3 Things To Consider When Buying Land With Your Home
For many people, buying and owning their own land is a dream come true. A house with land can provide space for outdoor play, the opportunity to grow your own produce and a chance to landscape and create your perfect outdoor haven. Whether you want a small portion of outdoor space, a simple garden or are looking for a much larger land project then here are 3 things to consider.
What is the purpose of the land?
Before you jump into the arms of the first real estate agent you see who may be advertising your dream home and land for sale make sure to stop and ponder why it is exactly you want to invest in land with your property? Do you have visions of a home extension? Do you have children who simply want outdoor space to roam and play? Do you want to start keeping chickens or need a back yard for a dog? Or are you looking at the land as a way to make a living? It’s important to have a clear idea as to why it is you want to purchase land so that you can effectively evaluate its suitability. Certain plots of land cannot be built on, which may ruin your dream of a home extension and you may find that certain soil types are unsuitable for growing produce which could put a spanner in the works of an arable project.
Can you estimate the upkeep cost?
Buying land with your home will usually incur an additional cost not to mention upkeeping even a small plot of land will cost you in both time and money. Even modest-sized back yards require maintenance work with larger plots of land also needing fencing and maintaining to keep them in good working order. Be sure to sit down and work out if you can afford the maintenance payments for the land you want. Do you already own the equipment you will need or will that be an investment too? Do you have the time to dedicate to your land or will you need to employ someone to look after it for you? It’s better to think about these questions now rather than to realize you have taken on too much to chew later down the line.
Is the land going to be seasonal?
When buying a house with land, you will often only see it a few times before making your purchase, which can leave you in the dark as to how it performs throughout the year. Does it become parched and require sprinklers in the summer? Does a nearby water source cause flooding during heavy rain? Does the land drain well or is it boggy all winter? Try to find out as much about how the land performs throughout the year as possible from the previous owners and your real estate agent and even consider asking neighbors who may be more impartial with their opinions. You may also want to consider having a land survey done to give you a detailed diagram of the boundaries and lay of your prospective land.