Many people have already made decisions about every feature of their perfect home. Regrettably, many often purchase land before spending as much time understanding how the location can have unexpected and sometimes very expensive consequences. When it comes to buying land, ignorance is not bliss. We’ll explore 5 things you should know about buying land in Chicago to build your dream home.
Zoning restrictions regulate how the land may be used and what type of buildings may be built. Zoning may also regulate property size and other aspects such as the shape of buildings. You will want to ensure that nothing in the local city, county, state or federal laws that apply to the land could end up delaying or even preventing you from ever building on the property. You should know that the property you select doesn’t have environmental restrictions or protected species prior to buying land in Chicago to build your dream home. Additionally, there are environmental concerns that could pose adverse health threats or eventually lead to the property becoming worthless that you must make yourself aware of.
Setbacks and Utilities
Setbacks that are required in certain locations can impair the land you may believe you have available for building when you are buying land in Chicago to build your dream home. These set distances apart can be in regard to many aspects of building on the land, such as how far back from the street the front of the home may be, or how close the home is to a fence, stream, or other homes. Setbacks can be governed by local, state, or even federal laws. While planning the placement of your new home on the property, you should first confirm that your electric, water, sewer, and any other services important to the homeowner of today are available. These would include cable television, telephone service, or internet providers. Lack of access to utilities could interfere with your ever building or using the property.
If you really want to be certain you are getting what you are looking at, a survey should be done prior to buying land in Chicago to build your dream home. While there may be older surveys, if a current survey doesn’t already exist it is worth the investment to err on the side of caution. It’s important to ensure that there is a soil and geology report. It is important to understand how the soil can affect building plans, such as solid rock preventing the addition of a basement. Surveys determine the exact property lines and can help to avoid any legal disputes in the future. Surveys are also required should there be any lenders involved in your real estate transaction.
Due to the nature of real estate, the location is key to both current and future value. You should learn about the future plans for access roads, utilities, and planned growth in the area and how these will affect the long term value. You’ll also want to be on top of future zoning and growth plans near your location. Another concern is future plans that will cause property owners to have an additional tax levied for large improvement projects and the like. You will want to carefully investigate the taxes on properties, watching for those which carry unusually high property taxes or have upcoming assessments for improvements. You will also want to avoid building in an area with impending changes that are less than attractive to future owners, such as a landfill or airport when buying land in Chicago to build your dream home.
Land covenants are rules that exist on the land that control the use of the land. They may either require the owner to do or not do something with the land. This is something else you should know to watch for when you are buying land in Chicago to build your dream home. Additionally, the rules can be for a set period of time or apply to the land indefinitely. These covenants should be in the sales contract for the land, however, you can research the lands certificate of title, or in a document referenced in the title.
Why not let our experts at Chicago Home Buyers make it simple? Chicago Home Buyers will help guide you to the best property for your dream home! Here at Chicago Home Buyers, it is our job at Chicago Home Buyers to educate ourselves on the latest laws, restrictions, and plans for the future to ensure your vision becomes a beautiful reality. Chicago Home Buyers is happy to help you understand all of this and more that you should know about buying land in Chicago to build your dream home. Chicago Home Buyers will walk you through each step of the process, from financing options all the way through to construction. Send us a message or call Chicago Home Buyers at (312) 300-2043 today!