Land can be a great addition to your real estate portfolio! Here, we give you our Top 6 Steps to Buying Vacant Land in Arizona.
Whether buying land as an investment or as a place to build a home of your own, understanding the process will help clarify expectations, help you know what to look for, and help to make sure that you get a fair price for the land you want. Below, are a few of the steps you should take when buying vacant land in Arizona.
Building Restrictions
When buying land, you’ll want to make sure your vision for the property can become a reality. Some areas have certain building restrictions you’ll want to know about before committing to your property purchase. For example, some developments function with an HOA that may have guidelines on everything from what color you can paint your future house to various annual fees for roads or utilities.
The zoning in the area will also impact what you are able to put on the land. You may not be able to build over a certain height. You may not be able to put a manufactured home on the property. Or you may not be able to have livestock on the property even if you don’t have immediate neighbors.
Limitations Of The Land
Bad soil, fill, and other problems with the dirt itself can have a huge impact on what you will be able to do. If you are curious about the quality of the land, you may want to consider hiring a soil engineer to help you determine what will need to be done with the land before you are able to build. You should also make sure that the land is clear of any endangered plants or animals. Even having them in the nearby vicinity can prohibit potential developments. Check with your city or property appraiser to get a better idea of what is in the area that you need to be aware of.
Future Development
When buying a piece of vacant land in Arizona, you’ll want to be well versed in what is slated for the area in the future. Check-in with the city planner to learn more about any planned construction for the area. Find out if there are new retail establishments coming to town, new houses being built, or if there are new roads being created. When buying any type of real estate, you’ll always want to be a few steps ahead. Don’t get stuck with a piece of land that could possibly decrease in value because of what is being built nearby.
Clean Title
The last thing you want is to invest in vacant land in Arizona, only to find someone else is able to claim ownership after you’ve made the purchase. This can lead to lengthy court battles while the true owner of the land is determined. Not checking the title before you buy may end up costing you more money than you spent on the land in the first place.
Feasibility Study
A feasibility study will help you learn all you need to know about a piece of land before you buy it. You will be able to make sure you are able to do what you want with the property. You can expect a cost analysis, zoning information, and an evaluation of the land itself along with other extensive information regarding the land. You will be able to determine the property’s potential, so you can ensure you are getting a good deal on the land for sale in Arizona.