Let’s invest in land! But wait, it’s not so simple; there are many factors to consider before you sign on the dotted line. It is well worth
considering consulting with professionals to ensure you’re on the right
track and the right piece of land when purchasing. So read on as we
explore five red flags to look for when buying land for investment in
IL.
Utilities and Access
A huge red flag to look for when buying land for investment in IL is that there is access to the land by road and that all required utilities
will have the ability to provide service to the location, which isn’t
always a given. You may need to work with neighbors to provide you with
entry to your land, which could end up being costly if you’ve already
purchased, you’re at the mercy of a stranger. This information is better
to know before buying your land and feeling stuck in a bad situation.
Neighbors
Speaking of neighbors, another red flag to look for when buying land for investment in IL is an obvious use of the property by your
neighbors, which may give them rights to the property in the event the
use of any part of the land has been for a prolonged period. Unpermitted
use of the land is one of the reasons we suggest that you or a personal
representative always physically observe any real estate before
purchasing. You should also pay attention to the smells coming from
nearby properties or anything else that could inhibit your full use and
enjoyment of the land in the future. You’ll also want to ensure that
undeveloped land hasn’t become a local dumpsite for trash. Another
aspect of the neighboring homeowners to consider is their attitude
towards your proposed land use, especially if you’ll be seeking rezoning
and there could be trouble.
Zoning
One of the big red flags to look for when buying land for investment in IL is the zoning and how it could interfere with your intended
purpose for the land. In addition, there are many agencies involved with
land and various laws governing land use at federal, state, and local
levels. Other concerns are regarding environmental impacts and protected
species; for example, if you’ve already done the deal, you’ll own land
that you cannot use as you wish.
Boundaries
Another red flag to look for when buying land for investment in IL is an oddly shaped property, the very boundary of which could inhibit your
intended use of the property.
Value
Another red flag to look for when buying land for investment in IL is someone rushing you to buy when you’re unsure about land values. It
isn’t easy to determine market value, unlike developed real estate,
where you can easily compare. An appraisal of the land is a strong
backup for the asking price. You should be aware that many experienced
professional land investors, like the direct buyers at Cardinal Creek
Properties, can provide a general estimate within about 5% of the value
off the top of their head.
Don’t risk it! Let the pros at Cardinal Creek Properties help you spot the red flags when you’re buying land for investment in IL.
Cardinal Creek Properties makes the process easy, our direct buyers will
help you step by step, so you understand the process and feel great
about the deal long after closing. And Cardinal Creek Properties has a
steady inventory of the best land available for investment in Belleville
if you don’t already have your land in sight! Let us help you find the
best fit for your investment goals. Contact Cardinal Creek Properties today at (314) 467-8137.
