Investing in raw land has always been a popular way to create wealth. But before you sign any papers, there are essential questions you need to ask to make sure that the land you are buying is worth your money.
Many times, there are certain things about a certain property that the seller may not immediately disclose. To avoid spending your hard-earned cash on the wrong land, here are some five questions to ask.
How Clear are the Boundaries of the Property?
Any house and land packages here in Townsville worth your money should, at the very least, have well-marked boundaries. You want to avoid conflicts with your neighbours as much as possible. Keep in mind that if you plant anything on land that does not belong, you will almost certainly face a lawsuit, even if you were not aware of it.
Where there is any uncertainty about boundaries, ask for a survey to be done before taking out your chequebook.
Does the Land Have Any Environmental Hazards?
Environmental hazards range from leaking underground pipes to a toxic runoff in water. In case the piece of land has any of these issues, you may want to move on to another property.
What is the Water Drainage Like?
Regardless of what you intend to use the land for, good water drainage is essential. There are pieces of land that stay wet almost throughout the year, while others dry rapidly. If you intend to grow a certain crop, you need to be sure that the land’s drainage can sustain it.
Otherwise, the crop could drown or dry up. If, on the other hand, you are thinking of building on the land, poor drainage will constantly damage your buildings.
Does the Land Have Access to Utilities?
Some properties are located in dead zones. If there is absolutely no access to electricity, piped water, or Wi-Fi, then you want to think twice before purchasing the land. If you are planning to build rental houses on the land, you will have trouble finding tenants in such a piece of property.
Again, remember that before you ask about the availability of these utilities, your seller may not tell you anything.
How Can People Access the Property?
If there is a frontage road leading to the land, then you do not need to worry about reaching the property. However, if the property can already be reached via deeded access where you pass through a neighbour’s property, you may want to sit down with the neighbour first.
You want to know whether the initial agreement with the land seller is still intact before you purchase the property.
Buying a piece of land is a huge decision that needs to be approached carefully. Before you spend your money, it is vital that you ask the right questions to gauge the current state of the property and its future potential.