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Property Investment: Things to Consider When Buying a Vacant Lot The most misunderstood and overlooked real estate investments worldwide is buying a vacant lot. There are a lot of real estate investors who don’t fully recognize the benefits of owning a land in raw form. Here are the things you need to watch out for if you are planning to purchase a vacant land: 1.Know the future usage of the land you are thinking to purchase. It is only when you know what the land will be used for, the best benefit and value of your money’s worth. Zoning classification helps you get the best value of the land with the help of the local zoning department. Zoning are classified as commercial, industrial, agricultural, residential and mixed use. 2. Take into consideration the topography of the vacant land you are intending to buy, as this is the basis for structural building like your dream house or a business establishment.It is also crucial to check the unpredictable elevations such as cliffs, valleys, mountains, and ravines.
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3. Know your obligation in paying annual tax. It is a general basis that a reasonable annual tax ranges from percent to four percent. Beware of high annual tax imposed on vacant lands, because for some reasons some have a higher tax compared to the actual value of the property.
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4. It is important to also check the availability of public utilities such as power, water, waste, gas, phone and internet service. This is for you to know if reasonable living is possible, so you can build your home in that land someday. 5. Know and understand building setback requirements. Know the vacant land’s exact size and dimensions. You may call the local zoning department for the information. You might also want to inquire about property restrictions that may apply. 6. It may also help knowing and understanding how natural resource rights works and how it affects the land you are intending to buy. The trees or water resources may not be directly yours. There are state laws and governing policies are existing for the legal use of these natural resources, and permissions or special permits are required to be able to utilize them. 7. It will help knowing the previous uses of the land. Contaminants might be embedded beneath the grounds of the land that may pose a major problem for you if you decide to build building or house structures in the future. It affects water system, you and your family’s health and security. 8. Check out the surrounding properties. You would not want your property to be near a chemical or plastic factory compromising you and your family’s welfare and safety. Research and invest in the right vacant lot. For other related articles, you are invited to come and view our website.