Potential Risks With Vacant Land
If you want to be prudent and resolve these questions before you close on the purchase of a piece of land, it may take a year or even two to complete the purchase. Certainly, the purchase of a building lot is not always such a complicated and extended process. But it is important to understand that you can easily spend several hundred thousand dollars on a lot only to discover that you can’t build on it, or that the building site that the county officials will allow you to build on results in a 50% reduction in the value of the land you just bought.
Because this is such a complex and high risk issue, and because the issues vary so widely from one piece of land and one governmental jurisdiction to the next, I can’t even begin to outline the issues you need to be aware of when buying a building lot in the area. As a minimum, you need to understand that if you buy land in the area without truly expert assistance, you are taking one of the more foolish gambles you’ve taken in your life.