Step One In Every Construction Project: Buying The Land
The backbone of any construction project is the initial purchase of the land. Without it, nothing can be built and your beautiful vision can’t become a reality. Far from being a quick and easy process, buying land comes with its own set of difficulties. As much thought and research should go into this as purchasing property or the build itself. Without a good piece of land, you’ll find yourself in difficulty later down the line.
Don’t rush the process of land buying. Build it into your timetable and make time to research the purchase. You’ll have to factor in the additional costs involved. Then you’ll have to consider the time and resources necessary to do essentials surveys. There are many permits, covenants and restrictions involved with buying land. Make sure you know what you’re getting yourself into.
The first thing to consider is what the land will be used for. This will inform the decision on what piece of land to buy. People buy land for many reasons. They may wish to build a property on it. Some may want to build larger business premises there. This could be an office, a warehouse or factory. Finally, they may want it for farm use or recreational land. There are considerations to be made for every useage. Remember, there may be some restrictions. For example, some land purchases have restrictions on what structures can be built.
Next, you’ll need a strict budget. Purchasing land is similar to the purchase of property. There are many legal layers and plenty of hidden costs. Of course, there is the purchase cost of the land. Stamp duty tax also applies to land purchase and you’ll need to factor that into your budget. There will be legal fees, although e-conveyancing can make this process cheaper than before. Finally, you’ll need to fork out for land surveys. We’ll look at that area in more detail next.
Land surveys are vital when purchasing land. A land survey will define the boundaries of your purchased land and update records. This will help you avoid difficult legal disputes further down the line. You may also want to consider construction surveys if you’re planning to build. A floodplain survey is also a good idea to help understand the volatility of the land.
Finally, be prepared to apply for lots of permits. Permits are essential when doing any work on your land. This is where any restrictions will come into play. You require written permission to build any structure or feature on your land. You’ll also need permits for refuse, burning and vehicle entry. If there are any restrictions, it will stop your plans dead in their tracks. If you’ve done your research, applying for permits is nothing more than a brief annoyance.
With all this in mind, it’s time to find your perfect plot of land. Whether its an industrial site or out in the country, the rules and regulations are always different. Do your research and always plan ahead. That perfect piece of land is out there waiting for you.
