Here Are 5 Things To Think About If You Want To Buy Cheap Land
Let's Talk About Buying Land!
1. Are there wetlands on the property?
A property with wetlands has a lot of things that come with it to think about. For example
- They are often protected by laws that may require costly permits and soil modifications which can limit what you do with the land
- Wetlands can affect drainage patterns and so you need to think about potential flood risks.
- Properties with wetlands can have a lower resale value and they also face higher insurance rates
2. What does the access to the land look like?
IS THE PROPERTY LAND LOCKED?
Having a lot off the main road means you need to figure out how you are going to get to the property. Is there an easement? Do you need to fight with the road facing owner to get that easement/driveway to access it? Will it be wide enough to get a construction crew through to build – and what about utilities? Will they service a lot off the main road or do you need to be completely off grid based on this location?
Depending on what your answer is, this may increase your building costs significantly after you purchase the plot or it might affect your ability to get to the property period. Confirm that there is legal access to the property. Public roads or easements are crucial for future development.
3. Septic System
When we think about the type of soil you’re looking to build on, the first thing that comes to mind is: How will that affect your septic system?
Is the soil more sandy or clay-like? If the plot of land is sitting on a clay-like base (normally plots of land that you find in the middle of nowhere) it needs a special septic system, which can cost up to $20,000 more and/or create a mound in your yard.
4. Let's take location and internet access into consideration
Again, is this plot of land sitting in the “Middle Of Nowhere-ville”?
If so, consider proximity to amenities, schools, hospitals, and employment opportunities.
Another thing to think about: Internet access. Many “Middle Of Nowhere” towns have spotty internet access, and if that is going to make a difference for your living situation, especially in the day and age we are in, it’s definitely something to consider.
5. Does the city allow for your house? What are their rules for building and what are their restrictions?
Zoning is definitely a BIG factor when it comes to buying land. Looking into the city’s/township’s laws, rules, and regulations that come with buying the property is something you NEED to consider. Check local zoning laws to understand what you can and cannot do with the land. This affects whether you can build residential or commercial properties as well as many other things.
Let us help you navigate this!
We have local real estate experts all around the state of Michigan who would love to help you consider all of these things and talk you through them when buying a piece of land!
Have questions, need more deets on buying land or building, or ready to get started? Don’t hesitate to reach out! Contact us HERE to get started.
(PS: Our office has plots of land FOR SALE! Ask us about it.)