Thinking of purchasing land in the Connecticut ? Looking for the right piece of land to meet your needs is a process deserving of your time and effort, just like shopping for your dream home. If you are buying land as an investment or building your own home, here are five things you should know about Connecticut land purchases.
Your Plans
It’s important to pause first and think about what you want to get from your land purchase before you really get your land quest underway.
Do you intend to build a modern, permanent residence on it, a holiday home, or will it be used entirely for anything else, such as a rental property? Remembering that the more land you own, the more space you need to pay daily attention to, the more acres you are looking to buy?
Take a look at the prices of plots available relative to their size in the region you are looking to buy your land in. When narrowing your hunt, keep these in mind to ensure that you get a fair price for the acreage.
To help inform the first steps of your search when buying land in Connecticut, these are all important questions you want to know.
Rights and Easements
When buying land, it’s easy for the average buyer to overlook the nitty-gritty details.
The water, ore, timber, and access rights to the property are included in these information. – of these categories determines which other parties might be legally entitled to the use of the property and what those uses may be.
For instance, say that a portion of your Connecticut property is adjacent to a landlocked property, and it was previously accepted that landlocked property owners would have access rights to move through your property to enter their own property. Before buying the land and then realizing your lack of privacy, you probably want to be conscious of this information.
Hiring a knowledgeable and seasoned real estate agent to assist you from day one of your land purchase is the perfect way to manage these vital elements.
Utility Access
In the 21st century, most of us will believe that in every relatively developed area there will be open and convenient access to electricity, water, sewer, and even the internet.
However, to double-check that there is currently utility access on any assets in which you are involved, you want to contact all of your utility companies. Getting a soil test done to prepare for a septic system and well installation is a major challenge in deciding where you will safely build your new home if you are further out in a rural area.
Restrictions
You need to consult municipal, county, and state zoning laws before you get too attached to a certain piece of land, to ensure that the land meets the requirements to be used for your intended intent.
If your deal is completed without understanding anything, consulting a lawyer specialized in zoning and real estate is a great step to safeguard against any nasty surprises.
It’s also a good idea to walk with the current owner of the property to get a better idea of how it’s all laid out. This also provides you with the perfect opportunity to ask some unanswered questions and obtain a clearer understanding of what would be feasible.
Financing Options
Much like buying a home, if necessary, mortgage lenders will be available to assist you with financing when purchasing land in Connecticut.
When consulting with your preferred lender about funding options, inquire about the prospect of obtaining a land development loan that could eventually be rolled down the line into a conventional mortgage.
On the other hand, it’s a good idea to have a lawyer involved in order to check every last detail of any contracts before signing off on something if you intend to make your land purchase with cash or lease.
Experienced Guidance Buying Land in Connecticut
If you are thinking about buying land for your commercial or residential needs in Connecticut, contact us today at (203) 826-2629!
