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Is This Your Situation: Considering Purchasing Raw Land?

 

Choosing to build your home on raw land allows you to find a location with views and scenery that appeals to you and gives you a range of choices for the design of your home. However, with the freedom you're afforded by raw land, there also come challenges with it. Here are four things you need to know about buying raw land.
 
Finding the Site
 
Consulting a real estate agent is the best option for identifying sites, especially if your search covers a widespread area. Before purchasing raw land, you will want to actually visit the location and walk over the property. You will also want to investigate adjoining properties because you will want to know whether there are large-scale farming operations that may affect the potential value or your quality of life. 
 
Sewer and Water
 
Before you can build a home, a health inspector has to visit the site to conduct a "perc test" to establish the land's rate of drainage for a septic system. This will determine where you can place your primary and repair drainage fields, or determine if you will need to install a custom system, which can raise sewer septic costs by up to five times. 

Without hiring someone to evaluate the land, there are things you can do to get a sense of the type of system the property can accommodate: Ask neighbors about their water and sewer and check to see what their living conditions are like in terms of water and flooding.
 
Electricity
 
The electrical connection is generally more costly than water and septic considerations. You may be able to connect lines to an adjoining property with your neighbors' permission. Utility companies can send an engineer to a site to calculate the installation expenses based on the distance and number of poles.
 
Road Access
 
Not only do you need to have the title analyzed to be sure your property isn't landlocked, you'll also need to do research in terms of road access. You may need a special road to be built to bring in equipment to dig a well, or you may need a forklift to be brought in to lift heavy materials. 

You will need to factor in these costs for this access road for the building process, which can be pricey. Look into the potential expansion of public roads on or near your desired home site by contacting the state department of transportation's engineering department.
 
Environmental Problems
 
Another potential issue you may face is an environmental regulation on where or how you can build. Ask your real estate agent, lawyer, neighbors and regulatory agencies about these environmental concerns.

If you're serious about investing in raw land, give me a call so that we may discuss the particulars of the area you're interested in and your specific needs.

 

 
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The information provided in this email newsletter is for general guidance only, and does not constitute the provision of legal advice, tax and accounting advice, real estate investment advice, or professional consulting of any kind. The information provided herein should not be used as a substitute for consultation with professional real estate, tax, accounting, legal, or other competent advisers. Before making any decision or taking any action, you should consult a professional adviser who has been provided with all pertinent facts relevant to your particular situation. Home value estimate calculators provided herein are general estimations based on publicly available data and should not be used as a substitute for a professional appraisal. The information is provided “as is,” with no assurance or guarantee of completeness, accuracy, or timeliness of the information, and without warranty of any kind, express or implied, including but not limited to warranties of performance, merchantability, and fitness for a particular purpose.
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