Purchasing rural land can be an exciting and potentially lucrative investment. Away from the hustle and bustle of city life, rural land offers a peaceful and picturesque setting for those looking for a change of pace or a new tabula rasa to build their dream home on. However, buying rural land comes with its own set of challenges and potential pitfalls. Without proper research and preparation, buyers may find themselves dealing with unforeseen issues that can quickly turn their dream into a nightmare. In this article, we will discuss the common pitfalls to avoid when buying rural land and how to ensure a successful and stress-free purchase.
Know Your Zoning Laws
One of the biggest mistakes buyers make when purchasing rural land is not fully understanding the zoning laws and regulations in their desired area. Zoning laws dictate what can and cannot be done with the land, including the types of structures that can be built and the activities that are permitted on the property. It is crucial to research the zoning laws of the area you are interested in to avoid potential issues down the line.
For example, if the land you are considering is zoned as agricultural, you may not be able to build a residential property on it. Similarly, if your dream is to run a small farm on your rural land, but the zoning laws do not permit any type of agricultural activity, you may be in for a disappointment. By understanding the zoning laws beforehand, you can avoid any surprises and ensure your land is suitable for your intended use.
Survey the Land
Before making any offers or signing any contracts, it is essential to survey the land thoroughly. A proper land survey will determine the exact boundaries and dimensions of the property, as well as any potential encroachments from neighboring properties. It can also reveal any potential issues, such as flood zones, wetlands, or hazardous materials, that may affect your intended use of the land.
Many buyers make the mistake of relying solely on the property’s listed boundaries and features, without realizing the importance of a professional survey. Without an accurate survey, you may unknowingly purchase a smaller or less valuable parcel of land, or worse, run into legal issues with your neighbors in the future.
Check for Access and Utilities
Rural land often lacks the basic infrastructure that most city dwellers take for granted. Before making a purchase, it is crucial to check if the property has legal and functional access and if there are any existing utilities, such as water, electricity, or gas, on the land. If there is no legal access to the property, or if the utilities are not readily available, it can significantly impact the value and potential use of the land.
Furthermore, if you plan on building on the land, you must consider the costs of bringing in utilities and the potential challenges in obtaining permits for construction. It is always recommended to consult with a knowledgeable local real estate agent or an attorney to ensure that all necessary access and utility services are in place before finalizing the purchase.
Research the Area
In addition to researching the specific property, it is essential to research the surrounding area. Find out about the local economy, average property values, and any upcoming developments that may affect the land’s value. It is also a good idea to research the crime rate in the area and the quality of local schools, even if you do not plan on living on the property full-time.
Another critical factor to consider is the property’s proximity to services and amenities. Depending on your needs, you may want to be close to a hospital, grocery stores, or schools. Buying rural land in a remote area may offer the peace and quiet you desire, but it may also mean sacrificing easy access to essential services.
Hire a Real Estate Attorney
When it comes to purchasing rural land, it is highly recommended to hire an experienced real estate attorney. An attorney can help review contracts, explain legal jargon, and ensure that all necessary documents and permits are in order. They can also advise you on any potential red flags and negotiate on your behalf.
Having a real estate attorney on your side can save you from costly legal issues down the road and ensure a smooth closing process.
Conclusion
Buying rural land can be a fantastic investment, but it’s essential to do your due diligence before making any commitments. Be sure to research the zoning laws, survey the land, check for access and utilities, and thoroughly research the area. Hiring a real estate attorney can also provide peace of mind and ensure a successful and stress-free purchase. By following these tips, you can avoid common pitfalls and make a smart and confident decision when buying rural land.