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Land Purchases Should Be Studied

A growing number of people are purchasing land years before they plan to build their dream or retirement homes out of fear that the booming housing market and dwindling land supply will leave them with few options in the future. However, there are more costs and considerations involved in such a land purchase. Prospective buyers should study them carefully before proceeding.
First, experts recommend viewing the local government's long-range land-use plan to avoid parcels zoned for business or commercial use or those in areas that could eventually see major improvements or restrictions. Land buyers also should be aware of building restrictions if the plot is a subdivision, whereas vacant lots or undeveloped areas afford more freedom.

Conducting geographical and environmental tests on soil and groundwater are important, meanwhile, especially if the land was once used for farming or industrial purposes and could require costly cleanups. In addition, land buyers could be forced to shell out a significant amount of money on infrastructure if the area has yet to be developed.

Buyers will also pay higher mortgage interest rates and fees because of the added risks assumed by the lender. While standard homeowner's insurance policies offer coverage for vacant lots, additional insurance is needed if the property is not considered vacant or the buyer is a renter.

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