May 2017

 

 

 

 

 

 

 

“Parcel to Palace” Buying Vacant Land

 

Q: “ We've been beat out in the Seattle multiple offer market and have decided that we will try our hand at purchasing vacant land and then building our dream home. What do we need to know about buying vacant land? Is it that much different than buying a home?” 

 

A: In my professional opinion, and I doubt anyone with industry knowledge would argue, buying vacant land is vastly different than buying a home. Especially when factoring in “where” that land is. Is it in a rural area? Is it in a populated area? Are critical slopes involved? These represent a microcosm of ‘need to knows’ when researching and educating yourself on buying vacant land that you plan (or hope!) to build on. According to building advisor.com, to follow are some important questions that you should be working with your agent to answer: Is the lot buildable?

 

1. Are there any liens, rights-of-way, easements, covenants, or other deed restrictions or encroachments on the property?
2. What other construction is planned or possible on the surrounding land?
3. Are there any protective covenants?
4. Are there any common facilities (water, septic, road, etc.), or common property that the homeowners or developer will need to manage. How will this be handled?
5. Will there be a homeowners association and fees? School district zoning?
6. Are any portions of the parcel designated as wetlands or floodplain?
7. Does the site have access to electrical power, natural gas, town water or sewer?
8.  Is there potable water on the site? What flow rate and water quality?
9.  Has as a perc test been completed? A septic system designed? 
10.  Are the boundaries clearly and accurately marked?

If you are considering the parcel to Palace challenge you should definitely read on, Click here