If you’re considering investing in land, have you done your due diligence yet? Investing can provide nice returns for investors but before buying land in Tennessee, do your legwork. In this blog post, we’ll look at some things you should check when investing in land…
Land investments. At first glance, they seem so simple compared to other forms of real estate, right? With a house you have to get it inspected, checking on the foundation and how solid the structure is. With commercial property, you have to verify your property is compliant for the types of companies looking to rent from you. But what about a land investment? It seems so simple, right?
Think again! While land investment can be very profitable and is pretty straightforward, it’s important that before buying land in Tennessee, do your legwork.
(If you’re looking for land, get in touch to ask us about our ever-evolving list of land investments.)
Before Buying Land In Tennessee Do Your Legwork On The Following Things…
Topography/soil report
The topography of your land will help to determine its best use, and can guide you to find the right buyer to acquire the property from you. If it is too steep, it may not be build-able without a lot of added expense. Land with too much clay might be better for one type of usage than another; land with thick, rich topsoil might be better for a completely different usage; drainage will also play a factor into this as well.
Check if neighbors are encroaching
Sometimes with empty land, the practical use differs from the actual owner. For example, a neighbor might cut across your property with their driveway simply because it’s shorter and no one has ever stopped them in the past. Having a survey conducted will help to ensure that neighbors aren’t encroaching on the parcel of land.
Check on access issues
Land can’t be moved so before you buy land, make sure there is access to the land you’re buying. Does an easement already exist if the land does not have road frontage? Do you have to get permission from the neighbor to drive across their property to get to yours? These may not be concerns now, but you should at least be aware of them. You might be able to get to the property currently, but you should have a backup plan in case things change in the future and that access is no longer there.
Summary
It’s easy to read this list and think, “this is too much work…maybe I shouldn’t buy land” but that’s not our intention at all. Buying land can be straightforward and profitable. However, just like every other investment, before buying land in Tennessee, do your legwork. A few minutes of due diligence before acquiring a property will help you have a more enjoyable and profitable experience!