So, you want to buy vacant Land?

So, you want to buy vacant Land?

So, you want to buy vacant land and build your dream home, if so, I highly recommend you take your time and do plently of research first. In looking at land, there are many questions to answer before making an offer. Start with the most important questions (Can I build on the lot and use the lot as planned?) so you can quickly weed out parcels that will not meet your needs. If you are working with a real estate agent, start with him or her. However, important questions should also be put to the proper authority or professional – such as town officials regarding permits, setbacks, zoning rules, and on-site sewage. If answers seem vague or merely an opinion (“As far as I know, you should be able to put a three bedroom on that parcel” or “I don’t see why you couldn’t subdivide”), find out who the controlling authority is and schedule an appointment.

Get a second opinion

When issues remain murky, get a second opinion. If at all possible, get a public official’s opinion in writing. (I had the head of a town Health Department put in writing that by purchasing a 1/3 acre lot contiguous to my own, I would be able to upgrade from a three to –four-bedroom septic system.) In real estate, only written communications have any legal validity. In many cases, you will not know everything about a parcel before bidding. For one thing, you do not want to spend any money on investigations before your bid is accepted. The remaining unknowns should be added to your bid offer as contingencies and investigated only if the bid is accepted.

Asking the right questions

While you cannot absolutely rely on the seller or their agent for information about a property, a good place to start is hiring your own experienced and knowledgeable real estate professional; listing agents have a fiduciary duty to their client, not you!! Reminder, get everything in writing!

Buying Vacant Land? Contact us for our professional advice

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