Things to Consider Before Buying a Land

It can sometimes be a challenge to find a home on the market that checks off all the boxes on

your list of must-haves. If that’s the case, there’s always the option to buy a piece of land and build your own home, customizing it from top to bottom to your heart’s desire. But while buying vacant land is a potential alternative to buying resale, there are certain precautions you will need to take before you sign on the dotted line. Without in-depth research into the land you have your eye on, your enjoyment of your new home can be negatively affected. Prior to purchasing land to build on, be sure to take the following factors into consideration first.

Price of the land: You have to consider the price of the land you intend to buy to know if the land is worth it. The location, topography, soil type etc. of the land can influence the price of the land. Take these factors into consideration before accepting the price of the land. If possible involve an estate expert or any other expert in the building industry who has experience about landed properties. Furthermore, there are situations where expectation of future development can influence the price of a land. My advice is for you to take your time and evaluate possible benefits of buying such land and do not forget to involve an experienced expert in order not to make mistakes.
Location: The absolute most important factor to consider before buying land is its location. In the world of real estate, location trumps everything else and should always be the first thing to think about before buying. And not only should the municipality be considered, so should the precise lot location in relation to the overall community. For instance, a lot that’s situated at the end of a quiet cul-de-sac (dead end) and backs onto greenspace would be worth more than land in the same neighborhood that’s adjacent to a busy roadway. Depending on your exact needs, you’ll want to assess the location of the lot and its proximity to amenities like public transit, highways, schools, parks, and so forth. You’ll also want to factor in the proximity of the land to your place of work in order to ensure the commute isn’t going to be much longer than you’d like it to be.
Accessibility of the land (Proximity to Roads): Good road network will guarantee easy access to the location of the land you intend to buy. It is necessary to consider how you can access your land from major road before buying it. There are situations in Nigeria where people buy land without paying attention to the access road to their land and later discover that the only way to access their land is through another person’s property, and you can imagine how challenging that can be. Always make sure you resolve the issue of access road with a land owner before buying a land. If there is no evident access road to your land, make sure the land owner provides one in order not to face problems in the future.
Zoning Requirements: Jurisdictions may have land that’s zoned for residential or commercial use, or both. You’ll need to find out if the land that you buy is allowed to have a residential structure built on it, especially if the surrounding area is used primarily for commercial purposes. Besides, you probably wouldn’t want to build a home in an area where a bunch of industrial buildings will be erected. Further, you will need to determine whether or not the area is zoned for additional structures – such as sheds or detached garages – if you have intentions of building them. In addition, there may be zoning restrictions that dictate the minimum size home that can be built on the lots in the area. If you don’t want or cannot afford to build or operate a large home, make sure the minimum structure size fits within your means.
Legal Documents: When buying land you must check to be very sure that the land you are planning to buy is genuinely registered. A lot of people think that the best document to check for is the C of O (Certificate of Occupancy). but the is not good because any land with C of O in Nigeria only has 100 years to be used before the land comes back to the Government. So imagine that the land you are planning to buy has already been used for 30 years before now, that means you only have 70 years to use that land. The main documents to check for is the Survey Plan, Deed of Assignment, Excision and Gazette. This will help you to know if the land is under government acquisition or Free, you will also know what the land can be used for with the help of these documents. Notwithstanding, you can still buy a land and register it yourself but make sure you are buying it from a genuine owner.
What Public Utilities are Available? (Water, Electric, Gas, Phone): If a property doesn’t have access to one or more of these staples of reasonable living, the property (for all intents and purposes) may not be considered build-able. After all, who would want to build a house where they can’t flush the toilet or get access to clean water? If a property isn’t build-able, you will lose a massive portion of the property’s usability, marketability and value. Since most people buy land with the intent building on it, you will definitely want to be aware of anything that could become an obstacle to that objective.
Is the Property Located in a Flood Zone?: In some parts of the country, parcels of land are vacant because they are literally under water. In other areas, there may be properties near bodies of water that are prone to flooding. In either case, if a property is at risk of flooding – you’ll want to know about this BEFORE you buy, because when a property is in a flood zone, it can be extremely expensive to insure. Land located near a body of water can be extremely valuable, but this close proximity can also create a number of potential issues… so be sure you understand the ramifications of your particular location.
What Were the Previous Uses of the Property?: If you’re considering a vacant lot zoned for commercial development, make sure you’re not inheriting any environmental contamination with the property. For most commercial properties, the best way to do this is by ordering a “Phase I Environmental Report” (many banks will automatically require this, because it affects their collateral). This report will identify if there are any “Recognized Environmental Concerns” (RECs) on the property that you need to worry about. If you neglect to do any environmental due diligence, the liability for any existing environmental contamination on the property could ultimately fall on your shoulders – making it very difficult and expensive to sell the property in the future.
Natural Hazards: Ideally, the parcel of land that you purchase will not be vulnerable to specific natural hazards. Depending on exactly where the land is located, it could be at risk for fires, which has been a huge problem in parts of California as of late. Determine whether or not the land is located within a fire zone before buying. In addition, you’ll want to have the soil assessed on the land to check for its quality and composition, which will affect how your new home is built, the cost of the home’s foundation, and any landscaping you may want to do.
Soil quality and composition: Soil quality and composition impacts both how your build your new home and the potential for growing your own plants on your property. When it comes to building, soil composition can impact: