Thinking about buying land in Providence? Stop! It’s essential before beginning the search that you have carefully planned out the intended use, enabling yourself to zero in on the right piece of land. When done wisely, land can be a great way to build your investment portfolio and earn passive income. Before you make your investment in the land, it is vitally essential to take a very close look at the possibilities a landowner may encounter regarding red tape or a plethora of disputes. Keep in mind that this type of investment can have unseen contention matters that could be quite costly. Regrettably, an error in buying land can ultimately lead to your walking away from the land and taking a complete loss on the investment. 5 red flags you should watch out for when buying land in Providence
One red flag to keep an eye out for when buying land in Providence are bad neighbors. It may be difficult to imagine when considering vacant land, but living or working on the land could bring to light less than desirable neighbors. Situations such as these could destroy your right to full enjoyment or realize business plans for the property. There are databases available to research the locations of criminal offenders. From problems with disturbing the peace, such as with noise, which can become severe legal dilemmas, to illegal dumping of waste materials, it can be costly to buy the wrong land tract. If there has been an unlawful use of the land allowed to continue for an extended period, your neighbors may have rights to your land. It is worth doing your homework and learning everything about the area and the surrounding population.
As an investor, it is a prerequisite for successful real estate investments to thoroughly understand your access options before moving forward and buying the property. Believe it or not, some landowners are unable to access the services of public utilities, such as water, internet, cellular reception, or electricity. Land that cannot be accessed legally by roadways, known as landlocked, is another concern because there is no way to the property without going through land that belongs to someone else. You may need to enter into legal agreements with neighbors and compensate them for the use of their property as well. These hindrances mean the value of the property is considerably less than that of the surrounding properties. Your investment may ultimately be a complete financial loss. These are enormous red flags you should be careful about when buying land in Providence.
Red flags may also be evident in soil composition or the environmental condition, such as land that floods regularly or is on a steep slope. These are crucial details that you must pay very close attention to when buying land in Providence. The ground could be too rocky for cultivation or digging a foundation, or poor land management may mean that the land is useless for any agricultural purposes. Buyers should always lay eyes on the land before signing the dotted line.
Peculiar shapes can be huge red flags that you should be alert for when buying land in Providence. When you consider buying land, you may imagine all land to be shaped to serve the purpose and the surrounding properties. Boundaries can odd shapes due to natural features or the way the original division of the land occurred. If you look no further than overall property size when you are buying, you may end up with lot shapes that simply will not work for your home plans or a field you intended to farm, which negates its use. You must examine the boundaries of the land and the location to avoid an expensive and disappointing misstep.
Zoning issues with the property or even those of the surrounding properties are red flags you should guard against when buying land in Providence. Various types of zoning may apply to a property, individually or all at once, so understanding each is imperative. Among these are environmentally protected lands, and should you have purchased the land before knowing this information, this can mean a complete dead end for your dreams.
Why risk making a mistake with such an important decision? At Ocean State Homebuyers, our experts easily find the best deals! Our experience in Providence allows us to notice all of the red flags that could derail your plans quickly. You have worked hard towards building your future; let us help you make the most of the building blocks of your investments, starting with the land! Whether you plan to build your dream home or look for business use, Ocean State Homebuyers will find the best properties available in Providence to meet your specific needs. Ocean State Homebuyers makes it easy. Send us a message or call (401) 290 8784 today to get started!