Buying a new property, whether it’s a house, a building, or a piece of land, can be quite stressful if you don’t access it in the right way. There are many cases of people investing a lot of money in such property, only to realize soon after that they have made the wrong choice. Also, others lose their hard earned by dealing with shady characters.
For these reasons, you need to do some personal research on what is required of you before you buy any property. And according to this account, you will find this article useful because it highlights five key factors to consider before buying your next property.
1. Committed Costs
When you buy land to build on, you should expect to spend for additional things, such as insurance, related taxes, survey costs, and so on. These can give you back a large amount of money, especially if you don’t plan and budget carefully for them. Therefore, you should make an accurate calculation of the total expenses and then come up with a solid financial plan to allocate the funds effectively.
Don’t forget to take into account the costs of building your home on the newly purchased property. If you are wondering how to do the process, you can use reliable online cost calculators, such as one of Boutique Home Plans and other reputable websites. These calculators are designed to perform calculations for the costs you will have while building your home. All you have to do is feed it with basic information like the size of the house you plan to build, and it will use this information to accurately calculate the expected costs.
2. Legal Considerations
Before you get possession of land to build, you need to go through all the required legal channels and get the necessary documents. These include:
- Title document
- House plan approval
- Certificate of Land Use
- Certificate of care
- Initial certificate
Additionally, you will require building permits for all the structures you intend to erect. These permits have an underlying framework of standards set by the government that ensures you build robust structures.
Therefore, be prepared for a lot of paperwork. However, this should not prevent you from the buying process because in the long run, the documents ensure that you are making a legal investment. You can contact a reputable real estate broker to guide you through the documentation process.
Before you buy that piece of land, consider its location. Research on factors such as:
- District: Not only focus on the land, but also on the surrounding community. Look at who your future neighbors will be and choose the land in whose social environment you will comfortably fit.
- Security: You don’t want to end up living in an insecure environment. Therefore, consider the security and crime rates of the area.
- Centrality: Unless you intend to stay in remote countryside, you should buy property close to town or other critical amenities and infrastructure, such as schools, hospitals, roads, power grids, water distribution systems and more.
4. Zoning Restrictions
Zoning laws are the statutes that classify an area as either commercial or residential. For your home, you will need a plot of land in a residential area. You can browse zoning records for your plot of land, which you can find online or from the zoning office of the area in which you want to build.
Moreover, research on the long-term land use plans of the area, especially future road construction. This is important because you can build a house on the ground and after a while, the government builds a busy highway right next to your house. Therefore, save yourself all these inconveniences by going through the zoning guidelines.
The size of the land will influence the scope of your projects and the plans you may have for future land development. If you want to build a mansion, you will go for a larger size of land than if you want to build a bungalow. If you plan to breed a horse or two, the land size will also determine if you can have outbuildings, such as a barn. And if a pool is on your wish list, you should consider enough land space for the project.
Buying property to build a farmhouse is one of the most important investments you can make. As the owner, you will be in charge of your belongings and this will give you a sense of liberation. To be successful in your purchase, you need to consider a number of factors, such as the cost of a building, legal considerations, zoning restrictions, land size, and location. Putting all of this into perspective ensures that your newly acquired property meets the needs you’ve been dreaming of for a long time.