Buying land in Chicago is an excellent investment choice, but do you know what to look for? In this post, we offer 5 things to be aware of.
Whether buying land for investment or to build a home in Chicago, you will need to know as much as you can about the land before making the purchase. Below are a few things to look for when buying land. We also always recommend that you have a land feasibility study done before you buy to ensure that the vision you have for the land is a reality.
The zoning that covers your particular piece of land will directly determine what you are able to do with it. Your property could be zoned residential when many nearby properties are commercial. The zoning may say you cannot build a specific type of property or go above a certain height. When buying land in Chicago, make sure that the zoning allows you to do what you want to do with the property.
The last thing you want is to buy a piece of land, only to find that you aren’t able to build on it as you had wanted to. Some types of soil are great for building while others are not. Clay-based soils are often more sturdy than lots with a lot of sand. You’ll also want to know if there is fill dirt or if the soil is original. If the land has been filled, you may have to take some extra steps before building.
While land can often be purchased sight unseen, it’s best to get a first-hand look at the neighborhood before deciding to buy there. Does the neighborhood seem safe and like a place you or potential tenants will want to live? Take a drive through the neighborhood at different times of day, so you can get a true feel of what the neighborhood is like. What is looks like during the day may be wildly different from how the neighborhood feels at night. If possible, talk to a few neighbors you see while out and about so you can get their thoughts on the neighborhood and building in the area. You will learn a lot more from locals than you will from your real estate agent.
When buying land in Chicago, it’s important to know what is happening in the area. Are there homes being built? Retail and dining? New roads? All of these things will have an effect on your property value. Check with the city to find out about recent permits and plans that are in development. This will help ensure you are buying land in an area that makes sense for you. If a neighborhood is up and coming, it may be your chance to find a diamond in the rough, turning it into something big!
You’ll need to check the title for the land before you buy it. You don’t want to find out later that someone else has a claim to the land. Make sure the land is free of liens and that the person selling it has the legal authority to do so.
When buying land in Chicago, it’s important to conduct a feasibility study to ensure you have all of the information you need about a piece of property. This will help you to make sure that everything you have planned for the land can actually become a reality. The feasibility study will let you know what to prepare for and what you are getting into so you can guarantee the success of your investment.