If you're looking for land to build a retail building, office building, or small factory, there are several steps you need to take. You might look for a property you can tear down, but you may prefer to buy commercial land you can develop yourself.
It's best to work with a commercial real estate agent since they can help you find land that fits your specifications and walk you through the buying process. Then you'll need to confine your search to land that's zoned for commercial use. Here are some other things to know about buying commercial land for sale.
Location Is An Important Factor
You'll need to consider the location of the land and the type of business you'll have. You want a location that's easy to get to if you'll have a retail store or office building. A location that's too far away from the city might hurt your business. You might have more leeway in location for a factory that is more suitable for a distant location.
Consider road access, conveniences nearby, and public transportation when comparing land locations. Also, think about possible future expansion of the area. You may not mind being the first retail shop in the area, but you probably don't want to build a retail store and then have it next to a factory in a few years.
Land Condition Matters Too
You may want land that's already been cleared so you don't have to pay to remove trees and grade the soil. Of course, you'll need to compare costs too since land that's cleared and ready to build will probably cost more. You'll need to understand what type of work will be needed on the land to get it ready for a building and parking lot because this helps you estimate the cost of land clearing more accurately.
The History Of The Land Is Found Through A Survey
Mortgage lenders typically require an ALTA survey for commercial properties. This type of survey is detailed and more comprehensive than a boundary survey. It reveals a lot about the land and its history. It shows boundaries, access roads, easements, utilities, bodies of water, encroachments, zoning, flood zone, and unrecorded easements that might affect water and access rights.
Since you'll have to pay for the ALTA survey yourself and it could take a while to get results, you'll only want one of these surveys if you've already found the commercial land you want to buy. However, if a problem is found during the survey, you may decide to pass on the land rather than get stuck with a problem that makes using the land the way you want difficult.
Share21 November 2022
After I decided to buy a new home, I realized that I probably needed to prioritize the things on my wish list. Since I am not wealthy, I realized that I probably couldn't get everything that I wanted out of a single home--at least, not this time around. Fortunately, I worked with an incredible real estate agent who helped me to figure out which type of property would pay off in the end. Finding a home took a lot of time, but I am really pleased that I found the right one. This blog is all about learning to prioritize your home hunting wish list so that you can have the home and financial situation of your dreams.
