In the vast world of Knoxville’s housing market, the idea of buying vacant land is appealing. The chance to create your dream home or invest in future projects is exciting, but like any real estate venture, it comes with important considerations. This blog post, inspired by insights from the popular local radio show “Real Estate with Ryan” by Ryan Coleman, Broker/Owner of Hometown Realty, will explore the do’s and don’ts of buying vacant land to ensure a wise investment.
Do Get an Experienced Real Estate Agent
Ryan emphasizes the importance of hiring a knowledgeable real estate agent in the land-buying process. The complexities of acquiring vacant land, from hidden nuances to financing options, require collaboration. An expert agent can guide you through intricacies, financing dilemmas, and provide insights into the property. They also offer clues about your new neighborhood. The more you know, the better.
Do Consider the Value of Homes in the Neighborhood
Customizing your dream home is a big draw, but ensure you’re building in a neighborhood with similar preferences. Neighboring properties affect the resale value of your home, so pay attention. Ryan advises building as if you plan to sell in the future. This helps you stay on budget with surrounding homes, avoiding over-scaling.
Do Consider Utilities as Potential Deal-breakers
Beyond the views, utilities play a big role. Consider your lifestyle needs, especially if you work from home. Ryan highlights the importance of scrutinizing internet speed, water sources, gas, sewage systems, and electricity availability. Seamless integration with utilities is vital for a comfortable living experience.
Do Consider Incentives
After a natural disaster, local governments may offer incentives like tax breaks or easy planning approval to rebuild. Cities in Sevierville, Tennessee, and coastal towns on the East Coast affected by disasters often encourage rebuilding.
Don’t Skip the Survey of the Property
Don’t overlook surveys. Ryan emphasizes the need for comprehensive geographical surveys, examination of tax records, and scrutiny of pertinent details about the land. Unearth hidden issues before sealing the deal to avoid future complications.
Don’t Talk to the Neighbors
In a twist, Ryan advises against engaging with potential neighbors during the pre-building phase. Building rapport is beneficial when purchasing a house, but discussing land plans can invite opposition. Hold off on mingling until your home is built to avoid potential disputes.
Do Not Expect the Property to be Rezoned
Understanding local zoning regulations is crucial. Ryan sheds light on zoning codes and ordinances dictating what can be built. Failure to align with these regulations can lead to setbacks or denials. Prioritize zoning checks to align your aspirations with local guidelines.
In conclusion, buying vacant land is a journey with unlimited potential, but planning and awareness are crucial. Ryan Coleman’s expertise with over two decades in the East Tennessee Housing Market and Hometown Realty Team will guide you and unveil considerations for a successful land purchase. Remember, the most important choice is to have a Hometown Expert who ensures every step has a clear vision for a prosperous future.
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