4 Signs You’ve Found a Plot of Land
That Is Worth Buying
home equity articles and tips
In 2018, the real estate economy of the United States continued to show very positive signs of growth and stability. The Urban Land Institute and the National Association of Realtors are projecting annual sales growth to increase between five and six percent through the year 2020. High demand for housing has been a significant driver of real estate growth in recent years, and this demand has sparked interest among land buyers. If you are in the market for a nice plot of land, here are four signs you should look out for when evaluating listings:
Mixed-Use Zoning in a Metropolitan Area
All real estate property owners are investors at heart. When you find an undeveloped parceled located within a growing metropolitan area, you and your real estate agent should start thinking as developers, which means taking a look at the zoning. A plot of land that has been zoned for mixed use in an area where gated communities are being developed could quickly increase in value.
The Environmental Report Is Positive
You certainly do not want to accidentally purchase a portion of wetlands destined to become a nature preserve, which is why you should order an environmental report. In essence, you are looking for land that is not contaminated or at major risk of flooding. All the same, you may not want to be too close to archeological digs in case they extend to your parcel in the future.
The Title Insurance Company Issues a Commitment
This is a very important sign since it will not only insure the value of the property but also prevent legal headaches. Title insurance companies do not issue policy commitments unless they are absolutely sure that the title will easily transfer to your name. If the survey and abstract search returns multiple issues that leave sellers scratching their heads, you may want to skip the listing.
Public Utilities Are Easily Attainable
You will want to have access to as many public utilities as possible. When you conduct research in this regard, you will want to get opinions directly from the utility providers as to how easy it will be to get water, electricity, cable television, gas, and fiber optic broadband. If the electrical and broadband utilities feature underground cabling, your plot of land could become more valuable in the future.
In the end, the considerations to be made when buying land can be quite different from those that should be made when buying a home. The land specialists at RE/MAX Mountain Realty recommend that you pay close attention to market trends and conditions before heading to the closing table.
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