3 Things You Need to Consider Before Purchasing Land

3 Things You Need to Consider Before Purchasing Land

This will be a realtively short blog post, but an extremely important one!

What three things should you think about BEFORE buying a property?

  1. What kind of property do you need?

Sounds simple, it is.
Yet some people forget it all the time.

Every property, some that don’t but most that do, has a zoning code. This code states what you are allowed to do and build on the lot. Roughly speaking, the zoning codes are divided into Residential, Commercial and Industrial.
This means that you must know beforehand and pay attention to whether you want to use the property Residential, Commercial or Industrial.

  1. How big does the property have to be?

This depends on what you want to do with the land. As a rule, Commercial and Industrial lots need more space than Residential. But also here you have to be careful: For example, if you want to build a house on the lot, you should know the approximate size of the house beforehand. Often there are rules that lots can only have a certain size of houses. You have to pay attention to this before you buy.

  1. Where should the property be located?

Again, what you want to do with the property first depends on the first question.

In terms of location, a distinction is made between the macro-location and the micro-location.

An example of a macro location would be the state or even the town where the property is to be located. It depends on where you want to live.

With the micro-location it becomes already more exact. Here you have to consider what is in the vicinity of the property. In the case of a residential lot, it would be important to know where the nearest schools are, where public transportation is located, how far it is to work, or where the nearest supermarkets are located for shopping.

After you have thought about the macro location, you just need to be sure what is important to you in the micro location and then you are ready to go.

In the next blog posts, we’ll go into more detail on some of the topics mentioned here. So stay tuned 😉

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