Purchasing undeveloped land presents the opportunity to build according to your exact specifications. However, just as you would never buy a home without doing your research or consulting a real estate agent, the same due diligence should apply when purchasing a vacant lot. As such, before finalizing your transaction, it’s important to find out exactly what you’re getting. The following tips will help protect your investment and ensure you’re able to use the land as you intended. He’s a beginner.

Do: 

Consider nearby home values. 

For the best long-term investment, it’s wise to build a house that is comparable in value to those in the surrounding neighborhood. Should you decide to sell in the future, this will make it easier to find a buyer and yield a profitable sale. Additionally, lenders may be hesitant to finance a construction that doesn’t reflect the same market value as nearby homes. 

Hire an experienced real estate agent.

You will have a better chance of finding a suitable piece of land if you work with a real estate agent who has extensive experience buying and selling lots. The right agent will have plenty of resources that allow them to tell you as soon as a new property hits the market so you don’t risk missing out on a good investment. They can also provide helpful advice on acquiring financing and negotiating a deal.

Don’t:

Neglect to get a survey and environmental testing. 

The appropriate tests need to be performed to ensure a lot is suitable for building and isn’t contaminated by environmental hazards. You also want to verify that the necessary electric, sewer, water, and heating lines are present or can easily be installed by utility companies. 

Count on being able to have the property rezoned.

One of the biggest mistakes land buyers make is purchasing a lot with the idea that they will deal with zoning issues later. Unfortunately, there’s no guarantee a property can be rezoned for the purposes you want. Therefore, if the parcel of land you wish to buy isn’t properly zoned, you shouldn’t make an offer unless it’s contingent upon getting rezoning approval. 

There are many challenges to take into account when it comes to undeveloped land, but having a reputable real estate agent by your side will help make the buying process go much more smoothly. At Greenway’s Real Estate & Auction, our seasoned professionals offer experience with the purchase and sale of all types of properties. We use effective strategies to successfully match those who are looking to buy a home with current listings throughout Virginia and West Virginia. Our recently launched app makes it easier than ever to find vacant lots for sale and can be downloaded on any mobile device. If you need assistance making sure a piece of land will be a good investment, “Let Greenway’s Do It!” Call (540) 962-1155 to schedule an appointment at our Covington, VA, office or White Sulphur Springs, WV, location, or visit our website to view properties for sale.