Questions to Ask Before Buying Raw Land
A few years back, my dad and I were looking for a landed property to invest in and as such, we embarked on a journey to find the perfect land that our friends and agents talked about. The more we checked out one raw land to the other, the more we got confused. The more we got confused, the more we had lots of voices in our heads from different people giving different advice on where our investments should go.
Buying land is a huge deal that involves lots of planning and wisdom but there are also several questions to ask when you spot a raw land to buy and these were the questions we asked ourselves.
1. Does the land have good road access and is the road country maintained?
Majority of the raw lands we saw had a question mark on the road network and access. I can remember one evening where I and my Dad had to park the car somewhere so we can walk across the stream to another end just to check out a raw land. That stream was the only road access to the land we were about to survey.You can imagine the questions that ran through my mind. When we erect a building in this raw land will our visitors use a boat to visit us? How do we get to major places like the banks and our places of work? As you can see, it was already a bad idea. If you are looking into investing in raw land, this is the question you should ask; does the land have good road access? If it’s not, then it is a bad idea.
2. Is the land usable in any way?
Using the raw land that my dad and I saw as a case study, we had to be patient enough to see if the land has a good potential irrespective of the road access. Within a few minutes, we were getting specific details to be sure if the raw land is usable in any way. The land was very shallow and had a potential of an unstable foundation which of course was a red flag except we wanted to spend a huge chunk of money turning that red flag into a green flag. If you are about to purchase a raw land in Lagos, another question you need to ask yourself is if the land is usable in any way before you can invest your finances. No one wants to invest their hard earned money into a raw land that is not going to be of great benefits to them. There are several investments that have gone down the drain because they simply ignored this question.
3. Is the land part of the wetlands?
So it happened that my Dad and I were surveying the land during the rainy season and we observed that the raw land was surrounded by wetlands and it was one of the reasons the land was showing a threat of faulty foundation. Building in such a place requires a huge capital to make your structure stand firm but there are still some disadvantages to investing in such land. Be a smart investor.
4. Are there floodzones in the area?
No one wants to live in a house that could be swept away anytime soon. Some distance away from the raw land my Dad and I saw, we noticed an unstable topography. There were houses at a hilltop far away and one had fallen into a ditch while the remaining houses were waiting for their turn to fall off. Come on, you would not want to invest in a landed property that has a threatening surrounding. The disaster may not happen now but in so many years to come if there are no environmental solutions. So the question is, are you going to invest in an area with flood zones? The choice is up to you.
5. Is the land accessible to utilities?
As earlier said, just like having a good road access to various important places like the bank and all, so is the accessibility of utilities. Is there an average supply of power and water? These two utilities are the most important and if you can’t have access to important utilities, you might be embarking on a journey that you won’t like the final destination. The raw land we saw had access to water even though it was not the type of utility source we were comfortable with which had just stream and wells. The power supply was constantly on a low voltage and we could hear the complaints of passers-by. There were accessible utilities but it wouldn’t have provided us with the satisfaction we needed after investing into it.
6. What zoning ordinances are associated with the land?
There are zoning laws that dictate how a landed property can and cannot be used in certain areas. You want to have a property where you are free to do whatever you want with it and not get certain restrictions. Zoning laws can limit the commercial use of land in residential neighborhoods. Before you invest in any raw land, ask questions and find out if there are any zoning ordinances.
7. What land hazards are associated with the property?
Make your findings. Are there any natural hazards associated with the property? This includes fire, flood or any land hazard that could pose as a
threat. If your answer to this question is yes, then you have to be smart about your investment. It is not wise investing in a raw land that could affect your investment and create losses for you. If there are land hazards associated with the landed property, walk away and do not look back no matter how an agent tries to convince you because, at the end of the day, it is you who will suffer the losses.
The questions above are very important to make a smart decision on your investments in the future. If you and your agents can sincerely answer these questions, it will definitely put you on the right track. Need to buy a land and not sure of which areas to find good raw land? Contact us today.