Purchasing raw land You Need A Realtor
Active Rain member and friend Rose King brings to our attention the facts about buying raw land. Rose also brings the fact why a good Realtor® is needed during a land purchase. Please leave your comments on Rose's page. See you in the Rain my friends!
Do you know the true cost of that raw land you want to buy within the city limits?
If you are trying to purchase undeveloped property or raw land within city limits, there are many things you will want to consider before moving forward with a purchase. Of course you will want to check with the Community Development Department, or Planning Department, of the city to find out if they will allow the type of use you have in mind for the property. Another very important thing your Realtor should do for you is check with the Public Works Department of the city to determine any hidden costs that you might encounter when you build on that land.
For example, if you purchase a piece of property to use for a home or a business, you need to check with the city to find out if sewer and water services are available. Just because there are developed properties all around does not mean that water and sewer are available for the piece of land you want to buy. You could possibly end up spending a great deal of money to have the services extended to your property.
Just recently I represented a buyer who wanted to buy a piece of raw land adjacent to their current property, for expansion of their business. The listing agent said water and sewer service was already present, but when I checked with the city, I discovered that the sewer line ended about a quarter of a mile away from the property for sale. The listing agent seemed surprised by this because, as she said, “There is water and sewer all around there.”
Anyone who wanted to develop that land for any purpose would be required to extend the sewer from its existing location, all the way across the front of the property for sale. Additionally, because the sewer lines are drained by gravity, the slope of the line is very important. If the existing sewer line is not deep enough for the gravitational drainage requirement on any extension, the person who wants to extend the line must also pay to have the existing line dug up and repositioned to allow for proper drainage of the extension. All of this would have to be done at the property owner’s expense.
There are also some other fees the city might charge when a property owner wants to extend water or sewer lines. For example, the city can charge an “Impact Fee” which helps shift some of the cost of providing capital facilities for new growth from the general tax base to the new development.
Before you buy a piece of land within city limits, be sure your Realtor knows to check with the city on your behalf to find out what the true cost of the property will be!
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Albuquerque Homes and Lifestyle Blog
John McCormack Owner/Managing Broker, e-PRO
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