Property investors totally fail to understand the great benefits, which come with buying land in raw form. The ease and stability, which accompanies the right piece of vacant land can surpass the array of issues that possibly come with other kind of real estate. Unfortunately, there is a flip side to look at, when you consider investing in vacant land.
If you are planning to invest in Telluride real estate then there will be a need to consider some things because property can be deceivingly complicated. It looks very simple on the surface but lurking beneath can be plenty of potential issues, so it is crucial to address them properly.
When you meet the West Meadows Telluride real estate broker then below are some crucial topics, you will need to discuss regarding the property you wish to buy.
Zoning and obstacles
Buyers looking for homes can consider the residential zones but there are still other zone classifications like property to be used for industrial, agricultural, commercial, mixed-use, etc. Local planning department is liable to monitor land parcels along with their associated zones. They are in the best position to tell, if there is any hindrance imposed on the specific property. You get to decide the size of home that can be legally built on the property.
When you buy land in residential zones then access to your property is not an issue but on vacant lands make sure that the land can be accessed legally via roads. Know neighbouring rights, so that you don’t trespass other property.
Even have a clause in your contract that says access is transferable in case you decide to send the property in future, so that it is not revocable by 3rd party. Even check if there is any local government easement on the land you decide to buy. It means the government has the right to build road in future through your barn or planted garden.
Land locked property means you will not be able to access your ranch without trespassing.
No 3rd party will be able to access the mineral beneath your property without your approval with mineral rights.
Understand the rules of local power supplier because just seeing power lines on a piece of land does not guarantee that you will get electricity. Check power availability on your land before buying.
Water, drainage & sewage
Will your land parcel have access to water supply & sewage system from the city or will you be responsible to have the system outfitted? In the latter situation, you will need to perform a percolation test to evaluate how rapidly water drains before purchasing.
Understand the property tax charges and ensure that it is in ratio to land value.
If land was used commercially before than there are environmental contamination or concerns. Banks may need environmental risk reports to make sure that they are sufficiently representing the collateral.