Buying land can be a great investment for Texas real estate holders. However, the value of such a purchase depends greatly on certain factors, such as the location of a property and what can be done with it. Here are some things buyers should be sure to check into before purchasing land:
- All potential expenses, including often forgotten line items like title insurance, land surveys, utilities and any work that needs to be done on the land
- Any ordinances or covenants that may require certain upkeep
- Utility availability and costs in the area
- Zoning rules that may impact what can be done with the property
- Access to roads (this is particularly important when purchasing land in a rural area)
- Easements that may need to be negotiated with neighbors
- What surveys have been done in the past, their reliability and the types of surveys that could be needed following the purchase
- Risk of flooding or major storms in the area
Depending on how a real estate buyer intends to use the land, it is a good idea to look into exactly what permits will be required to build on the property. Permits are often needed for every aspect of building on a property, from installing a septic system or drilling a well to constructing a structure and beyond. Knowing what will be involved at every stage of the process, from the purchase through to utilizing the land for whatever the intended purpose may be, can help buyers make the right choice when making a land purchase. Because of all of the above, it can be critical to work with an experienced Texas real estate lawyer to complete all legal due diligence at each step in the process.
