Are you planning to invest your money and don’t know which portfolio will suit you? You will be surprised to know that buying a piece of land can be lucrative and a beneficial long-term investment.
When investing in land, you may not get an immediate return on the investment. But after a few years, if you plan to sell it, it will give you a good return on investment. If you have planned to buy land, it is not about buying and selling, as there are many other features you should look at to make a sound decision. For example, If you are planning to buy land in Mississippi and the land is under easement, you can remove it by requesting a release of easement in the Mississippi real estate law.
Regardless of your end goal for the land, there are a few things that you should look for when investing in real estate.
Every county has certain zoning restrictions, and before you make up your mind to buy certain land, you should look for the most suitable piece. For example, if you are planning to build a home over a piece of land, you should look for land that is destined for residential use.
Another factor that you should look at is understanding the zoning classification in the area you are planning to buy the property. Be aware of the setback requirements and approved floor area ratio, and the maximum number of stories you are allowed to build.
You can verify this with the concerned authorities before you proceed for any purpose.
The next thing you should look at when investing in real estate is access to the land. If you are investing your money in residential or commercial purposes that have no easy access for the people and are far from the city, it will not be a valuable investment.
When investing your money, if you choose a piece of land near the highway and connected with a commercial area, it will be a perfect investment and give you a better return by the time you plan to sell that property.
Even if you own a car or want to build your home, you should look for a location that has access to bus stops, schools, and healthcare facilities. All of these factors add value to your property.
When buying a property, you should ensure that the area has running water, a proper sewage system, and a gas facility. It also goes for the transmission line, telephone line, and internet connections.
To ensure the land will have all the utilities, the best way is asking from the neighborhood and checking they have all the utilities at their home.
Check litigation issues
Before you buy or plan to improve already bought property, you will need to identify if it has any easements. If you mistakenly use or buy the land that is part of an easement, it will risk you financially and bring you loss. It is crucial for investors to look for land that is free of easement.