6 Things You Need to Know About Buying Land in Florida | alecsalameh.com
If you are looking to purchase property in Florida, buying land can be an attractive option for a range of purposes. Land can be purchased for residential and commercial uses with a variety of benefits and significant investment prospects. That being said, there are definitely some things you should consider as you prepare to buy land in Florida. Check out these 6 things you should know before buying land in Florida.
Why Buy Land In The First Place?
Land can be a great investment if you are looking for a low-maintenance real estate venture to get your feet wet in real estate investments. It can also be a great way to customize your residential and commercial real estate goals through development. There are many different reasons why you might want to buy land in Florida and just as many benefits.
Land is a finite resource that can’t be stolen or destroyed making it a concrete investment with little maintenance required. In addition, there is very little competition when purchasing land compared to purchasing developed space. In fact, there are 7,871 Lee County properties that are just land on the open market. In addition, it is a great long-term investment because it continues to increase in value. Land is also easy to purchase and there is very little paperwork involved compared to purchasing developed land.
Wetlands and Flood Zones
One thing to be aware of in Florida is that there is an abundance of wetlands and flood zones. It is important to know where the wetlands are on a plot of land that you are considering to determine if the land will be usable for your intended purpose.
Wetlands are marshy or swampy areas that are not generally suitable for development and building. In addition, they can have wells already drilled that could be damaged if any changes were made to the area.
Flood Zones, on the other hand, are areas that have a chance to flood 1% of the time. These zones are rated by FEMA and posted according to this rank on the FEMA flood map.
Purchase Considerations: The Paperwork
As you consider a property, it can be beneficial to know the purchase considerations on paper. This includes things like the title or property taxes. The first thing is to determine what the chain of the title is, or who the buyers are, and see proof. You can always ask for a copy of the deed to make sure that you are purchasing from a legitimate source. In addition, you may want to consider what the property back taxes are if any. This will help you prepare for all legal obligations and determine any additional costs.
Once you have decided that the property is a legitimate listing, you will want to determine if it is suitable for your intended purposes. Things to consider include if the property is in an HOA or POA, zoning, and land classifications.
If the property is under an HOA or POA, you may be required to pay an annual fee to the organization as well as be accountable for complying with rules and regulations.
Zoning defines what can and can not be done to the property according to the municipality. This includes things like building on the property, other zoning issues in the area, and the type of zoning available for that property such as residential, commercial, or agricultural.
It can also be useful to note if the land is near a conservation easement that will impact the use of the land. A conservation easement restricts the landowners approved use of the property. This may include limiting plantain or hinging in certain areas of the land.
Features and Amenities
While it is important to know what can be done to the property after purchase, it is important to note what has been done to the property up to now. For example, you should consider whether or not the property has utilities. It is common for vacant properties to have some utilities that may require activation fees to connect. In some cases, land may have common facilities such as water, septic, road, or others.
Water features are another feature that you will want to be aware of. In some cases, the presence of a water feature such as a river, creek, spring, pond, etc. can increase property value while in other cases such as on wetlands, they can decrease the value of the property.
If you intend to sell in the future or plan to live on the property, it can be beneficial to familiarize yourself with the neighbors to determine if any related activity will decrease the value of the land.
General Property Information
Finally, you will want to make sure that you don’t gloss over any basic, but vital considerations as you purchase land. This might include things like how to access the properties, the location of the wetlands, and the property size. These considerations can help determine the plausibility of using the land as intended. Sometimes, the presence of a wetland might not be a deal-breaker depending on the location and the size of the property. Asking questions during the shopping process can help make these determinations early on.
Buying land in Florida is an easy process with many benefits, however, it can be even easier with the help of a real estate professional at your side. A realtor like Alec Salameh can help you find land that is not listed on the open market yet, determine the eligibility of land for your purposes, and close the deal.