It’s a life achievement to have the funds to buy vacant land. You may come into a favorable situation where the owner wants to get rid of it immediately for below market price. Take some precautions when purchasing the property. Here are some things to consider before you buy vacant land.
Location
Before you decide to move to Oklahoma, think about the location. Do you want to be near a big city with bells and whistles? Maybe you prefer living in a rural area with some acres and a farm.
Maybe you want to build a business on some land near busy streets. It would be easier to advertise and find more foot traffic for that destination.
You might want to see if it’s easy to go on the highway to make the commute to a high-tech job. Consider your children as well. Are there good schools nearby with public transportation?
Find out the advantages and disadvantages of buying that vacant property.
Road Access
Is the land a piece of a private facility? You might not be able to access certain roads to get to your property. It would pose a problem because they may require security clearance for you to go down different streets.
If the property isn’t accessible via public roadways, it may not have access to city water or other things you need in the move. It may cost you some extra money to put in a separate sewage system, piping, and other amenities you had in your previous home.
When you have to put in gas, electricity, and other things, you’ll have more expenses than you anticipated. If you don’t get the property for a steal, it’s not worth it to refurbish everything top to bottom.
Survey the Land
You want to know the dimensions of the land if you decide to create an industrial or agricultural business. It matters because you have different buildings you want to develop that need to be situated accordingly. Also, you might want to grow crops that need to be measured out to get the most out of your land.
Not to mention, you want to make sure that there’s nothing under the land that a company owns, such as oil or another natural resource. Consider checking with FEMA to see if the area near the property is susceptible to floods.
Flood damage can cost thousands of dollars. Take measures to understand the ins and outs of the vacant property