While I realize you are all fully capable of handling real property transactions I would like to post this a reminder to myself in an easy to read format. Of course this is in addition to the standard title check.
Things to consider when purchasing undeveloped land.
- Access. Is there an access road or are you deeded access to this property? Also to consider is that you may also be liable to provide deeded access to another piece of property and if so how and where. In what condition is the road?
- Are there utilities to the property?
- Telephone: telephone service is generally not a problem, just may want to check if there is cellular service in the area.
- Electricity: electricity is also not a show stopper, just nice to know if you need a generator, solar panels or a windmill. May want to see about any local regulations regarding the permitting and installation of such devices.
- Water may be an issue. You will want to check the local depth of wells and find out if there are any restrictions on where you can locate it on you property (for instance where is your neighbours’ septic…). Also, relating to electricity, how are you going to power the pump?
- Sewer is the most important as it is a show stopper. Make certain the soil percolates. A simple spilled bottle of water in the area for the septic should suffice. Also consider if there is a flat enough piece of ground for septic in addition to your dwelling. Be sure to check this out carefully including permits. Places in NM only allow septic if the lot size is greater than 5 acres.
- Are there any special taxes or association payments in addition to the taxes?
- Where is the next post office, gas station and grocery store?
- What are the local building permits like? Can you build? What do the permits cost?
- Will you be required to make improvements? Like a fence… access road…
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Buford
Living im Lotusgebirge, I am very in tune with what you have written here. It is a great idea to get it going in the blog though because I can access it from anywhere in the world so I will have a checklist to reference when I am losing my mind at the point of purchase!