Thoroughly investigate the land parcel
Getting up close and personal with your potential raw land purchase is a good idea. Pick up a survey of your land and walk it to locate ponds, streams, trails and fence lines. Take photos and find the boundaries of your property. Be sure to look for any signs of hazardous waste.
Research the area. Is it growing or losing population? Talk to regional development agencies to get information about development forecasts, planned roads, utility extensions and building costs. Also look at the land parcels around you.
Research your land. Find out what the land last sold for and check with area zoning departments to verify how your property is zoned. If it is zoned agricultural, what crops can be grown and what livestock are allowed? If it is residential or commercial, find out if there are restrictions regarding the types of buildings allowed.
A thorough investigation of the raw land will be well worth it. The more you research, the fewer surprises you'll have later.