Tips For Buying a Vacant Lot to Support Your Next Home
If you’re looking to settle into your forever home, one of the many options available is to buy land and build. However, for many, the underlying rules and regulations that exist behind the land buying process can be more difficult than expected. Recently, MG Group’s founder Mario Greco, sat down with The New York Times to share his advice on the process. Here are a few of the highlights:
Stay Educated on Zoning Laws, Regulations and Liens
One of the first things every buyer should do is to confirm the land they’re purchasing is zoned for residential housing. Because some land is zoned for industrial, commercial and agricultural use, it’s imperative to not make hasty decisions throughout the process. “Just because you’re looking at a plot of land that has a house next to it doesn’t necessarily mean you can build a house on that vacant lot,” says Mario.
There are various resources out there for buyers to utilize that can help them discover which land is used to build residential housing. LandSearch is one of the many, allowing users who visit its website to discover vacant land, buildable lots and rural properties. However, the easiest way to find out the laws that apply to a property you’re interested in is by contacting a city or county zoning office.
Utilities are another factor homebuyers have to think of when discussing the process of building a home. Thankfully, for those looking to build in cities like Chicago, Mario says there usually aren’t any issues accessing utilities like gas, water and electricity. However, for many rural environments and some suburbs, finding land with access to public utilities can be more difficult; in some cases leaving buyers responsible for making changes to the property that “could be impossible or prohibitively expensive,” says Mario.
For anyone looking to build their dream house, countless factors should be carefully taken into account, including zoning laws and access to utilities. To learn more tips from Mario and other experts on buying vacant land for residential use, explore The New York Times article here.