If you are considering a parcel of land for sale around Geelong, there are a number of things that you need to address. The property might seem perfect, but you should hold on to your chequebook until you’ve considered the ideas presented in this article.
1. Know the Zoning
To know how you can best use the property, you need to know its zoning. If you know the zoning, it can have a huge impact on your investment and how you can potentially make a profit from it.
Make sure to call the right government agencies and ask. You also need to ask them what type of property is allowed in the zoning classification the land is located. Doing this will expand your ideas about the potential use of the land.
2. Does It Have Access to Utilities?
Are there power, gas, running water, and the Internet in the property? Not having these public utilities can be a deal breaker because it can affect the value of the property. If you do not have utilities, it might also affect your plans for the property.
3. Is the Property Located in a Flood Zone?
If the property is located in a flood zone, expect all sorts of complications. The property could be a swampland or might have a high water table. These can complicate things, especially if you do not have access to the city sewer. You cannot also build a septic tank because of the high water table. Expect that the value of the property will be affected if this is the case.
These are some of the most important things that you need to consider before you buy a parcel of land. It is a good investment if you know what you are doing. However, it can also be a pain if all things go south.