Buying a property is a significant investment, whether it is a piece of land in a gated community or a townhouse in the city. When you’re purchasing land, there are some things to consider. Among what to know before buying land are the mistakes you must avoid. In particular, you should avoid the following mistakes:
Buying Too Small of a Lot
Purchasing too little land can lead to many problems down the line, such as not having enough room for all the desired features and not having enough land to develop in the future. If you have plans to construct a home on the land, you must ensure that the available lots are large enough to take care of your current and future needs.
Buying Too Large of a Lot
If it is your first time buying land, you might be tempted to buy more land than you need. Large parcels of land are generally more expensive to purchase, maintain and insure than smaller lots. In addition, the cost of utilities, such as water and sewer, can be higher for large lots. Furthermore, large lots may require more time and money to develop. The bottom line is to buy a piece of property that is the ideal size for your family.
Looking at a Lot at the Wrong Time of Year
Depending on where you live, the climate and seasons can considerably affect the land’s condition. You may not get an accurate sense of its condition if you look at a lot during a particularly wet season.
You may find that the lot is much drier in the spring or summer, which could impact the kind of structure you can erect on it, not to mention missing key features of the property that may indicate where to place drainage around your home. Looking at a lot at the wrong time of year can lead to poor decisions that cost you more money in the long run.
Not Walking the Entire Lot
When looking to purchase land, it is essential to remember to walk the entire lot. Doing so will enable you to see the entire piece of property and decide whether it will fit your building needs.
You can walk around the lot and take photos and videos to understand better what you are looking at. Doing this will give you a clear picture of the boundary lines, which helps to determine the footprint of your home.
While you’re at it, walk around the neighborhood! Get a feel for the homes in the area and experience the community to see if you are a fit.
>Not Understanding the Covenants or Restrictions Ahead of Time
Covenants and restrictions are among the most important things to know when buying a piece of property. Failure to understand them can lead to potential problems in the future. Covenants are promises to do or not do something on the land, such as not building a pool or cutting down certain trees.
Restrictions are limits on what can be done on the land, such as how far from the property line you can set your garage, for example. Not understanding these can lead to costly mistakes and even legal issues. For example, you can find out whether there is an HOA you need to join and whether you can build any type of house on your lot.
Find the Perfect Lot
Land is an expensive investment and avoiding the above mistakes can ensure you get the right piece of land for your home.
If you are looking to buy a lot in a gated community, look no further than The Reserve at Leonard Farms. Contact us today for free consultation.
