Items of Consideration when Purchasing Land: Part II

Once you have paid a visit to your local planning and zoning department and learned about the land’s long-range use, any future road improvements, the zoning of the property and whether it is part of a recorded subdivision, there are additional steps to consider. Below is a closer look at what to tackle next.

Find out whether the land has utilities and access. You’ll definitely need to find out whether the site has municipal water and sewage service, or whether you are responsible for drilling a well for water and installing a septic system for sewage.

Finding this out ahead of time could save you thousand of dollars in construction costs. Many land buyers will avoid purchasing land that does not have municipal water and sewage service due to the costs and hassles associated with covering these services themselves.

Access to your property is also very important. You’ll need to find out whether you have dedicated access to your property to avoid future conflicts or problems.

Next, you’ll need to consider your financing options when purchasing a piece of Jacksonville real estate. Many times you will provide the seller with a down payment and the seller will hold the note to the property until the remainder of the money is received. This type of deal can have virtually any interest rate and type of loan.

Many land buyers also use their primary residence to purchase land, as they take out a home equity loan and enjoy the tax deductions.

You may also take out a loan to purchase the land, but this is often difficult to do. If you choose this option, you will usually have better luck with local banks.

Finally (although this should be one of the first things you consider), before purchasing that piece of prime Jacksonville property make sure that you can afford to build on the land.

Often times the most common mistake people make when purchasing land is not having enough money to build once the land is purchased.

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