While Purchasing Land Lots
Buying
an empty idle lot is like investing in gold, the value is definitely going to
increase. You can build any property type on these lots. Some people prefer to build
residential buildings others go for commercial buildings. No matter what the property
type you want to build, the first and foremost thing is to calculate worth of
the plot. In order to get most out of your deal you must consider all of the
related factors before purchasing the lot.
His real estate career started with a run-down apartment
building. Today, Dean signs more than 50 deals a day. Number of employees that
work as an agent for Dean is increasing with every passing day. He lives in
Arizona.
According to Dean, if you are interested in
purchasing a lot, you must consider following factors.
Never Beat About The Bush:
When you
are going to purchase a vacant and idle piece of property, you must first clear
your mind. Decide what your purpose of buying the land is. Do you want to build
your dream house on the lot? Or you need it to build a multi storey commercial
building. Once the purpose is clear in your mind next step is to search for a
lot that suits your needs and demands.
Location of the Property:
This is
one of the most important factors. Some locations are suitable for a commercial
building whereas others support residential constructions. However, there are
certain factors that are essential for commercial as well as residential
buildings. It is very necessary that the area where you want to build your
dream home must have employment opportunities. There must be school, hospital
and shopping centers located in the vicinity.
Before
purchasing a lot for construction of building, after a clear purpose, location
of the property is second major factor. You must search for all the necessary
factors before making a final deal.
Is Size of the Lot Suitable for
Your Intended Property?
Size of the lot is another important factor.
For example, if you want to build a huge mansion, a small 140 yards lot is not
enough to cater with your demand. However, there are other factors as well,
like availability, buyers range etc.
Hunt a Lender:
Construction
of a lot charges more than a normal building. Therefore, it is very necessary to
locate a lender before searching for the lot. Lenders usually conduct a
qualification round before financing your property.
Property Boundaries:
Conduct
a proper and thorough survey in order to make sure that the lot is rightly marked.
Boundaries are very sensitive issue, especially in those cases where there are many
other adjacent lots or you are purchasing just a part of the lot.
Last but Not the Least:
Get help
of an attorney and real
estate agent
before making final deal. There are so many issues related with the purchase of
the lot. A real estate agent will help you evaluate boundary and other such
issues whereas an attorney will help you in dealing with legal issues.
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