loan officer to take an idea about how much you can afford. If you are planning to build straight away then you must get an idea of construction loan too.
Buying Tips for Residential Lands Before purchasing residential land you must enquire the following things:
- Community Water & Sewer Connections: Before purchasing a land you must find out that the community water and sewer facilities are available on that plot or not.
- Electricity & Phone Connections: You must check the availability of electricity and phone services are on that land. If cable service is your priority then you should also check it.
- Accessibility: The land you are buying should be easily accessible by a public road. If not so, then there should be a deeded right-of-way in place for land not accessible by a public road. The deed will provide you the legal right to access the land. There should also be a road maintenance agreement. Apart from it the land should be close to your work, schools, hospitals, shopping, public transportation, police protection, parks, etc.
- Go Through The Deed: You must check the property's deed restrictions in order to ensure that the type of residence you want to build is allowed or not. You should ask for a copy of the restrictive covenants to find the restrictions for minimum house size, and other limitations, like whether other structures are allowed or not.
- Neighborhood: The neighborhood of your land should suit your life pattern and your mood. It should be safe as well as comfortable. Try to avoid the industrial areas and commercial areas etc. A factory or a railway terminal may not be a good neighbor. You should also ensure that there are no factories, dumps, highways, railroads, apartments, airports, etc. There shouldn't be any hazard in the nearby locations, like quarries, storage tanks, power stations, unprotected water bodied, rail tracks, etc.
- Encumbrances: You must be aware if your property have any encumbrance. It gives a right to the property by a third party, however, it does not prevent transfer of title. In any such case their should be a proper agreement among both parties. The common encumbrances include Unpaid taxes and assessments, Mortgages, Lease of the property, Easement, Deed restriction, etc.