Land can be a great addition to your real estate portfolio! Learn about these 6 steps to buying vacant land in Chicago in our latest post!
Whether buying land as an investment or to build on with a home of your own, understanding the process will help clarify expectations, help you know what to look for, and help to make sure that you don’t overpay. Below, are a few of the steps you should take when buying vacant land in Chicago!
When buying land, you’ll want to make sure your vision for the property can become a reality. Land buyers who purchase in certain developments will be at the mercy of the HOA. You may not be able to paint your future house the way you want, you may find yourself subject to assessments, and you may find yourself with a piece of land that wasn’t really what you wanted.
The zoning in the area will also impact what you are able to put on the land. You may not be able to build over a certain height. You may not be able to put a manufactured home on the property. And you may not be able to have livestock if that is something you want to pursue, even if you don’t have immediate neighbors.
Limitations Of The Land
There could be problems with the land itself, preventing you from building. Bad soil, fill, and other problems with the dirt itself can have a huge impact on what you will be able to do. If you are curious about the quality of the land, you may want to consider hiring a soil engineer to help you determine what will need to be done with the land before you are able to build.You should also make sure that the land is clear of any endangered plants or animals. Even having them in the nearby vicinity can prohibit what you are able to do. Check with your city or property appraiser to get a better idea of what is in the area that you need to be aware of.
When buying a piece of vacant land in Chicago, you’ll want to be well versed in what is slated for the area in the future. Check-in with the city planner to learn more about any planned construction for the area. Find out if there are new retail establishments coming to town, new houses being built, or if there are new roads being created. When buying any type of real estate, you’ll always want to be a few steps ahead. Don’t get stuck with a piece of land that ultimately loses value by what is being built nearby.
The last thing you want is to invest in vacant land in Chicago, only to find someone else is able to claim ownership after you’ve made the purchase. This can lead to lengthy court battles while the true owner of the land is determined. Not checking the title before you buy may end up costing you more money than you spent on the land in the first place.
A feasibility study will help you learn all you need to know about a piece of land before you buy it. You will be able to make sure you are able to do what you want with the property. You can expect a cost analysis, zoning information, and an evaluation of the land itself along with other extensive information regarding the land. You will be able to determine the property’s potential, so you can ensure you are getting a good deal on the land for sale in Chicago.