10 Tips for Buying Land

Summary

In this video, Phil Post shares ten crucial tips for buying land, emphasizing the importance of thorough research and due diligence. Key points include assessing the terrain in person, understanding the distinction between cleared and wooded land, and identifying wetlands and flood zones using government resources. He highlights the significance of road access, utility availability, and the quality of cell service. Additionally, potential buyers should investigate neighboring properties, consider endangered species, and grasp local zoning laws. By following these guidelines, investors can negotiate better deals and avoid costly mistakes in land transactions.

Takeaways

• 😀 Terrain matters: Always visit the land in person to assess its actual terrain and avoid surprises.
• 😀 Know the land's status: Determine if the land is cleared or wooded, as this affects its usability and development costs.
• 😀 Check for wetlands: Use the wetlands inventory mapper to identify protected areas that could limit land use.
• 😀 Be aware of flood zones: Consult FEMA maps to understand flood risks that could impact property value and insurability.
• 😀 Access is key: Ensure the property has access to a county-maintained road for potential development and utilities.
• 😀 Utility availability: Investigate if there are existing utility services nearby, as extending these can be costly.
• 😀 Evaluate cell service: Good cell reception is essential for living and working on the property.
• 😀 Research neighbors: Understand the surrounding area and neighbors to avoid future disturbances.
• 😀 Consider endangered species: Be aware of any protected species on the land, which could complicate development.
• 😀 Understand zoning regulations: Familiarize yourself with zoning laws, as they dictate what you can do with the property.

Q & A

Why is it important to inspect the terrain of a land parcel?

Inspecting the terrain in person allows buyers to identify any physical challenges, such as cliffs or unusable land, that may not be visible from satellite images.

What are the implications of buying treed versus cleared land?

Treed land may require significant costs and permits to clear trees, while cleared land may have fewer restrictions, impacting development plans and overall value.

How can wetlands affect the value and usability of land?

Wetlands can significantly reduce land value and complicate development due to government regulations, requiring mitigation credits for any alterations.

What resources can buyers use to check for flood zones?

Buyers can use FEMA flood zone maps to determine if the property is in a flood zone, which can affect insurance and construction options.

Why is road access crucial when buying land?

Access to a county-maintained road is necessary for obtaining permits for building, particularly for installing a septic system, which is often required for homes.

What should buyers consider regarding utilities when purchasing land?

Buyers should check for the availability of essential utilities like water and electricity along access roads, as running these services can be expensive.

Why is cell service an important factor when evaluating land?

Good cell service is critical for communication and daily living, especially in remote areas; poor service can lead to frustration and inconvenience.

What due diligence should buyers perform regarding neighbors?

Prospective buyers should investigate nearby properties to understand the community dynamics and potential disturbances, such as noise from shooting ranges or landfills.

How can endangered species impact land development plans?

The presence of endangered species can halt development projects, requiring costly assessments and possibly significant changes to plans.

What role does zoning play in land acquisition?

Zoning determines what types of developments are permissible on a property; understanding zoning regulations is crucial to ensure the land can be used as intended.