While most buyers are in the market for a finished commercial or residential space you might be in the market for the perfect plot of land. Buying land comes with a few unique considerations many of which are covered below.
What Type Of Land Use Do You Desire?
Land can be a profitable investment but first you must determine what you want to purchase the land for. Be sure to check if the land you are looking at is zoned for your needs, the most common zoning and land use criteria are:
- Residential—single or multi-family
- Commercial space—office, retail, or industrial
- Mixed-use residential and commercial
- Parking lot—which requires special licensing
- At home businesses—some of which require specialty licenses
- And more
Do I Need To Have Land Surveyed?
Yes, even once you have identified that the zoning meets your needs and that you can have the appropriate license for the area, you must have the land surveyed. What you are looking for are boundaries, flood risks, placement of overhead power lines, access to essential utilities, and what you will need to fix or invest to get the land ready to develop.
What Is Your Investment Strategy?
Last but not least, you must consider what your investment strategy is when buying land? There is no right or wrong, but you must have a strategy in place.
- Buy and develop to sell
- Buy and develop to rent
- Buy and develop for your own use
- Buy and wait for the value to continue to grow.
Do I Need A Realtor To Buy Land?
Even though you always use a realtor when buying property, you might be tempted to go it alone when buying land. As you can see above, land has a few unique considerations—and your realtor will ensure that all the questions above (and more) are answered.
The last thing you want is to purchase a piece of land that doesn’t meet your needs. If you are in the market for land in Loudoun or Fairfax County reach out to the team at Jerry Sardone Realty today to discuss your land use goals.