12 Factors to Consider Before Purchasing Land for Your Dream Home - With Realtor Diamond Bekee

When thinking about Purchasing a plot of land be it for your dream home, or big time investment alot needs to be considered. Alot of people make the mistake without thinking about some important factors needed for them before acquiring their new plot of land. 

However, purchasing land for your dream home is a big investment, so it's important to make an informed decision. 

Content

1) Location
2) Zoning
3) Utilities
4) Topography
5) Deeds of restrictions
6) Environmental concerns
7) Access
8) Taxes
9) Future development
10) Demographics
11) Home value
12) Budget

Here are twelve factors to consider before buying your next piece of land:

1. Location: 

The first on my list is Location, this is far the most important factor to consider. Look at the location of the land you are yet to acquire, taking into account factors like proximity of the land to major roads, public transportation, and other basic amenities like hospitals, schools, shopping centers, and grocery stores. These factors are important especially when you are buying that piece of land for residential purpose.

2. Zoning: 

Second thing to consider is Zoning, but what is zoning? Zoning is the act or process of partitioning a city, town, or borough into zones reserved for different purposes (such as residence or business) also : the set of ordinances by which such zones are established and regulated.

So, before you buy that land research the local zoning laws to determine if the land can be used for the purpose you have in mind whether it be residential, commercial, or agricultural.

3. Utilities: 

The third on my list is Utility, this is an important factor to consider. Ensure the land has access to necessary utilities such as water, electricity, and gas.

In Nigeria alot of landlords dredges their own boreholes, if you can dredge yours then water won't be a problem. But if you can't afford to dreg your own water immediately consider looking around to know the closest proximity of public water in that area as this will aid easier building process on your land. Another thing to consider is electricity, is there electricity in that area? How far is the electric pole from the plot you are purchasing? If you can answer this question then you are good to go.

4. Topography: 

Another important thing to consider that alot of people out there have failed to consider is the topography of the land. Incase you are wondering what topography is? Topography is a detailed map of the surface features of land. It includes the mountains, hills, creeks, and other bumps and lumps on a particular hunk of earth.

So, when purchasing your new piece of land always consider the topography of the land, including slope, soil quality, and drainage. This will impact the cost and feasibility of building on the land. In other words it will help you save money when building on your piece of land.

5. Deed restrictions: 

Deed restrictions are written agreements that restrict, or limit, the use or activities that may take place on property in a subdivision. These restrictions appear in the real property records of the county in which the property is located. They are private agreements and are binding upon every owner in a subdivision. Research any deed restrictions that may affect your ability to build on the land you are willing to buy.

6. Environmental concerns: 

Another important factor to consider when buying your piece of land is environmental hazards. These environmental hazards includes floods, soil erosion, earthquake, contamination e.t.c.

7. Access: 

As our first factor implies make sure there is proper access to the land, including roads and sidewalks. 

8. Taxes: 

Research property taxes for the area and consider how they will impact your budget when building.

9. Future development: 

Take into account potential future development in the area, including plans for new roads or commercial developments. Look at the area's growth plans, including proposed construction projects, infrastructure upgrades, and other potential changes that could impact the value of your land.

10. Demographics: 

Study the demographics of the area to understand the local community and determine if it aligns with your lifestyle preferences.

11. Home values: 

Research the average home values in the area to get an idea of the real estate market trends and the future potential of your investment.

12. Budget: 

Finally, make sure your budget can accommodate the cost of purchasing the land, as well as any future building costs.

By considering these twelve factors, you'll be able to make an informed decision when purchasing land for your dream home. Remember to do your research and work with a real estate agent who can help guide you through the process.

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