If you study the value of investing, you understand the importance of making smart investments. Even if you do not have a working stock portfolio, you know the importance of looking into the investment opportunities that you are considering before you make the plunge.
When it comes to investing in land, buying vacant land is one of the most often misunderstood options in the real estate business. In this article, we’ll address 5 things to know before buying vacant property.
5 Things to Know Before Buying Vacant Property
- Zoning Regulations- One important factor that you will need to know is what the zoning regulations are for your property that you are considering purchasing. There may be specific rules and laws governing the property that you are unaware of. Check with the local city council or zoning regulations board to find out what the zoning rules are in New York.
- History of the land- It’s wise to know what the land was used for in the past before making a decision on whether to purchase the property or not. The reputation of the land is important, too. Find out if the land was ever used for such nefarious activities such as illegal drug manufacturing or other activities. If so, you may want to consider how people will view the property in the future if you purchase it. It is possible to remake a property as well as its reputation through savvy marketing techniques and PR but you will need to consider this as part of your expense.
- What public utilities are available? If you plan to purchase the property to build a house or apartment complexes to rent later, you will need to know what public utilities are available for use if you build a house on the property. You don’t want to make one of the worst mistakes possible by buying a property that you cannot rent due to not having access to important public utilities.
- What is the topography? Understanding the geographical characteristics of your considered property is important. You should find out whether there has been an earthquake, sinkhole, or other acts of nature that have affected the property in the past. You should also investigate whether it is on an elevation and what type of impact that may have on future plans. This information can usually be obtained by contacting a local geological survey company in New York. Another simple way to get this data is to use Google Earth. This will give you a topographical view of the property you are interested in purchasing.
- What is the commercial potential of the property? Before you purchase a vacant property, you will want to find out what the commercial potential is. This is especially true if you plan to rent out the property to a commercial business in New York.
We hope you will benefit from these 5 things to know before buying vacant property. Do some research for yourself in the NY market that you plan to invest in and then give us a call. We know the real estate market backward and forwards and we can recommend a plan of action for your real estate investing ventures. Real estate is one of the most lucrative opportunities out there. Since it involves a lot of money, you need to know what you’re doing and we can help.