If you always wanted to build your own home, buying land is something you will definitely need to consider during the process. If you don’t already have access to a plot of land, this might be your only way to make your dreams come true. But when it comes to land for sale, there are a few things to consider before you buy. For example, should you buy land without planning consent? Well, according to the experts at EXIT Real Estate Consultants (exitrealestatela.com), it all depends.
Buying a Plot of Land Without Permission to Build
There are obvious benefits to buying land without existing planning consent. It is likely to be cheaper as there won’t already have been an application for planning approved. If you do manage to get planning permission after the fact, then you may have nabbed yourself a great deal.
However, buying without planning permission does carry risks. And the risks are much greater with land than they are with buying a house that has already been built.
For starters, there may be restrictions in place that would prevent the land from being developed for residential use. Or restrictions could prevent you from building the type of home that you have set your heart on.
Even if you do manage to get planning permission, the cost of developing the land could be much greater than you expected, especially if there are various challenges associated with building on the plot (such as difficult terrain or no access to utilities).
Warning Signs to Lookout For
When it comes to buying a plot of land for sale it is possible to get a good deal, but it is also possible to be left with a piece of land that is virtually worthless. With that in mind, it is important that you can spot the warning signs when looking for land. Below are a couple of things to look out for.
A Price that Seems Too Low
If the price of a piece of land is surprisingly low, it is possible that there is a very good reason for this. Do not be fooled into thinking you are getting a fabulous deal as it is much more likely that the land is not viable for building on. You should always do your research and speak to a reputable agent before you consider buying a plot of land that seems too good to be true.
The Land Has Been on the Market for a While
If a plot of land is desirable and good value for money, it is unlikely to be sitting unsold for very long. So, if you see land that has been on the market for some time, there is usually a reason for it. An agent can find out if there have been any offers and whether they have fallen through. It might be the case that the land is overpriced and offers below asking have not been accepted by the seller.
Research Before Buying
Even if there are no issues with planning on a piece of land, there could be other problems that you need to know about. For example, there might be disputes with boundaries or right of access. Or it could be that the land is susceptible to flooding as it is located near to a body of water.
Before you think about buying any piece of land, make sure to find out as much as you can in terms of what you can and cannot do with it. Hire a real estate agent as well as a lawyer who will have the experience and knowledge to steer you in the right direction.