Real estate is a significant investment, and it can prove to be a valuable one if you make a smart purchase. The value of property always seems to be on the rise, and the piece of land you buy today can be worth considerably more next year if you do some research prior to purchasing. So, whether you plan to purchase some Suffolk land for sale as a way to make your money grow or as a building lot for a new home or business, this blog post is for you.
You must ask some important questions as a buyer, and the team at Chorey & Associates Realty, Ltd. will address a few of them here.
Why does location matter? Location is everything and you don’t want to rush into a purchase of land with no resale value. Know how you to intend to use the land. Do you want to build a home or business and if so, can you do that on any potential properties you are considering?
What are potential costs involved? You will need a professional land survey and could incur that cost if a recent survey hasn’t been done. Survey costs vary depending on location, size of property, and other factors. Also, utilities and building costs should absolutely be considered up front. Will you need to have utilities run to the property or are they in place? This can be a tremendous cost. Do you know if the soil is good quality? You may need to pay for a soil quality test to be sure.
What are zoning restrictions? These are laws that tell you what can and can’t be done with the land. You’ll want to know how these apply to your potential properties. Can you build a house? Or have a business? Contact the local zoning office for more useful information.
What about access to the land? If the property is not accessible by public road, is there an easement in place or will you need to work with a real estate lawyer to negotiate an easement with the owner of a neighboring property?
Additionally, you always want to be aware of any environmental hazards on the land. This is not always apparent from a tour of the property; it pays to ask.
Here at Chorey & Associates Realty, Ltd., our team is standing by to help you. We have the answers. Several of our real estate professionals have decades of experience in land transactions and are licensed in Virginia and North Carolina.
Give us a call today to get started. (757) 539-7451.