To Buy or To Build – 4 Things to Consider When Buying Vacant Land
When you decide to buy vacant land to build your dream home it can be an exciting time. But there are risks you take, as well. If you’re not sure exactly what type of land you need or where you should get it, you’ll want to talk with a real estate agent who is well-versed in buying land for building purposes. That way you can make the best choice for your specific needs. Here are four things you should consider before you put in an offer on that piece of vacant land you found.
1. Does the Price Match the Value?
The price of the lot is important, but it may not be all you want to look at where finances are concerned. You need good value, as well, and that generally comes from having a piece of land in a good location. If you’re buying vacant land in Montrose, Ridgway or Ouray, you have location options that can be better or worse based on how well they will hold their value. Location really does matter in real estate, and the value of a piece of land can vary greatly in a distance of just a few blocks. Working with a knowledgeable agent can help reduce the chances of buying where the value won’t be strong.
Not every vacant piece of land in Colorado is a space where a house can be built. Lots can be sloped, far from services, or have other issues that stop people from building homes or commercial buildings on them. But that doesn’t mean these lots can’t be sold. Sometimes they are used for hunting, or they may be used for ingress and egress to another piece of property. Before buying any vacant land, make sure you can build what you want to on it so you don’t get stuck with property you can’t use.
3. What Kinds of Extra Costs Will You Incur?
If you buy a piece of land that’s far from the main road, you may struggle with issues like getting power and water to it. Some people use wells in these circumstances, which have their own associated costs. There’s no reason not to purchase land like this, as long as you realize that extra expenses may be there. Be aware of these and plan for them, so you don’t get caught off guard by large bills to turn on the lights or get water to your new home.
4. Are There Any Specific Restrictions?
Depending on where the land is located, there may be covenants and restrictions to consider. These can include HOA requirements in some subdivisions, or simply building requirements for vacant land. With that in mind, the Atha Team can help you find the Montrose, Colorado land you’re looking for. Then you will feel secure that you can use the land the way you want, and you won’t need to worry about whether there are restrictions against how you plan to enjoy your new property.
Thinking about Buying or Selling? Call or Text: 970-417-9375
Copyright 2018-2021 Keller Williams Colorado West Realty, LLC. If you have a brokerage relationship with another agency, this is not intended as a solicitation. Equal opportunity housing provider. Each office is independently owned and operated. For sale by owner data not included in research findings. Sales data reflects sales from homes not limited to the Atha Team LLC. This information was gathered from Keller Williams, The National Association of Realtor, CoreLogic data analysis firm, Montrose Association of Realtors, and the Mortgage Brokers Association. This data is considered accurate, but is not guaranteed. Copyright Atha Team LLC 2018-2021. All Rights Reserved.