Owing a place to go home is one of the most fulfilling goal as a person. And it is something that everyone will love to have. Getting everything right for your home requires one to do proper land due diligence
The land due diligence isn’t limited to checking the title deeds, but extends to checking if other factors that creates comfort is in order.
It is for this reason that everyone who desire to buy residential land to build home got to consider;
Location of the land
A lot can be said, but location can’t be emphasized enough. As a homeowner, you got to ensure that the land that you are intending to buy is in a strategic location. Proper location means that your property will be located in developed area with infrastructure like roads, electricity, sewer systems and water.
As a real estate investor, selecting property in a busy street or in strategic suburb will guarantee that your property will occupied if you will build residential properties. This will ensure that you have high occupancy level.
Strategic locations plays a key role in securing loans from financial institutions as it is more secure for banks to lend loan at such locations as compared to projects out of strategic area.
Land restrictions in the area
Every state has rules and regulations that governs the development of any real estate property in a given state.
It is therefore important that you get in touch with your land surveyor who understands better on land regulations in your area. Land due diligence can play a key role in identifying what is allowed to be developed in that area.Land vendors can sell to your properties that are only meant for industrial development and you want to build residential property. In that case, you will run into problems with governing authorities when you are set to develop. Getting new approval for new development other than designed plan for a given area often takes time and costly to the investor.
Proof of ownership
When you buy a car or any other asset you got to have a document that shows that the property belongs to you and for a land, it is a title deed.
Are you planning to buy a land that has freehold or leasehold title deed? Ideally, many real estate investors prefer real properties that have freehold title deeds as it give them full rights to use the property.
As real estate investor, ensure that you understand about title deeds and processes that surrounds it.
In conclusion, selecting the best place to build your home is very engaging and it need guidance sometimes from experience real estate agents that understand the market better.