Purchasing land is simpler compared to purchasing a house so they say and land flipping instead of house flipping. Probably because with house flipping, there are a number of concerns that one has to deal with. An example of which are inspection, plumbing problems, electrical problems. Termite damage, foundation issues, and so on and so forth. However, there are also issues with land.
Tips for Purchasing Land:
- Checking out the Terrain
It is recommendable to see the actual, physical land before buying. Technology may help, however; it is better to see the place with your own eyes.
- Know the Coverage of the Land
It’s also recommendable to be informed whether the land that you are purchasing is covered in trees or is it clear. Pointers in negotiating if the land coverage is not clear or treed land might have some issues with regulations. Because once you cut a tree, there might be regulations that you are breaking, and it is better to know them before doing anything.
- Ensure there are no wetlands in the area
The wetlands are defined as vegetation and land being protected. This definition is from the US Department of Environment Protection. In order to ensure you are not violating any regulations, use the tool wetlands inventory mapper in Google to check these areas. It is very important because once you are aware, it makes the land less valuable because of the conditions you have to deal with the government and prevent paying wetlands mitigation credits. Some developers use this strategy and enroll themselves into becoming a wetland mitigation bank by dealing with the government in saying that they will develop the said land and the government will then give them credits. These credits are then sold to private developers.
- Check the land to see if it is a flood zone
Flood zone areas are determined by FEMA or Federal Emergency Management Agency. You may access their map to see if your area is part of a flood zone. It is better to know so that you may be able to plan the how you will build your homes.
- Check if your property has any access to a county-maintained road. County-maintained roads means you have access to septic installation. This is very common is rural areas. In order to gain, you must be able to build a house on that land. You may also strategies in studying the maps of localities in order to check the properties that have access to county-maintained roads.
- Also check the utilities such as electricity, water and sewer.
Installing electricity to a land where you reside at takes thousands and thousands of dollars. It is better that there is an installed line.
- The importance of cell service.
Check and make sure that the land that you are purchasing has cellular network coverage. Communication is as basic as our needs are. Imagine being stuck in a land far away with no means to contact civilization, life may be miserable.
With these tips, you may be well equipped in dealing and negotiating when investing and purchasing the land before land flipping. With the right person you can ask for advice and consult to help you to make the right decision, person like Gebah Kamara who is a co-owner of Liberian American Investment Corporation.