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10 Things to Know Before Buying a Vacant Lot


10
Location
No matter why you're purchasing a piece of property, nothing is more important than location.
No matter why you're purchasing a piece of property, nothing is more important than location.
Ryan McVay/Thinkstock

Location, location, location. The old real estate adage nails our first, most basic concern in land purchasing dead on. Think about it: No matter why you're purchasing a piece of property, nothing is more important than location. If you're making an investment, don't buy land with no resale value. If you're aiming on starting up a business, don't buy land completely isolated from potential customers. And if you're looking to build a house, don't buy land you can't build on.

Before shopping for a piece of land, you should develop a general idea of where you'd like to make a purchase. You can go for an exploratory drive and use online resources to help you. For example, if you're buying a few acres of land to build a house you'll likely want to consider things like access to schools, your job, grocery shopping and restaurants. (Later we'll delve into specific land concerns.)

In other words, you should be shopping for the community at the same time you shop for your land, and use Google Maps to scope out an area. When you've scored a win in both categories -- community and land -- you'll know you've made a good choice.

If the land is for business use, choosing won't be so easy -- you'll have to carefully analyze a prospective location's business value. But if you're already planning a business, you should have that in mind already. Whatever kind of land you're looking for, the costs can add up quickly even before you start construction. Next we'll hit on some of the basics to be ready for.


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