Much like before diving headfirst into unknown waters, you need to check the depth when you’re in the market to purchase land. You should take precautions by performing due diligence to protect yourself and your financial future.
We will cover five things you need to know before buying land in Chicago.
Purchasing a piece of land is a significant financial transaction. You must take steps to ensure that you will see a healthy return on your investment, the long-term value dependent upon the physical location. Naturally, the intent for using the land must come into play. You should physically walk the property and ensure there aren’t issues with the site that don’t show up in listings or photos, such as less than desirable smells, sights, or sounds in the surrounding environment. No matter why you’re buying real estate, WeBuyChicagoHouses.com can help you assess the potential value in the future, which is an essential factor you need to know before buying land in Chicago.
Another thing you need to know before buying land in Chicago is if you will be able to use the land for the intended purpose without restriction. Zoning keeps property value high, with compatible uses of land organized in one area, such as the industrial zone, to maintain the general character of a given area of Chicago. Zoning also prevents new development from interfering in the full use and enjoyment of previously existing properties. Often, zoning variances are granted based on lawful nonconforming use, so don’t lose all hope. Just be ready to present your case for a larger building than allowed or use outside the current guidelines.
Accessibility to the property from a public roadway doesn’t always exist, and this is a crucial factor you need to know before buying land in Chicago. Landlocked property, or land with no public right of way, brings with it difficulties that may affect your ability to use the property for the intended purpose. While it’s likely in your best interests to walk away from this piece of real estate, it’s possible to gain access rights. However, it has been the cause of feuds between neighboring property owners. Save time, money, and stress by working with a professional agent like those at WeBuyChicagoHouses.com to help you avoid such issues.
The ability to attain any necessary permits for the development of the property is a legal point you need to know before buying land in Chicago. Suppose you’re hiring a general contractor to build. In addition to building permits, they may need to obtain permits for sewer, water, and even zoning permits may be needed along with others, including any special regulatory issues, such as being in a historic district. Working with experts like those at WeBuyChicagoHouses.com makes it easier to help guide you through the process.
Consider any additional costs that may add up. Loans for raw land require more time and paperwork than conventional home mortgages. Your financial ability to see the project through completion is something you need to know before buying land in Chicago. Knowing all the numbers, you can garner the financing you need upfront, making the process as smooth and stress-free as possible for everyone involved. Investors like the professionals at WeBuyChicagoHouses.com are familiar with the time and costs to develop Chicago land and are here to help you reach your goal.
At WeBuyChicagoHouses.com, our job is to help you achieve your real estate investment dreams. The professionals at WeBuyChicagoHouses.com can help you with everything you need to know before buying land in Chicago. Call WeBuyChicagoHouses.com at (312) 757-7669 or send us a message today!