The raw land may look beautiful, but be sure to search for problems hidden beneath the surface, literally. Buried toxic waste in leaking underground storage tanks, old wells and septic systems, underground pipes and cemeteries are all potential problems. And while you might see the rocks above-ground that need to be removed, you might not see the huge boulders lurking below that could prevent you from digging a basement for your new home.
If your land parcel is close to a river or stream, do your homework to make sure it isn't part of a flood plain. You'll also want to check with the area government to ensure there aren't any unknown moratoriums on the books that prevent development of your land at all.