Are you considering land investment and have you completed your necessary due diligence? While investing in land can yield substantial returns, it’s crucial to conduct thorough research before purchasing land in Florida. This blog post will explore several key aspects to examine before buying land…
Land investments may appear straightforward in comparison to other forms of real estate, don’t they? When dealing with a house, you need to assess the foundation and the structural integrity. In the case of commercial property, ensuring compliance for the businesses renting from you is essential. But when it comes to land investment, it might seem deceptively simple.
Think again! Although land investment can yield substantial profits and is generally uncomplicated, it’s essential to emphasize that thorough research is necessary before making a land purchase in Florida.
(If you’re looking for land, get in touch to ask us about our ever-changing list of land investments.)
Before Purchasing Land in Florida, Conduct In-Depth Research on the Following Aspects…
Check the soil report
The land’s soil plays a crucial role in identifying its optimal use and can assist you in finding the right purchaser for the property. Land with an abundance of clay may be more suitable for one type of utilization than another, while land with deep, fertile topsoil may be better suited for an entirely different purpose. Drainage considerations also come into play in this regard.
Check for a slope or level in the land
Land is often not level and this can affect the usability of the land. If, for instance, your land is on the side of the mountain then that would greatly limit what can be done with the land. Someone may want lant like that, but it is important to check the slope before making your purchase to ensure you know what you are getting.
Check if neighbors are encroaching
In some cases, the practical use of vacant land may vary from its legal ownership. For instance, a neighbor might take a shortcut across your property for their driveway if it’s more convenient, and no one has objected. To prevent such encroachments, it’s advisable to commission a survey to verify that neighbors are not encroaching on your land.
Check for access issues
It’s crucial to ensure that you have proper access to the land you intend to purchase. Is it necessary to obtain your neighbor’s consent to cross their property to reach yours? While these factors may not be insurmountable obstacles, it’s essential to be aware of them. Your current access route may work, but it’s prudent to have a contingency plan in case circumstances change in the future.
Summary
Reviewing this list may lead to thoughts like, “Perhaps I should reconsider buying land.” However, that’s not our intention at all. Acquiring land can indeed be a straightforward and lucrative venture. However, similar to any other investment, it’s crucial to conduct thorough research before purchasing land in Florida. Dedicating a few minutes to due diligence before acquiring a property can contribute to a more enjoyable and profitable experience!