You have found the perfect spot for your future home. It’s a pretty, picturesque plot of land right next to a local park. It’s in a good neighborhood and it’s cheaper than buying a house. What’s not to love? Actually, before you go and buy a vacant plot of land, there are a few things that you should consider.
Building Codes
Every area has building codes that need to be followed. If you don’t follow these building codes, you can be fined heavily by the city. Before you even start building on your vacant plot of land, according to the Cato Institute, you should be aware of the zone the land falls in. Is it residential? Commercial? Rural? Depending on the type of zone the piece of land falls in determines what kind of buildings can be built upon it. Knowing the building codes and the building zones of the area will let you know what you can build on the property.
Insuring Your Land
You might think it’s a silly idea to insure your land. After all, no one lives there so there shouldn’t be any need to insure your land. Right? Wrong. According to Compass Insurance Group, you can be held liable for anyone that comes onto your land and injures themselves. This means that if the neighborhood kid is walking his dog onto your land and twists his ankle in a pothole, you could be held liable for the damages. Insuring your land is a safe precaution from expenses that might otherwise accrue.
Future Plans for Your Land
You also want to consider what your future plans are for your land and your timeline for them. Is it going to take years for you to build on the land? If so, it might be better to sell it so that someone else can build on it. According to Lot Network, you should seriously consider the value of the land and whether you want to buy it. If you don’t have any immediate plans for it, it may be time to let it go.
If your dream is to build your own home someday, you should do your research before you buy a vacant lot. It’s important to know what the building codes are in the area and know what you plan to do on the land. You should also buy insurance as an extra precaution. Doing your research and planning in advance will help prevent disasters in the future.
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