If you are looking to invest in a vacant lot, there are a lot of decisions that need to be made.
First of all, are you interested in renting it out, building a house, or starting a business? If it’s one of the three, there are likely different local ordinances and zoning laws you need to comply with in order to move ahead with your purchase.
What To Consider
When looking at a vacant lot, it is important to consider its location. Once you know what type of land is available and what your options are, determine if the location is suitable for what you need.
For example, if you want to build a home but the land is zoned commercially, you will find yourself with a plot of land that you can’t build on. After finding the right piece of land, be sure to have it surveyed and take into account the costs of utilities and other building materials.
Finding A Builder
To find a builder for your project, it is a good idea to expand your options by opening up the project for competitive bids. This will allow you to get the best quality for your money.
An experienced and trusted builder will also be extremely useful in securing permits you need to do anything you want on your property. For example, everything from wells to septic systems will need a permit from the local government. With an experienced contractor to work with, no step will be overlooked and you will be able to get the home or business building you want while staying within all of the local laws and regulations that apply to your parcel of land.
One of the most stressful parts of building on a vacant lot is getting permits and following the rules when it comes to where and how to build up your land. Luckily, your contractor will take care of this process and inform you of any setback laws that would restrict the building of decks, pools or other areas on your property.
Beginning Your Project
As your project begins, make sure you are following all applicable zoning laws. Building codes will make it so your building is structurally sound and up to par in case any disasters—such as fires or earthquakes—occur.
While you are in the process of building up your lot, be sure to work with an expert for different types of insurance that will help protect your investment. The last thing you want is to complete construction only to have something happen beyond your control that can damage your property while not being insured.
If you have any questions about the process for building on a vacant lot, be sure to get in touch with a real estate consulting firm that will work with you to identify your needs and goals and help those goals get accomplished. Even if you are an expert in building up land from nothing, you will benefit from the knowledge and insight from a team that knows the local area and will help you get the job done.